Don't Put All Your Cash In A Football Savings Account

According to moneysupermarket.com and a report by Laura Howard, football club savings accounts, such as Coventry City's Sky Bue Savings Account with the Coventry Economic Building Society should not be used for saving large sums of money due to the poor rate of interest they pay you.

The report claims that 'The football-affiliated savings deal with the highest-paying rate of interest is currently Stafford Rangers' Black and White account. While 1% of cash held in this account will be headed into the club's coffers every year, interest is also payable at just 1%. This results in a measly £10 annual return on a £1,000 balance. '

Moneysupermarket.com's Kevin Mountford said: "With the base rate slumped at 0.5% since March last year, you could argue there's never been a more crucial time for savers to be vigilant in shopping around for the best returns on their cash. "Especially in the current bleak savings environment, it would be a mistake not to utilise your annual cash Isa limit of £5,100, for example, as the interest earned is tax-free."

The article suggests that savers should only put in a small amount into a football saver account and have other savings accounts paying greater returns in order to offset the low interest return.

More on the Sky Blue Savings Account can be found by clicking on www.thecoventry.co.uk/ccfc