Best Bank Accounts

Maidenover · 12 August 2018 at 10:11AM

Hi I'm wondering if there is such a thing as a Bank account where you can pay money in from time to time and just use it to support a hobby? My partner enjoys the horses and has a flutter most days. I am also thinking of buying him a share in a horse racing club. It's a hobby he has enjoyed for many years but I would prefer the money for his bets and winnings to just go into one account so he can moniter it more effectively and to keep it separate from our household accounts.

Do you need to set up DD on Bank accounts?
Do you need to pay in a regular amount each month?
Is there any other sort of account that would suit his needs?

Thanks for any help.

Zanderman · 12 August 2018 at 10:30AM

Any current account will do, with any bank.

Most don't need DDs or regular amounts paid in - those conditions are usually only on accounts with specific perks.

Be aware that using an account just for betting has potential to lead to problems if there are ever very large payments in or out as that can make banks suspicious about money laundering.

But if it's just everyday flutters and no mega money involved it should be ok. The only precaution I'd advise is make sure it's a different bank (and different banking group) to the one you use for everyday banking. That way if there ever was a problem it wouldn't affect your everyday banking.

Anthorn · 12 August 2018 at 11:01AM

Maidenover wrote: »

Hi I'm wondering if there is such a thing as a Bank account where you can pay money in from time to time and just use it to support a hobby? My partner enjoys the horses and has a flutter most days. I am also thinking of buying him a share in a horse racing club. It's a hobby he has enjoyed for many years but I would prefer the money for his bets and winnings to just go into one account so he can moniter it more effectively and to keep it separate from our household accounts.

Do you need to set up DD on Bank accounts?
Do you need to pay in a regular amount each month?
Is there any other sort of account that would suit his needs?

Thanks for any help.

Using any bank account for gambling could lead to problems regarding the financial profile which will become apparent if he needs for example a loan or overdraft. No-one likes to loan money to a gambler. A prepaid card is the way to go but similarly don't link your bank account to a card by using your bank account debit card or money transfer. Consider the event that a bank statement has to be provided to support an application. In that case the prepaid card would be seen and a statement from that card requested and lo and behold you have a gambler's financial profile.

The card traditionally used by gamblers is Neteller but virtually any prepaid card which can be topped-up with cash will do. Using a prepaid card also has the effect of ring-fencing household finances. But consider fees charged by the card and even the betting service for using that card.

Maidenover · 12 August 2018 at 4:15PM

Thanks so much for your replies. We are both retired, no mortgage or loans to pay - thank goodness! I just remember years ago an old friend of ours who also liked a flutter had his own little account for money in and out and that worked really well for him. Also he only has a joint account with me at the moment so if he wants to buy something for me as a gift it's no secret what it cost - silly I know but I have my own account for that reason so thought it would be nice for him to have his own.

I'm a little concerned now about the money laundering laws but he doesn't gamble big money and I think if there was a set amount in the account it would let him see more easily how much his interest was costing him. I don't resent it but I do worry in case it gets out of hand.

Thanks for you help - much appreciated

soulsaver · 12 August 2018 at 5:20PM

Why use a bank account? Open a Betfair (or the like) account. You can fund it from a current debit card. You hold a stash cash in the account and as you bet it is debited, and credited as you win.

colsten · 12 August 2018 at 8:08PM

soulsaver wrote: »

Why use a bank account? Open a Betfair (or the like) account. You can fund it from a current debit card. You hold a stash cash in the account and as you bet it is debited, and credited as you win.

A debit card obviously needs a current account.

OP: Any current account will do. Good summary of accounts: https://www.moneysavingexpert.com/bank-accounts/

soulsaver · 12 August 2018 at 10:31PM

colsten wrote: »

A debit card obviously needs a current account.

Obviously. I assume they've got a bank account - but she wants another one to 'just support his hobby' and ' ... to keep it separate from our household accounts'.

newatc · 12 August 2018 at 10:32PM

Maidenover wrote: »

Hi I'm wondering if there is such a thing as a Bank account where you can pay money in from time to time and just use it to support a hobby? My partner enjoys the horses and has a flutter most days. I am also thinking of buying him a share in a horse racing club. It's a hobby he has enjoyed for many years but I would prefer the money for his bets and winnings to just go into one account so he can moniter it more effectively and to keep it separate from our household accounts.

Do you need to set up DD on Bank accounts?
Do you need to pay in a regular amount each month?
Is there any other sort of account that would suit his needs?

Thanks for any help.

Probably any bank account will do, I've used Halifax for such purpose for the last 17 years (can't remember why I chose them) and relatively large sums have gone through on many occasions (both ways of course) and I've never had a problem.

Best Bank Accounts

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