UK Edition
Manchester United cash Isa pays 3.2pc – but only if they 'do the double'
Savers can earn more than double the rate of the top one-year cash Isa if they are willing to take a punt on Manchester United's success this season.
Virgin Money's new Double Champions Isa pays 1.2pc interest over a year, which is far less than current top-payer Charter Savings Bank's 1.31pc rate.
However, if Manchester United win both the Premier League and FA Cup this season, the rate is boosted to 3.2pc. It's a gamble but in a low interest environment it might be worth it.
If the reds don't win, you're missing out on a potential £22 a year if you stash your entire £20,000 Isa allowance in Virgin's Isa, compared to Charter Savings Bank's offering. But if they are victorious you could earn up to £640 in a year.
The bonus rate soars over competition, even beating the top five-year Isa, also from Virgin Money, which pays 2.15pc or £430 in a year based on £20,000 savings.
But what are the odds?
At the moment, Manchester United are the joint favourite team to win the FA cup with odds of 5/1 (along with Manchester City and Chelsea) offered by Sky Bet. A Premier League victory is more likely with odds of 11/4. But obviously odds change all the time.
Those who open the Double Champions Isa are automatically included in the United Rewards scheme. Every month customers are entered into a draw where prizes include tickets for Old Trafford and signed replica shirts.
Savers get 10 entries into the draw each month plus an extra entry for every £50 held in the account.
Virgin's new Isa can be opened online with £1 or in one of six Virgin Money branches around London. Savers can add additional cash within 30 days from account opening.
Withdrawals are permitted during the term subject to a penalty fee of 60 days loss of interest.
Last year Virgin Money launched a Champions Bond, which promised savers 2.5pc, double the interest, if Manchester United won the 2016-17 Premier League title.
At the time Manchester United were the second favourite to win with odds of 3/1 after Manchester City. However, Chelsea took the cup.
See here for the top fixed-rate Isas and our favourite variable rate Isas.