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; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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

    Jemma Gent: Year End Accountant

    £250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...

    Jemma Gent: Management Accountant

    £230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...

    Beverley James: Accounts Payable

    £22,000 - £23,000: Beverley James: Are you looking for the opportunity to work...

    Beverley James: Accounts Assistant

    £30,000: Beverley James: A fantastic opportunity has arisen for a person looki...

    Day In a Page

    HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

    Scientists hail daily pill that protects against HIV infection

    Breakthrough in battle against global scourge – but will the NHS pay for it?
    How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

    Time to play God

    Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
    MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

    MacGyver returns, but with a difference

    Handyman hero of classic 1980s TV series to be recast as a woman
    Tunnel renaissance: Why cities are hiding roads down in the ground

    Tunnel renaissance

    Why cities are hiding roads underground
    'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

    Boys to men

    The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
    Crufts 2015: Should foreign dogs be allowed to compete?

    Crufts 2015

    Should foreign dogs be allowed to compete?
    10 best projectors

    How to make your home cinema more cinematic: 10 best projectors

    Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
    Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

    Manchester City vs Barcelona player ratings

    Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
    Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

    Monaco: the making of Wenger

    Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
    Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

    Chris Gayle: The West Indies' enigma

    Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
    In Ukraine a dark world of hybrid warfare and murky loyalties prevails

    In Ukraine a dark world of hybrid warfare

    This war in the shadows has been going on since the fall of Mr Yanukovych
    'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

    Homage or plagiarism?

    'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
    Broadchurch ends as damp squib not even David Tennant can revive

    A damp squib not even David Tennant can revive

    Broadchurch, Series 2 finale, review
    A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

    Inside the mansion of Germany's 'Bishop of Bling'

    A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower