Sports teams cheating fans on credit cards and savings accounts

Fans should think twice before getting a savings account or credit card backed by their favourite team. Most of the time they are absolutely rubbish!

Dozens of British football clubs and other sports teams have joined forces with major financial firms to offer club-branded financial products to their loyal fans.

Sadly all but a few of these sports-branded accounts are a great deal worse than the unbranded, best buy accounts available elsewhere.

To prove this, I asked financial researcher Moneyfacts to provide me with a list of sports-branded credit cards and deposit accounts. Here's what was revealed:

35 sporty savings accounts

In total, Moneyfacts found 35 different 'sporty' savings accounts, all provided by local building societies. Here they are, ranked from highest to lowest interest rate (based on a hefty cash balance of £10,000):

Provider	Account	Interest rate (% AER)	Notes
Leeds BS	Donny Rovers Saver	1.50%	1% paid to Doncaster Rovers FC yearly.
Leeds BS	Leeds United Saver	1.50%	1% paid to Leeds United Youth Academy yearly on 30th June. Available for children.
Chorley & District BS	Lancashire FA Affinity Account	1.00%	1% paid to Lancashire FA yearly on 31st December. Donation based on capital balance and calculated daily
Nottingham BS	Nottingham Forest Saver	1.00%	1% paid to Nottingham Forest Youth Academy yearly on 1st September.
Cumberland BS	Cumberland Blues Savings	0.70%	1% paid to Carlisle United FC yearly.
Cumberland BS	North Enders Savings	0.70%	1% paid to Preston North End FC yearly.
Barnsley BS	Reds Saver	0.50%	1% paid to Barnsley FC yearly on 1st June.
Furness BS	Barrow AFC Affinity Account	0.50%	1% paid to Barrow AFC yearly.
Furness BS	Kendal Town Football Club Affinity Account	0.50%	1% paid to Kendal Town FC yearly.
Furness BS	Morecambe AFC Affinity Account	0.50%	1% paid to Morecambe AFC yearly.
Monmouthshire BS	Affinity Instant - Newport County AFC	0.50%	1% paid to Newport County AFC yearly on 31st March. Based on average daily balances.
Marsden BS	Clarets Saver	0.30%	1% paid to Burnley FC yearly on 31st March. 1% of the total average balance of all accounts.
Coventry BS	Sky Blues Saver	0.25%	Up to 1% paid to Coventry City FC yearly. Based on average balance held in the account.
Coventry BS	Sky Blues Saver	0.25%	Up to 1% paid to Coventry City FC yearly. Based on average balance held in the account.
Derbyshire BS	Derby Rams	0.25%	1% paid to Derby County FC Youth Development.
Derbyshire BS	Ramsaver	0.25%	Up to 1% paid to Derby County FC monthly. 1% of 1/12 of month-end balance paid.
krbs	Charlton Athletic Savings Account	0.25%	1% paid to Charlton Athletic FC yearly. Based on average monthly balances
krbs	GFC Savings Account	0.25%	1% paid to Gillingham FC yearly. Based on average monthly balances
Yorkshire BS	Terriers	0.25%	1% paid to Huddersfield Town FC yearly on 31st March.
Britannia	Bristol City Save & Support	0.12%	Up to 1% paid to Bristol City FC yearly in January.
Britannia	Bristol Rovers Save & Support	0.12%	Up to 1% paid to Bristol Rover FC yearly in January.
Britannia	Everton Super Saver	0.12%	Up to 1% paid to Everton FC yearly in January.
Britannia	Ipswich Town Savings	0.12%	Up to 1% paid to Ipswich Town FC yearly in January.
Britannia	SAFC Save and Support	0.12%	Up to 1% paid to Sunderland AFC yearly in January.
Britannia	Stoke City Save & Support	0.12%	Up to 1% paid to Stoke City FC yearly in January.
Britannia	Valiant Saver	0.12%	Up to 1% paid to Port Vale FC yearly in January.
Cheshire BS	Silkmen Saver	0.10%	1% paid to Macclesfield Town FC yearly on 31st December.
Norwich & Peterborough BS	Canary Account	0.10%	1% paid to Norwich City FC yearly on 31st December.
Norwich & Peterborough BS	Lincoln City Account	0.10%	1% paid to Lincoln City FC yearly on 31 December.
Norwich & Peterborough BS	Posh Account	0.10%	1% paid to Peterborough United FC yearly on 31st December.
Yorkshire BS	Blades	0.10%	1% paid to Sheffield United FC yearly on 31st March.
West Brom BS	Albion Premier	0.05%	1% paid to West Bromwich Albion FC yearly on 1st April.
West Brom BS	Amber Blue Saver	0.05%	1% paid to Shrewsbury Town FC yearly on 1st April.
West Brom BS	Blues Super Saver	0.05%	1% paid to Birmingham City FC yearly on 1st April.
West Brom BS	Saddlers Savers	0.05%	1% paid to Walsall FC yearly on 1st April.

Source: Moneyfacts, 30/10/12

As you can see, fans of Doncaster Rovers and Leeds United earn the best interest rate from their fan accounts of 1.5% a year (before tax). In addition, an extra 1% in interest is paid to their teams each year -- a 'club bonus' that all the other accounts also pay.

Sadly, all the remaining accounts pay rubbish rates of interest. In fact, no fewer than 24 pay yearly interest below 0.5% (the current Bank of England base rate). Despite their yearly bonus payments to clubs, these accounts are awful and should be avoided.

If you really must support your local club, then open a top easy access savings account. Each year, you can then donate some of your interest to your club via Gift Aid. This tax-efficient donation scheme will boost your gift by a quarter (25%) and could give you a tax refund on top. This is far smarter than signing up to a scrappy 'sporty' savings account!

Check out The best instant access savings accounts.

29 club credit cards

In total, Moneyfacts found 29 club-branded credit cards, all but two of which are issued by MBNA or Creation.

These 19 cards, all issued by MBNA Europe Bank, charge the same interest rate on purchases of 16.9% APR and are identical in almost every respect:

*Club/Card*
Arsenal MasterCard
Aston Villa MasterCard
Bath Rugby Platinum MasterCard
Chelsea FC MasterCard
Gloucester Rugby Platinum MasterCard
Harlequins Platinum MasterCard
Leeds Carnegie Platinum MasterCard
Leicester Rugby Platinum MasterCard
Liverpool FC Visa/MasterCard
London Irish Platinum MasterCard
London Wasps Platinum MasterCard
Manchester United MasterCard/Visa
Newcastle Falcons Platinum MasterCard
Northampton Saints Platinum MasterCard
Rangers MasterCard
Sale Sharks Platinum MasterCard
Tottenham Hotspur
West Ham United Visa Card
Worcester Warriors Platinum MasterCard

Other than their sports branding, there is little to separate these from other mainstream credit cards. They tend to offer between a year and 16 months of 0% interest on balance transfers, which is fine but a long way short of the best balance transfer deals.

However, the Arsenal MasterCard offers a loyalty scheme that gives one reward point for every £1 spent, with points redeemable for exclusive club-based rewards. Also, cardholders spending £200 on a Manchester United card within 90 days of account opening will receive a £40 voucher for the club's online store. Ongoing club discounts and bonuses are also available.

In short, not one of these 19 MBNA cards has any real attraction that would make them worth having. Thus, fans probably have them purely to demonstrate their loyalty to their club.

Creation Financial Services issues these eight club-branded MasterCards, all of which charge 18.9% APR on purchases (2% APR higher than the MBNA cards listed above):

*Club/Card*
All Saints MasterCard
Albion MasterCard
Everton MasterCard
Fulham MasterCard
Leeds United MasterCard
Owls MasterCard
Rams MasterCard
Wolves MasterCard

Again, there is nothing special to recommend these cards, so let's move on to the final two club cards. These are the Bank of Ireland UK Ulster Rugby Affinity MasterCard and the Bank of Ireland UK Queens Affinity Visa card. Both charge 17.9% APR on purchases and are otherwise unremarkable.

If you're after a decent credit card, read The best 0% balance transfer credit cards, The best reward credit cards , The best cashback credit cards and The best 0% credit cards

More on credit cards and savings accounts:
The best 0% balance transfer credit cards

The best reward credit cards

The best cashback credit cards

The best 0% credit cards

The best instant access savings accounts

Sports teams cheating fans on credit cards and savings accounts

Fans should think twice before getting a savings account or credit card backed by their favourite team. Most of the time they are absolutely rubbish!

35 sporty savings accounts

29 club credit cards

The top fixed rate savings bonds

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