As part of Virgin Money’s new partnerships with Manchester United, it has launched the ‘Champions Bond’ offering 1.25% gross/AER fixed for one year until 20 July 2017.

But if the football club wins the 2016/17 premiership title, Virgin Money will double the interest rate to 2.50% gross/AER which will apply until the maturity date.

Accounts can be opened with £1 either online or in Virgin Money stores and the same rate of interest will apply however you choose to operate the new Man Utd 1 Year Fixed Rate Champions Bond/eBond.

Withdrawals are not permitted throughout the fixed term.

Customers opening the bond will be eligible for the ‘United Rewards’ scheme where every month the account is open, they will earn 10 entries to the prize draw for a chance to win matchday tickets and signed shirts.

Rajesh Ahuja, savings director at Virgin Money, said: “The Manchester United Champions Bond offers savers a competitive interest rate, with a potential win bonus where they can double their interest earned if the club wins the Premier League next season.

“Combined with the prizes available through the United Rewards scheme, which are exclusively for customers, we think this is a real winner for savers.”