If you are interested in trying matched betting, it is a good idea to get a dedicated bank account for all your betting activities. There are plenty of options, from traditional high street banks to less conventional options like challenger banks and supermarket bank accounts, along with e-wallets and services like PayPal.
While any of these bank accounts are suitable for matched betting, some are more advantageous than others. Choosing the right bank account for matched betting is also quite important for your financial records, especially for those planning on applying for a mortgage in the future.
Why You Should Use a Separate Bank Account for Matched Betting
There are several reasons to use a separate bank account for matched betting. While you can certainly use your current bank account, the constant withdrawals and deposits common with matched betting means it can quickly clog your bank records, making it more difficult to manage your day to day to finances.
By keeping a separate account, it much easier to track all the in-going and outgoing funds from your matched betting without muddling it with your other finances. Plus, it is easy to transfer funds from one account to the other, meaning you can easily deposit your profits into your main account as needed.
Moreover, it is a good idea to use a separate bank account for matched betting due to the impact it can have on mortgage applications. Should you apply for a mortgage, the bank manager will check your credit history, and a lot of gambling activity on your account may not reflect well on the application – even if the betting system works like a charm!
The Best Bank Accounts for Matched Betting
When looking for the best bank account for matched betting, it helps to know the different options available. The two best current options for matched betting bank accounts are accounts from high street banks or challenger banks, each one offering their advantages.
High Street Banks
The big advantage of using a high street bank account is that they are relatively easy to obtain, and you get a visa debit card with most accounts. Debit cards are great for matched betting as you can use it for instant deposits on most bookmakers, meaning more matched betting options, while they don’t charge fees for withdrawals/deposits (unlike credit cards).
Most bank accounts also come with mobile applications, which are an excellent tool for tracking your ins and outs from betting. By opening a separate account from your main bank account, you should have no issues regarding mortgage applications in the future.
High street banks offer various options for bank accounts, with current accounts and basic accounts being the best options for matched betting. Avoid accounts offering overdrafts or charging monthly fees, as these are only trying to upsell additional banking services you don’t need.
An account with just the basics should be fine. Some things to consider when looking for a bank account from a high street bank include:
- A Visa debit card
- Good customer service rating
- Mobile application for analysing your betting results
There are a few good options when it comes to high street bank accounts for matched batting. As mentioned, basic and current accounts are the best choices as they let you deposit, withdraw, and hold your money, along with things like getting a debit card and a mobile app.
Not all banks offer these, though, so we have some recommendations for the best bank accounts for matched betting using a high street bank.
Santander Basic Current Account
You don’t need much to apply for this bank account from Santander, which can be done entirely online in around 10-15 minutes. It gives you everything you need to start, including a debit card and an intuitive mobile app for managing your money.
Providing you are 16 and living in the UK as a permanent resident, you can easily open this account without many strict requirements. Some things you will need include:
- Email address
- Date of employment (if applicable)
- Mobile or landline phone number
- Address history for past three years
- Annual income and outgoings
While setting the account is longer than other options we have included, you do get a debit card sent immediately, meaning you can sign up with lots of bookmakers in no time.
Nationwide FlexiAccount
This is a good alternative to the above bank account, offering most of the same benefits without any fees or strict application requirements. Most of the info you need to provide is the same for the Santander account, although you need to be 18 rather than 16, that shouldn’t be an issue given it’s for betting!
Information you need to open the account includes:
- Email address
- Employer address (if applicable)
- Mobile or landline phone number
- Address history for past three years
- Annual income and outgoings
Challenger Banks
Challenger banks are a newer addition to the UK banking industry but have made huge strides in that short time. Basically, these are digital-only banks, meaning they lack most of the services of a traditional high street bank (e.g., no mortgages, savings accounts, personal loans, etc.)
Instead, they offer a simple bank account for depositing, holding, and withdrawing funds. You also get a debit card with some of these banks, which are great for signing up to various bookmakers.
These are often considered the best bank accounts for matched betting. They give you everything you need for betting, including a debit card, apps for managing money, and a basic bank account without any fees or strings attached.
Better still, most of these don’t require the detailed personal information that high street banks need when setting up an account. This is especially useful for people looking to keep a separate account for betting that will not require a credit check, employment information, or impact future mortgage applications as these establishments don’t provide mortgages.
Our Picks for Challenger Banks
There are two options we recommend for opening a separate bank account with a challenger bank – Monzo and Starling Bank. Both are online-only banks that have a quick and easy application process.
Monzo is perhaps the most well-known challenger bank, with over 2 million users and a great reputation amongst the matched betting community. Some advantages of this service include:
- Current account with a Mastercard debit card
- Quick online application that takes minutes to complete
- Excellent user-friendly mobile app
- Fee withdrawals at UK ATMs
- No charges for using the debit card abroad
Starling bank is much the same as Monzo, offering similar benefits, including a no-strings account, free debit card, and a great mobile application.
Which Matched Betting Service Provider Shall I Use?
Now you’ve decided which bank account to use, and it’s now time to pick a matched betting service provider. There are two clear winners in this category. These are Oddsmonkey and Profit Accumulator, the market leaders when it comes to matched betting. Ultimately, it comes down to your personal preference as they offer a very similar service and price point. You can read our Oddsmonkey review and Profit Accumulator review to help make up your mind.
