If you like to take your matched betting seriously, one way you can make life easier for yourself is by opening up a new bank account for it. But what’s the point?
Well, there are a few key advantages to this move – we’ll explain those shortly!
Opening a new bank account for matched betting doesn’t need to be a difficult task. In fact, the best accounts will make it as easy as possible for you.
But what exactly is the best bank account for matched betting here in the UK? We’ve done the homework so you don’t have to.
What is Matched Betting?
- What does it mean?
- How can it benefit me?
- How does it work?
Matched betting is a perfectly legal way to maximise your chances of winning money at an online bookmaker with the minimum risk.
It sees players use different methods to cover all eventualities of a sports match so that they can’t lose.
Usually, this revolves around sportsbook bonuses. This is the main way to ensure that you can cover all possibilities of an event without losing any money.
But as you may have seen from other articles on our matched betting series, there are loads of ways to get involved! You just might need a matched betting bank account…
Read more: Does matched betting affect credit score?
What to Look For in a New Bank Account
- What’s the point of opening a new account?
- How do I find one here in the UK?
- What are the main factors to look for?
You might feel like opening a whole new bank account for matched betting is unnecessarily time consuming, but if you find the right matched betting bank account, it really doesn’t have to be.
The best matched betting bank accounts will always make it easy for you to sign up, and that’s one of the main qualities to look for in your search.
You may also like: Best alternatives to matched betting
On top of this, it’s important to keep an eye out for a matched betting bank account that doesn’t charge fees or require a minimum pay-in, and you can even go one step further by signing up for an account that pays you to join!
But why even do it in the first place?
Why Do You Need a Separate Bank Account for Matched Betting?
The main benefit of getting a new matched betting bank account is because it’s easier to stay in control of your finances and keep an eye on your progress.
But that’s not all. It also keeps any potential future lenders (mortgage advisers etc.) away from your betting history, making you seem like a more responsible customer.
Best Bank Accounts for Matched Betting
- What is the best bank account for matched betting?
- What benefits do the bank accounts provide?
- How do I sign up for the accounts?
Now that we know why it’s such a good idea to get a bank account for matched betting in the first place, it’s time to find out which bank account to sign up for if you’re based in the UK.
Of course, there’s a lot of choice out there but we’ve put together some of the best options for you to consider. You could do a lot worse than to sign up for one of the following bank accounts.
Santander Everyday Current Account
One of the simplest bank accounts out there is the Santander Everyday Current Account, and that makes it a perfect matched betting bank account.
There are no fees, you can get £140 cashback when you switch (provided that you meet the terms for it) and you’ll get further cashback on any payments you make with the account through certain retailers.
To get yourself a Santander Everyday Current Account, just head over to the ‘Current Accounts’ section of the website and choose Everyday.
All you need to do after this is fill out some details and then Santander will send you a card with all your documentation in the post.
Halifax Current Account
Another beautifully simple current account is the basic package from Halifax. Once again, there are no fees or payment requirements and the account is really easy to manage thanks to an excellent mobile app.
Further to this, you can get up to 15% cashback on purchases through the Cashback Extras bonus at certain retailers. What more could you want?
Nationwide Flex Account
One of the current accounts that requires the least information and therefore saves you the most time when signing up is through building society Nationwide.
All you need to enter is your email address, your phone number, your address history and your employment details.
Of course, the Nationwide Flex Account is also free to use and requires no minimum monthly pay-in on your part.
A Look at eWallets
- What are eWallets?
- What are the benefits of them?
- Are they better than matched betting bank accounts?
Some people think that an eWallet is a better place to store your matched betting details than a current account from an established bank or building society.
In case you didn’t know, an eWallet is an electronic card that’s used to pay for things, but you still need a separate payment method such as a credit or debit card.
eWallets have the benefit of separating your payment information in the same way a matched betting bank account does but any lenders will still be able to see said payments.
That being said, they are slightly easier to set up if you can’t be bothered to deal with applying for a bank account for matched betting.
Here are a couple of eWallets you might want to consider:
PayPal is a classic. It’s been around for decades and the vast majority of people already have an account, especially if you use eBay!
It’s easy to use, doesn’t cost a penny and can be controlled through your phone or a website.
Skrill is kind of the new kid on the block. It’s modern, sleek and classy and again, it’s super easy to use and sign up for!
Skrill is a great alternative not only for matched betting, but also for keeping your money in a separate account. It is loved by professionals.
Especially for our readers: Multi-account matched betting
Tips From the Expert
If you’re thinking about signing up for a bank account for matched betting, the following tips will help you with the process:
- Ensure there are no fees: there are so many free accounts out there that signing up for a paid matched betting bank account would be a bad move.
- Cash in on extra benefits: some banks will pay you for switching over to them, or give you cashback on purchases. It would be crazy not to make the most out of these extra benefits!
- Go with a trusted provider: the best bank account for matched betting will be with a bank who’s a familiar face. After all, there’s so much choice out there that there’s no need to compromise with someone unknown!
Conclusion: Our final thoughts
If you’re looking for a bank account for matched betting having read our words then we think you’ve made the right choice!
It can be a great way to keep things separate in your financial life, especially if you’re trying to take your matched betting seriously.
With the recommendations earlier on, we think you’ll find a great place to sign up. Just make sure you read the terms and conditions for every bank account you’re considering so that you don’t have to pay any fees.
Do I need to pay for a matched betting bank account?
The best bank account for matched betting will always be free of charge. In fact, there are loads of free accounts out there.
So, why bother signing up for a paid one? You can find out more about the fees of a bank account by checking out the terms and conditions page for it.
What else can I make the most of?
Your next bank account for matched betting might well give you extra benefits to make the most of.
For example, you could get cashback to play with or even get paid a flat amount just for making the switch from another account.
However, the latter does require you to close another account which might prove to be a bit long-winded…
Why should I bother with a matched betting bank account?
You might not really see the benefit of a bank account for matched betting, especially if you only really do matched betting every now and then.
However, the more serious matched bettors out there should really consider this as it will make life a lot easier!