Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • stoopyftm
    • By stoopyftm 22nd Sep 16, 4:50 PM
    • 7Posts
    • 0Thanks
    stoopyftm
    A new bank account for matched betting
    • #1
    • 22nd Sep 16, 4:50 PM
    A new bank account for matched betting 22nd Sep 16 at 4:50 PM
    Hi,

    I'm about to start taking part in matched betting and think it would be a good idea to open a new bank account so all of the transactions wont get mixed up with those in my current account.

    Are there any accounts that would be especially recommended for this, or just as importantly, any that I should most definitely avoid!

    My current a/c is with Natwest, and although I thought about switching it somewhere else and using the old Natwest account for betting, it's the rewards account and I'll soon earn more than the £150 on offer for switching.

    Thanks
Page 1
    • Ballard
    • By Ballard 22nd Sep 16, 6:31 PM
    • 1,119 Posts
    • 813 Thanks
    Ballard
    • #2
    • 22nd Sep 16, 6:31 PM
    • #2
    • 22nd Sep 16, 6:31 PM
    Perhaps I'm missing the point here but won't you have an account at the bookie which will have all of the entries and you simply fund it from/withdraw to your NatWest account. I don't personally see the need to open a second bank account simply to bet.

    Of course, opening a secondary bank account isn't a bad thing, though.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • jonesMUFCforever
    • By jonesMUFCforever 22nd Sep 16, 7:46 PM
    • 22,951 Posts
    • 10,354 Thanks
    jonesMUFCforever
    • #3
    • 22nd Sep 16, 7:46 PM
    • #3
    • 22nd Sep 16, 7:46 PM
    If you want to do this I would to open an account with a bank that you do not have any credit facilities with and one you don't want any loans etc with in future.
    What goes around - comes around
    give lots and you will always receive lots
    • SuperHan
    • By SuperHan 22nd Sep 16, 7:49 PM
    • 1,870 Posts
    • 1,061 Thanks
    SuperHan
    • #4
    • 22nd Sep 16, 7:49 PM
    • #4
    • 22nd Sep 16, 7:49 PM
    If you want to do this I would to open an account with a bank that you do not have any credit facilities with and one you don't want any loans etc with in future.
    Originally posted by jonesMUFCforever
    Sound advice.

    Frequent gambling transactions can be off putting to lenders.

    Note that if you switch under the 7 day switching guarantee, your current Natwest account will be closed, so you won't be able to use the old account as suggested in the OP.

    You could open an additional Natwest account now, switch away the old one, and that would leave a Natwest account to use.
    • Kernel Sanders
    • By Kernel Sanders 22nd Sep 16, 9:24 PM
    • 2,830 Posts
    • 1,207 Thanks
    Kernel Sanders
    • #5
    • 22nd Sep 16, 9:24 PM
    • #5
    • 22nd Sep 16, 9:24 PM
    I'd have thought that the folks on the matched betting board would know.
    • msallen
    • By msallen 23rd Sep 16, 4:41 AM
    • 417 Posts
    • 327 Thanks
    msallen
    • #6
    • 23rd Sep 16, 4:41 AM
    • #6
    • 23rd Sep 16, 4:41 AM
    I opened the N&P Gold account for this**. The original reason was in case I used overseas bookies in other currencies to avoid the FX charges, but as it turns out, I hardly ever do so.

    ** I also use it for free ATM withdrawals abroad over and above matched betting.
    • stoopyftm
    • By stoopyftm 23rd Sep 16, 9:27 AM
    • 7 Posts
    • 0 Thanks
    stoopyftm
    • #7
    • 23rd Sep 16, 9:27 AM
    • #7
    • 23rd Sep 16, 9:27 AM
    Perhaps I'm missing the point here but won't you have an account at the bookie which will have all of the entries and you simply fund it from/withdraw to your NatWest account. I don't personally see the need to open a second bank account simply to bet.

    Of course, opening a secondary bank account isn't a bad thing, though.



    I would be using a multitude of bookies though with a multitude of transactions, it's easier to keep them all separate from everyday banking
    Last edited by stoopyftm; 23-09-2016 at 9:29 AM.
    • stoopyftm
    • By stoopyftm 23rd Sep 16, 9:32 AM
    • 7 Posts
    • 0 Thanks
    stoopyftm
    • #8
    • 23rd Sep 16, 9:32 AM
    • #8
    • 23rd Sep 16, 9:32 AM
    If you want to do this I would to open an account with a bank that you do not have any credit facilities with and one you don't want any loans etc with in future.
    Originally posted by jonesMUFCforever
    Yeah, I get this thanks.

    It would be a separate account purely for the purpose it was intended with no loans, credit cards etc attached, anything like that would be run on my normal everyday account anyway.

    That's the reason I don't want a secondary Natwest account and use bank I'll probably never deal with for anything else.
    • stoopyftm
    • By stoopyftm 23rd Sep 16, 9:34 AM
    • 7 Posts
    • 0 Thanks
    stoopyftm
    • #9
    • 23rd Sep 16, 9:34 AM
    • #9
    • 23rd Sep 16, 9:34 AM
    Sound advice.

    Frequent gambling transactions can be off putting to lenders.

    Note that if you switch under the 7 day switching guarantee, your current Natwest account will be closed, so you won't be able to use the old account as suggested in the OP.

    You could open an additional Natwest account now, switch away the old one, and that would leave a Natwest account to use.
    Originally posted by SuperHan
    Don't think I will switch because I'm currently running the Natwest rewards account, which also means it's pointless opening a new Natwest account and switching away the old one.

    It's going to be a new account at a new bank
    • stoopyftm
    • By stoopyftm 23rd Sep 16, 9:35 AM
    • 7 Posts
    • 0 Thanks
    stoopyftm
    I'd have thought that the folks on the matched betting board would know.
    Originally posted by Kernel Sanders
    Oops! Didn't realise there was a matched betting forum.

    Thanks for your replies everybody, I'll have a look on there.
    • Archi Bald
    • By Archi Bald 23rd Sep 16, 7:51 PM
    • 9,231 Posts
    • 7,215 Thanks
    Archi Bald
    Keeping your matched betting separate from all your other banking is very sensible. Banks don't like to give mortgages and loans to people who have lots of bookie deposits on their transaction list, and most people in banks don't understand the difference between matched betting and gambling.

    Some banks can be quite difficult if you make many bookie deposits and they keep blocking your account. Whilst it is easy to get unblocked, it is time-consuming. Barclays, for instance, are known as being difficult. Natwest are easy about matched betting but since you are with them already, you could try Nationwide. They are like to block you on your first or second bookie deposit but you can tell them that you will be doing lots of bookie deposits and they will leave you alone thereafter.

    Good luck with your bonus bagging ;-)
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,912Posts Today

6,579Users online

Martin's Twitter
  • RT @PapaSlavs: @MartinSLewis hi, how much per month should I typically charge my daughter board & lodgings now she's left uni and become an?

  • RT @EssexHebridean: 13 years, 2 months and 6 days after taking it out, we've just paid the final lump sum off our mortgage. #MortgageFree @?

  • Many first time buyers panicked about Help to Buy mortgage guarantee ending, here's my video on what it really mean? https://t.co/uGD6sG4hvl

  • Follow Martin