With Manchester United very much in the news at the moment – having offloaded club record goalscorer Wayne Rooney to Everton and brought in striker Romelu Lukaku from the same club – we take a look at its newest fixed bond: the Manchester United Double Champions Bond.
Virgin Money’s Manchester United Double Champions Bond
Fans of the Red Devils might be interested in taking a look at this new one-year fixed savings account from Virgin Money.
It will pay 1% AER interest for a year, but this will increase to 3% should Jose Mourinho’s team win both the Premier League and FA Cup next season.
At the time of writing, betting company Paddy Power offer 20/1 on this feat being achieved.
How the interest rate on this savings account works:
- If Man Utd don’t do the double, you would receive 1% on your money for a year
- If they do win the double, the special 3% rate will kick in and be applied
Other important information
- This savings account can be opened with £1 and you can invest a maximum £1,000,000
- Available online and at Virgin Money stores
- The 3% rate will be applied to any money saved in the account right from when it was first opened
- You cannot take any money out during the one-year term
Interest will be paid on 5 August 2017, shortly before the 2017/18 Premier League season kicks off, then at maturity on 20 July 2018.
Savers will also get access to ‘United Rewards’, which gives them the chance to win prizes including match day tickets and signed replica shirts.
Rajesh Ahuja, Savings Director at Virgin Money, said:
“With a competitive rate of interest, plus the potential for an additional double-interest bonus if Manchester United win the league and Emirates FA Cup, we expect the new Double Champions Bond to be really popular ahead of the start of the new season.”
Is this savings account worth it?
The 3% isn’t a bad rate, but remember that this will only apply if Man Utd accomplish the double. The last time they won the double, was in 1999, which was in-fact a treble; it was the year they won the European Cup too.
If this doesn’t happen you will get 1% on your savings – this isn’t a market-leading rate and there are other providers offering you better returns.
However, the chance of your team doing the double, plus those replica shirts and match day tickets through the rewards scheme, might be enough to convince you.
If you’d like to apply, you can do so here.
In the likelihood you support another team, you’ll want to avoid ridicule and look elsewhere!