Nationwide’s football bond is “gimmicky”

| May 18, 2010 | 0 Comments

Savings experts have warned that a new Football Bond from Nationwide is a World Cup “gimmick”.

Customers who take out the bond will he paid a bonus if England wins the World Cup trophy this summer.

The four-year fixed rate bond pays 4.15% (AER) gross per year.

If England win the World Cup, the interest rate will increase to 4.65% in May 2011.

Robin Bailey, Nationwide’s divisional director of savings and investments, said opening the bond will give football supporters “another reason to celebrate an England victory in South Africa.”

However, financial advice site Moneyfacts dismissed the bond as a “gimmick”.

Rachel Thrussell, savings expert at Moneyfacts, said other bonds on the market pay better rates than the Football Bond.

For example, Coventry Building Society is offering a three year bond paying 4.2%.

“Nationwide’s bond could be fun for football fans, but it depends whether you want to stake the interest you could earn on England winning the World Cup,” Thrussell said.

“It is probably better to take the best-paying bond you can find and have a flutter with a bookie on England winning.”

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