What Is The Best Bank Account For Matched Betting?

You can start Matched Betting using your current bank account, however, it can be beneficial to open a separate dedicated bank account for your betting activity.

With so many different banking options out there, it can be overwhelming to figure out which one is best suited for your needs as a Matched Bettor.

That's why we've done the research for you and narrowed down the top choices based on factors like fees, ease of use, and overall reliability when betting.

In this article, we’ll explore the best bank accounts to use when Matched Betting and also look at the benefits of opening a separate account from your regular spending.

Why You Should Consider A Separate Bank Account For Matched Betting

When starting out with Matched Betting, managing your finances can quickly become overwhelming if all your transactions such as bookmaker deposits, withdrawals, and day-to-day spending are lumped together in one account.

Here are some reasons why having a separate bank account is highly recommended:

1. Easier To Track Your Progress: Using a dedicated account allows you to track your Matched Betting profits and losses separately from your regular income and expenses. Over time, watching your balance grow can also serve as a great motivational tool.
2. Simplifying Mortgage Applications: If you plan on applying for a mortgage, your bank statements will likely be scrutinised by lenders. A separate Matched Betting account can help avoid questions or concerns about large volumes of betting-related transactions showing up on your main bank account. However, it’s important to remember that lender requirements vary, so always do your research when applying for a mortgage.
   
3. Avoiding Spending Profits Too Soon: You’ll, of course, want to enjoy spending your hard-earned profits, however, to make the most out of Matched Betting, you’ll want to build up a good-sized bankroll that allows you to take on more offers at the same time. A separate bank account can help reduce the temptation of dipping into your betting bankroll too soon.
   

Which Bank Account Should You Choose?

Ultimately, any high street bank account is good to use when Matched Betting.

Most high street will offer quick setup for new current accounts. When choosing a bank for Matched Betting, the key things to look for are ease of access, no overdraft, and free banking services.

Here are some recommendations:

NatWest Current Accounts

NatWest offers a straightforward current account with no monthly fees and reliable online banking. If you’re looking for an easy-to-use account that won’t charge for basic services, NatWest is a solid choice.

TSB Current Accounts

TSB’s current accounts are also fee-free and offer easy online and mobile banking. The account comes with a debit card that you can use for deposits and withdrawals with bookmakers.

Santander Current Accounts

Santander provides a user-friendly experience and quick access to your funds, with no monthly fees on its basic current account. It's another convenient option for separating your betting activities.

Nationwide Current Accounts

Nationwide is a popular choice, offering a range of current accounts with no monthly fees. Like the others, it provides a debit card that’s ideal for your betting deposits and withdrawals.

Key Tip: Avoid choosing an account with an overdraft to make your financial management simpler and prevent you dipping into an overdraft by accident when depositing into multiple bookmaker accounts, this will ensure you won’t get hit with unnecessary fees.

Using E-Wallets For Matched Betting

E-wallets can speed up your transactions, particularly when moving funds between bookmakers and exchanges. Some e-wallets process withdrawals within hours or even instantly, allowing you to keep your Matched Betting running smoothly without waiting potentially 3-5 business days for bank transfers - most withdrawals are processed much faster these days typically from instant to 1-2 days.

However, there are some important considerations when using e-wallets for Matched Betting, particularly regarding eligibility for offers. Many bookmakers exclude e-wallet deposits from promotional bonuses, so it’s always best to check the terms and conditions before using an e-wallet for your first deposit.

PayPal

PayPal is the most widely recognised e-wallet, offering fast processing times for both deposits and withdrawals. Many bookmakers accept PayPal, and transfers to your bank account can be instant.

Pros:

• Fast withdrawal times

• Instant transfers to your bank account

Cons:

• Some bookmakers may charge a deposit or withdrawal fee (e.g., 2%)

• Not always eligible for promotional offers

Skrill

Skrill (formerly known as Moneybookers) is another popular e-wallet option. Skrill transactions are usually processed quickly, making it ideal for moving funds between accounts. However, like PayPal, Skrill can also be excluded from some offers, so always double-check the terms.

Pros:

• Fast withdrawals

• Ideal for moving funds between accounts

Cons:

• Fees for withdrawing to your bank account (unless you’re a VIP member)

• Limited eligibility for offers

Neteller

Neteller is frequently mentioned in bookmaker terms and conditions, often alongside warnings that deposits made through Neteller may not qualify for promotions. Additionally, withdrawing funds from your bank from Neteller requires the use of Skrill, which adds an extra layer of complication.

Pros:

• Fast transactions between betting accounts

Cons:

• Limited offer eligibility

• Requires Skrill for bank withdrawals

Using Online Only Banks For Matched Betting

Online bank offer pretty much all the services high street banks offer, but are fully online. Some examples of these are Monzo, Revolut and Starling.

We’ve seen mixed reviews when using these online bank accounts for Matched Betting. There have been reports that some of the online banks themselves block any gambling-related transactions which obviously isn’t ideal when betting.

Summary

While choosing a bank account for Matched Betting might not seem like a critical decision, setting up a separate account can greatly simplify your betting activities. It allows you to track your profits more clearly, avoid unnecessary complications with loan or mortgage applications, and manage your bankroll effectively.

By setting up a high street bank account and using a debit card to deposit into your bookie accounts you can be confident you’ll be eligible for all offers and it also helps you avoid other issues such as account blocks or more potential identification checks that come with depositing via e-wallets or online only banks.