Football savings accounts from Britannia 'rely on loyalty'

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Football savings accounts from Britannia 'rely on loyalty'

Mon 9th Aug 2010

Football fans may be missing out on favourable interest rates by sticking with their team's savings accounts, it has been claimed.

While in the past the typical fan may have shown their loyalty to their favourite club by going to the match and perhaps buying a shirt, it is now becoming increasingly common for them to sign up to their financial products, including credit cards and savings accounts.

However, new research carried out by Moneynet.co.uk has revealed that such savers may be losing out, with the typical club account boasting an interest rate of just 0.14 per cent.

As an example, the website has noted that a fan making use of their club's product would earn just £2.24 a year on savings of £2,000, compared to the £44.80 they could earn by putting the same amount into the best current access account on the market.

Despite this, the site has also acknowledged that, with many of the smaller teams struggling financially, some fans are all too happy to sacrifice a good return on their savings in order to support their team off the pitch.

This comes as Coventry Building Society has teamed up with Coventry City Football Club to offer two new savings accounts.

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