Finance firms love taking football fans for suckers. The latest is Virgin Money which has this week launched a Manchester United savings bond.
It pays just 1.25 per cent for 12 months which is roughly two-thirds the interest you could get at the current best buy account. So far, so rubbish.
But it has a neat gimmick designed to reel in optimistic fans. If Manchester United win the title next season, the interest rate paid doubles to 2.5 per cent.
Sound attractive? It’s meant to. But in reality it’s a total con. And it’s just the latest in a long line of football-related finance deals that take fans for mugs.
What’s the problem? If you saved, say, £2,000 into the bond, you’d earn £25. But save the same amount into Charter Savings Bank’s one-year bond and you’d earn £35.