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Should Manchester United fans open a Virgin Money Man Utd savings account?

You'll get the chance to win match tickets - but how much interest will you earn?

Virgin Money has launched two new online savings accounts for Manchester United fans, paying up to 1.35% interest as well as the chance to win match day tickets.

Below, we explore how these savings accounts stack up against others on the market and share tips on finding the best savings account for your money.

Man Utd Double Take E-Savers

Virgin Money has launched a ‘Man Utd E-Saver’, offering 1.30% interest, and a ‘Man Utd E-Isa’, paying 1.35%.

Each account offers savers the chance to make 10 entries into the Man Utd monthly prize draw.

You can also earn extra entries into the prize draw for every additional £50 saved in your account each month.

The monthly prize draw gives savers the chance to win one of the following:

  • Match day tickets for the Theatre of Dreams
  • Signed official Manchester United replica shirts
  • Hospitality tickets to enjoy the game in style

Each account can be opened with as little as £1 and can only be operated online.

The Man Utd Double Take E-Saver is limited to two withdrawals per calendar year.

Similarly, the Man Utd Double Take E-Isa is limited to two withdrawals per calendar year, after which full transfer and closure is permitted.

The table below shows the estimated balance for each account after 12 months based on a £1,000 deposit.

Product AER Estimated balance
Man Utd Double Take E-Saver Issue 1  1.30%  £1,013
Man Utd Double Take E-Isa Issue 1  1.35%  £1,013.50

What if you don’t support Manchester United?

While these products were designed with Man Utd fans in mind, you don’t have to be a Red Devil’s supporter to open an account.

If you’re interested in a savings account but don’t want a football team affiliation, Virgin Money also offers a regular Double Take E-Saver and a Double Take E-Isa, both of which offer exactly the same rates.

Read on to find out how these savings accounts compare to others on the market right now.

Best easy-access savings accounts

The interest rates offered by the Man Utd Double Take E-Saver and regular Double Take E-Saver aren’t among the best available from a savings account at the moment.

Coventry Building Society offers market-leading interest on its Limited Access Saver account, at 1.4% AER.

The account can be opened with £1 and you can make up to three cash withdrawals during the year without incurring a charge.

BM Savings and Tesco Bank offer the next leading rates at 1.35% and 1.34% respectively.

Both accounts require a £1 minimum deposit and allow you to make unlimited withdrawals during the year.

The table below shows the top five easy-access savings accounts on the market.

Product Bank AER
Limited-Access Saver  Coventry Building Society 1.40%
Internet Saver Account    BM Savings 1.35%
Internet Saver Account Tesco Bank 1.34%
Online Easy-Access Account Bank of Cyprus 1.34%
Limited-Edition Easy Access Paragon 1.31%

Source: Which? Money Compare, correct as of 14 August 2018

Best easy-access Isa accounts

Virgin Money’s Man Utd Double Take E-Isa and regular Double Take E-Isa offer table-topping interest rates of 1.35%.

Al Rayan Bank also follows suit, offering the same level of interest for its Instant-Access Cash Saver.

The Paragon Limited-Edition Easy-Access Isa has the next-best offering with a 1.31% interest rate.

The table below shows the top five interest rates available from instant-access Isas.

Product Bank AER
Instant-Access Cash Saver Al Rayan Bank 1.35%
Double Take Cash E-Isa Virgin Money 1.35%
Man Utd Double Take Cash E-Isa Virgin Money 1.35%
Limited-Edition Easy-Access Isa Paragon 1.31%
Easy-Access Cash Isa Shawbrook Bank 1.30%

Source: Which? Money Compare, correct as of 14 August 2018

Finding the best savings account

While the chance to support your favourite football team and win prizes might be appealing, it shouldn’t be the only reason for choosing a financial product.

These simple tips could help you find the best savings account.

Before you even start looking, it’s important to think about your financial situation to work out which method of saving works best for you.

For example, if you want the possibility of instant access to your cash in emergencies, locking your money away in a five-year fixed-rate bond may be unwise.

Once you have an idea of the type of savings products you need, shopping around for the best offer is key.

Looking at the different deals on offer will increase your chances of getting a more competitive rate, which can boost your savings potential.

Finally, make sure you pay attention to how interest will be paid into your account, and whether making withdrawals could affect your returns.

Which? Money Compare allows you to look at hundreds of providers and compare savings accounts to find the best deal.

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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