Manchester United bond's interest rate will double if players win title

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Savers are being offered a new bond where the returns could double - if Manchester United win the 2016/17 premiership title.

Virgin Money has launched the one-year bond as part of a partnership with Manchester United. It is the first product to be offered under the partnership.

The new Manchester United Champions Bond offers savers an annual rate of 1.25%, fixed for one year. But the interest rate will double to 2.5% if the club wins the 2016/17 Premier League title.  

Savers can hold anything from £1 to £1 million in the account. Withdrawals are not permitted during the fixed-rate period. 

People opening the Champions Bond will also be part of a new United Rewards scheme, which has prize draws and offers rewards such as matchday tickets and signed Manchester United replica shirts.

Rachel Springall, a spokeswoman for financial information website Moneyfacts.co.uk, said: "Fans could flock to this new bond in support of their team but they must always compare the rate to what is currently available on the market.

"The best one-year fixed bond today pays 1.79% from Charter Savings Bank which also offers the best deal for two years at 1.91%. Savers can get a best buy easy access account paying 1.45% from RCI Bank UK if they want quick access to their cash."

Ms Springall said the potential to earn 2.5% in interest will be "highly attractive compared to the rest of the market, even if it is a gamble, because not even a five-year fixed bond pays this rate".

She added: "Overall this deal could attract those who are only looking to save a little, but who need a reason to save more, and the rewards on offer could encourage them to do just that."