You can be a true football supporter but leave the saving to the keeper

If you opt to give your football club a financial boost by opening a branded account, writes Julian Knight, the heart will be ruling the head

Premiership football bursts back into our lives this week. Hundreds of thousands of fans denied their Premiership fix during the summer will hand over their hard-earned cash to attend games and buy the new kit. But clubs want their fans to show their support in other ways too, asking them to sign up to their branded savings accounts.

These deals are potentially big business for the financial institutions that offer them, with building societies trying to tap into a defined market. But the rates are poor. Arsenal and Everton, for instance, offer savers opening their club-branded accounts, managed by Britannia building society, just 2.15 per cent interest for a £100 minimum deposit. Likewise, Chelsea supporters probably feel less than flush after being offered 3.40 per cent on deposits above £50,000.

Manchester United's account, also managed by Britannia, pays more, probably because the club has huge support and potentially brings in more business for its partner. Nevertheless, at pay rates of just 3.15 per cent on deposits above £100, rising to 4.40 per cent on savings in excess of £50,000, it lags miles behind the best buys.

Meanwhile, Premiership new boy Hull City offers 2.3 per cent on balances above £100, rising to 4.05 per cent when £100,000 is held in the account.

The Premiership high-flyer for savings rates is Blackburn Rovers. Its account, managed by the local Chorley & District building society, pays 4.35 per cent on deposits above £1,000 and up to 5.25 per cent above £150,000.

But even this offer isn't a winner, according to financial experts.

"Football clubs are not playing fair with fans. These accounts pay pitifully poor rates of interest," says Laura Starkey from financial advice website fool.co.uk. "Among the worst offenders are those clubs that think nothing of spending tens of millions of pounds on new players each season. They deserve to be shown the red card by savers."

Ms Starkey suggests steering clear of football accounts and instead putting cash into deals such as the Kaupthing Edge internet saver, which pays 6.55 per cent. Fans might use some of the extra interest to make a donation to their club's academy, which helps nurture young talent.

This, of course, is the point of the accounts – the sense that you are helping your team by taking out one of these deals.

"What happens is that at the end of the year the building society works out how much money is in the football savings accounts and then hands over the equivalent of 0.5 to 1 per cent interest to the club. This is above and beyond what the saver receives," says Janet Cane at financial analyst Moneyfacts.

So on £10m of deposits, for example, the club will receive £100,000 – not much when set against what is needed to pay Cristiano Ronaldo's "slave" wages.

But according to Ms Cane, the accounts can make a bigger difference further down the football food chain. "Championship and even non-league clubs offer these accounts too, and for some of these clubs money is very tight. The revenue they get from persuading fans to sign up could be a real help."

But all in all, says Ms Cane, fans choosing football accounts are letting their hearts rule their heads: "These people aren't that bothered by the rates; they want to show their loyalty. In truth, I doubt if it's their main account; hopefully it's something they have in addition to a higher-paying instant-access or tax-free individual savings account."

Independent Partners; request a free guide on NISAs from Hargreaves Lansdown

PROMOTED VIDEO
Arts and Entertainment
Rita Ora will replace Kylie Minogue as a judge on The Voice 2015
tv
Life and Style
tech
Life and Style
Alan Turing, who was convicted of gross indecency in 1952, was granted a royal pardon last year
life
Arts and Entertainment
Sheridan Smith as Cilla Black and Ed Stoppard as her manager Brian Epstein
tvCilla Episode 2 review: Grit under the glamour in part two of biopic series starring Sheridan Smith
Life and Style
life
Arts and Entertainment
Tennis player Andy Murray's mum Judy has been paired with Anton du Beke for Strictly Come Dancing. 'I'm absolutely delighted,' she said.
tvJudy Murray 'struggling' to let Anton Du Beke take control on Strictly
Life and Style
Vote with your wallet: the app can help shoppers feel more informed about items on sale
lifeNew app reveals political leanings of food companies
Arts and Entertainment
The cover of Dark Side of the Moon
musicCan 'The Endless River' carry on the tradition? See for yourself
Sport
New Zealand fly-half Aaron Cruden pictured in The Zookeeper's Son on a late-night drinking session
rugby
Extras
indybest
Voices
A new app has been launched that enables people to have a cuddle from a stranger
voicesMaybe the new app will make it more normal to reach out to strangers
Arts and Entertainment
Salmond told a Scottish television chat show in 2001that he would also sit in front of a mirror and say things like,
tvCelebrity Trekkies from Alex Salmond to Barack Obama
Finacial products from our partners
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    IT Project manager - Web E-commerce

    £65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...

    Trainee / Experienced Recruitment Consultants

    £20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...

    Trainee Recruitment Consultant - Soho

    £20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...

    Trainee Recruitment Consultants - Banking & Finance

    £20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

    Day In a Page

    Secret politics of the weekly shop

    The politics of the weekly shop

    New app reveals political leanings of food companies
    Beam me up, Scottie!

    Beam me up, Scottie!

    Celebrity Trekkies from Alex Salmond to Barack Obama
    Beware Wet Paint: The ICA's latest ambitious exhibition

    Beware Wet Paint

    The ICA's latest ambitious exhibition
    Pink Floyd have produced some of rock's greatest ever album covers

    Pink Floyd have produced some of rock's greatest ever album covers

    Can 'The Endless River' carry on the tradition?
    Sanctuary for the suicidal

    Sanctuary for the suicidal

    One mother's story of how London charity Maytree helped her son with his depression
    A roller-coaster tale from the 'voice of a generation'

    Not That Kind of Girl:

    A roller-coaster tale from 'voice of a generation' Lena Dunham
    London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

    London is not bedlam or a cradle of vice

    In fact it, as much as anywhere, deserves independence
    Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

    Vivienne Westwood 'didn’t want' relationship with McLaren

    Designer 'felt pressured' into going out with Sex Pistols manager
    Jourdan Dunn: Model mother

    Model mother

    Jordan Dunn became one of the best-paid models in the world
    Apple still coolest brand – despite U2 PR disaster

    Apple still the coolest brand

    Despite PR disaster of free U2 album
    Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

    Despite the result, this is the end of the status quo

    Boyd Tonkin on the fall-out from the Scottish referendum
    Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

    Manolo Blahnik: Flats, Englishness, and Mary Beard

    The shoe designer who has been dubbed 'the patron saint of the stiletto'
    The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

    Scrambled eggs and LSD

    Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
    'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

    'Normcore': Blending in is the new standing out

    Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
    Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

    New leading ladies of dance fight back

    How female vocalists are now writing their own hits