I need a basic account for side hustles...which one

grace2much

Hi all, my wife and I have our joint current account with Santander for all our normal bills etc and am content to stay with them.  But I need a different new bank account in my own name for matched betting (not gambling) to keep everything separate.  I need a debit card for transferring monies to bookmakers and bet exchanges and need to be able to use online banking and make transfers via the bank's app.  I do NOT need an overdraft or interest on my balance or a cheque book since this will not replace my current Santander account.  I have looked on this site and one thing occurred to me, can you have 2 current accounts?  So for example with me having a joint Santander current account with my wife will that stop/hinder me having another bank account with a different bank?   Another reason for the new separate bank account is I have read from others (concerning matched betting) that sometimes if your bank account is in joint names (as our is) but your debit card is in your own name (as mine is) that it can sometimes cause problems being accepted as both names are not exactly the same, for example, Mr & Mrs XXXX   on my bank account but only my first and surname on my debit card so not exactly the same.   Hence this new bank account will be in my name only to save any issues. Thanks for any recommendations and or advice.............

whitesmith

You can open pretty much any number of current accounts as you want, and put all or any of them in your sole name.

For the purposes of your dealings, I would not open the account at Santander ie where you have your main account.

Be prepared for the new account to be closed or frozen without notice ie do not keep too much money in there. Also don't transfer any winnings etc to your Santander account or have it set up as a payee or any connection whatsoever.

D3xt3r5L4b

Is your wife aware of your gambling/betting habits?

grace2much

D3xt3r5L4b said:

Is your wife aware of your gambling/betting habits?

This is NOT gambling and I have never gambled in my life not even on the Grand National You must not have checked out matched betting, how it works, as I thought the same thing as you at first.  You are using the free offers bookmakers give to extract your profit so your own money is not at risk.  You don't care what the outcome of for example a football match is, win, lose or draw it doesn't matter to you since you don't lose using "matched" betting but you do get a free stake to then use and extract your profit from.  So the bookmaker or exchange is always paying you:-)

colsten

Matched Betting is a completely safe activity if you doggedly stick to the rules and recommendations from the Matched Betting board.

Natwest and Nationwide used to be a good banks for Matched Betting a few years ago. I think you best ask on the Matched Betting board for recent experiences.

bradders1983

D3xt3r5L4b said:

Is your wife aware of your gambling/betting habits?

It isnt gambling, its basically people who are scared of having a bet betting on all possible outcomes using bookie offers and exchange odds/no commission offers to return £500.50p for a £500 stake, bookies dont like people just backing offers and nothing else though so accounts soon get restricted doing this. Also seen some hillarious tales online of people getting it wrong and losing hundreds, little sympathy for the Oddsmonkey brigade I am afraid 🎣🎣

Saying all that, I dont see the relevance of his wife knowing or not, he just wants to keep the joint account "clean" in case anyone asks for statements etc.

penners324

Monzo will work. Not a basic account but a normal current account.

grace2much

Not that it matters, nor is it any business of the person who asked but of course my wife and I have discussed it and she will probably try it as well if it works for me.  I'll look at the Monzo account, thanks for that info.  I wonder would skrill work I don't have an account with them but I do have a PayPal account.  But as someone said above probably good to ask in the oddsmonkey match betting forums as some will have answered what I'm looking to do.  So thank you for all the advice and I'll see if the forums at oddsmonkey can help now...

p00hsticks

grace2much said:

 But as someone said above probably good to ask in the oddsmonkey match betting forums as some will have answered what I'm looking to do.  So thank you for all the advice and I'll see if the forums at oddsmonkey can help now...

I think the poster was actually suggesting you go over to the Matched Betting board on this forum, not another one

https://forums.moneysavingexpert.com/categories/consent?Target=/categories/matched-betting

NottinghamKnight

I did it for a while but the returns were fairly modest and I thought incentives had continued to reduce over the years. Also more difficult to extract 'winnings' from many sites and was a bit paranoid about getting things wrong.

colsten

grace2much said:

Not that it matters, nor is it any business of the person who asked but of course my wife and I have discussed it and she will probably try it as well if it works for me.  I'll look at the Monzo account, thanks for that info.  I wonder would skrill work I don't have an account with them but I do have a PayPal account.  But as someone said above probably good to ask in the oddsmonkey match betting forums as some will have answered what I'm looking to do.  So thank you for all the advice and I'll see if the forums at oddsmonkey can help now...

Skrill works fine with betting sites. Paypal not so much. Neither are current account though.

Again, ask on the Matched Betting board. The MSE Matched Betting Board.