A new bank account for matched betting

stoopyftm

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

Ballard

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.

jonesMUFCforever

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.

SuperHan

jonesMUFCforever wrote: »

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.

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

I'd have thought that the folks on the matched betting board would know.

msallen

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

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

stoopyftm

jonesMUFCforever wrote: »

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.

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

SuperHan wrote: »

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.

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

Kernel_Sanders wrote: »

I'd have thought that the folks on the matched betting board would know.

Oops! Didn't realise there was a matched betting forum.

Thanks for your replies everybody, I'll have a look on there.

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 ;-)