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Affinity savings accounts offer paltry rates

David Marshall is eagerly awaiting next weekend when the Premier League football season kicks off. Games in the lower leagues have already begun and supporters are full of optimism.

But like many fans, David, 68, who has held a season ticket at Everton's Goodison Park since he retired as a landscape gardener three years ago, has gone the extra mile for the club he supports. A few years ago he opened an affinity savings account - Everton Super Saver - through Britannia, now part of Co-operative Financial Services, and regularly puts in cash.

Experts have repeatedly criticised football affinity accounts because of their paltry interest rates. The average rate across the 63 club accounts currently available is just 0.15 per cent. In contrast, the best instant access savings accounts available online pay about 2.5 per cent - 16 times more.

But football affinity accounts, which are typically offered through regional building societies, donate a sum based on the total savings balances to the respective club, or its training academy, each year. This is what appeals to supporters such as David.

'Every time I go into my Britannia branch to pay in some money, the staff kindly inform me that the rate on my Everton account can be beaten and ask me whether I want to switch to a better deal,' says David, from Blackpool.

'I know the rate is not great, but that's not why I have the account. I like the idea that I'm helping to put funds back into making Everton an even better club.'

David's account pays him 0.15 per cent annual interest and a sum equivalent to one per cent of his balance goes to Everton football club.

To put the numbers into perspective, if David has a £1,500 balance on deposit he would earn only £1.80 in interest in one year after basic rate tax, but Everton would benefit to the tune of £12 based on his sum saved.

'Affinity accounts have helped pump millions of pounds into football clubs in recent years,' says Andrew Hagger, savings expert at moneynet.co.uk. 'But typical rates are about 0.1 to 0.15 per cent, which is a pittance for savers.

'Many supporters will be happy to sacrifice a higher rate of interest in return for being able to do their bit for their club. But it is important to go into the account with your eyes open to avoid a nasty shock when the interest is paid.'

For those still keen to support their club and sacrifice a good rate of return, a full list of affinity accounts can be found on our website at thisismoney.co.uk/affinity.

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