Best Bank Account For Matched Betting
We have talked about the benefits of opening a separate account for matched betting.
It makes it easier to keep track of your results and bankroll when it is not muddled up with your finances.
If you ever have to apply for a mortgage, it’s also an easy way to avoid uninformed lenders taking a negative view of betting history.
In this article, we’re going to run through what you should look for when opening a bank account as well as giving you our top choices to get you started.
Table of Contents
What Should I Look for?
Although eWallets are a good option for experienced matched bettors bookmakers have stopped them being used in conjunction with sign-up offers.
This isn’t good for the average matched betting user.
You can’t go wrong with a bank account. You will want to get a Visa debit card with your account as it allows for instant deposits with most bookmakers.
Also, there is usually no charge for deposits or withdrawals. This is not the case with credit cards.
Clearly, bank accounts are the best way to go when you are looking to reap the rewards from matched betting.
You will want to ensure that you are with a trusted company that has a high customer service rating. You might not ever need to speak to them but if you do it’s probably important so you want to ensure you get the best support.
Access to view your accounts online should be standard. Any mobile apps that help with analysing your incomings and outgoings would be a useful feature.
Overdrafts are not necessary for the purposes of betting. We would never recommend wagering with money that isn’t yours, even with a system as proven as matched betting.
Ideally, the account will be easy to set-up and provide you with the basics – which is essentially just a place to hold your money.
Banks will often try and upsell you. Wanting you to pay a monthly fee or placing stipulations on your account to entice you to deposit certain amounts of money for rewards. This does sound good but there are often penalties for failing to meet the requirements.
We don’t want to have to think about this as well as matched betting. With all of this information, you might be thinking where do I begin? We’re going to go through the different types of accounts on offer and three of the best available currently.
What are the Different Types of Accounts?
If you’re browsing banking websites most will try to push their current accounts on to you. These are accounts that usually come with rewards for the customer.
If you have any betting experience banks aren’t a whole lot different to bookmakers. They don’t really want to give anything away for free. Instead, they want your custom and to upsell you.
Most of these current accounts will require some sort of minimum monthly pay-in or a recurring monthly cost.
For that reason, we don’t advise most of them.
A basic account will be more than enough for the average matched bettor. It will provide everything that you need.
The most important being universal access to bookmakers and usually, no extra costs involved when depositing and withdrawing your money. We recommend that you check the terms and conditions with each bookmaker but this is what we have found on average.
Basic accounts are free to set-up but only approximately ten banks offer them. This is because banks don’t normally make any money from basic account customers. Due to this they are not always advertised as much as current accounts.
The set-up for a basic account will normally require ID, proof of address and banks may even run a soft credit check. This is completely normal and is something you shouldn’t worry about.
Basic accounts are supposed to be available for even the most financially vulnerable. As long as you pass the ID and address checks you should be eligible for an account. Any credit checks won’t be kept on your record.
Here are our two favourite basic accounts that would be great for matched bettors of any standard.
Santander Basic Current Account
The first good thing about this account from Santander is you can apply online and it should only take you ten minutes.
Before you apply, make sure you:
- Are at least 16 years old
- Are living permanently in the UK
You will also need:
- A valid email address (we’ll contact you via email about your application and to send important documentation about your application)
- Date you started your job (if employed)
- A mobile and/or landline number
- Three years address history
- Details of your yearly income and outgoings
Once you complete this you should be set up with an account. You will get access to online banking and they will send you a Visa debit card in the post.
Using this debit card is one of the easiest ways to sign-up to bookmakers.
You also get mobile banking which is handy for a matched bettor. It’s easier to check your balance with a few clicks on your phone rather than opening a webpage.
This account does not come with an overdraft but this is likely to be a good thing. If you accidentally spend more than you have in your account you won’t be charged or put onto a high-interest payback rate.
Santander also allow you to set-up text and app alerts to notify you when your balance is at zero so you don’t overspend.
You can view the account here.
This is another basic account that has no monthly fees and offers similar banking options to the Santander account.
You need to be:
- At least 18 years old
- A resident of the UK
Information you will need:
- A valid email address
- A mobile and/or landline number
- Three years address history
- Employers address
By filling out their online form it will tell you whether you are eligible.
When completed you will get an online account, a Visa debit card as well as access to mobile banking if you require it.
You can request approval for an overdraft but we recommend that you don’t set this up. If it’s available you may be tempted to use it.
It’s important to remember we are keeping this account for the purpose of matched betting, it is not our main account. Once you start making profit you can pay for things using your winnings or transfer money to your main account.
Check out the account here.
First Direct Current Account
Maybe not as well known as the other two banking companies but First Direct regularly score very highly on customer satisfaction.
We did tell you to be cautious of current accounts with rewards linked to them. However, this account from First Direct, we think, offers great value for those who meet the requirement.
If you deposit at least £1000 within the first three months of opening the account you will be rewarded with £50. As long as you have the initial investment it’s free money.
Even if, for some reason, you fail to meet the deposit amount you still get to use the account with no charges or penalties.
To open the account you will need be:
- 18 or over
- Live permanently in the UK. (If you’re not in the UK, but are in the EU, you can apply for an account with HSBC UK. first direct is a division of HSBC UK Bank plc.)
- Not declared bankrupt or registered for an Individual Voluntary Agreement in the last six years (or be in the process of doing so.)
You’ll just need a few bits of info:
- Your last three years address details
- Your employment and salary details
- Your bank details including your 16 digit debit card code, if you are looking to switch your account
Doing all of this should only take ten minutes or so.
You will get access to all of the standard features, including a Visa debit card, online and mobile banking.
First direct are so confident that you will be happy with the account they will even give £100 should you choose to leave after six months of being a customer.
You can see why they are popular with their customers.
Take a look at the account here.
These three accounts should offer something for everyone. The first two should be available to most people in the UK and provide a place to keep your matched betting separate to your finances.
The third choice provide something that will appeal to someone entering matched betting with a higher bankroll or a more experienced bettor.
About the Author
This post was written by Max. Max has been writing and editing for Beating Betting since August 2019. He's a massive sports fan and got into matched betting a few years ago.