Any recommendations for a second Bank Account?

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PlateSpinningFrenzy

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#1
Hi Guys,

I'm continuing to prepare for commencing MBing. Reading everything I can get my hands on and increasing my Mystery Shopping activity to help build up a reasonable float. My next step is to open an Account from which to run my MBing. I plan to have my Mystery Shopping money paid into here too.

Question: Which Banks are best for this? I need a Debit Card and the ability to set up Direct Debits. I don't want an overdraft facility and won't be switching accounts as I will maintain my main Bank Account where my regular salary is paid - and all my household Direct Debits will continue to be paid from there. I would prefer not to set up a standing order from my main Bank Account as I want to fly under the radar from husband at the moment (plan to surprise him further down the line when I know what I'm doing). Will any Bank be happy enough with just the handful of Mystery Shop companies paying in? I plan to keep the assignments going for the long haul (but of course tasks are not guaranteed).

Any advice re. Trouble free Bank accounts would be greatly appreciated.

Thank you
 
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Jon

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#2
Honestly - any bank account will be fine . They aren't going to care where the money is coming from.

You only need £50-£60 to start matched betting so you shouldn't need to do THAT MUCH mystery shopping to make that! :)
 

Lizziew24

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#3
Honestly - any bank account will be fine . They aren't going to care where the money is coming from.

You only need £50-£60 to start matched betting so you shouldn't need to do THAT MUCH mystery shopping to make that! :)
I have an account with U which is essentially an online account with a MasterCard debit card (google "U account"). They have an app for iPhone and everything is done online. Its probably not as quick as usual HSBC and the likes but works for my purpose. Also you could try "smile" which is part of cooperative bank. That's online too.
 

Blackpepper1

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#4
Nationwide Flexdirect one is good. Pays a bit of interest too.
I use it for MB and money goes in fast. Has a debit Card too.
It is better and far easier to keep an account only used for MB though.
Once you have got going and signing up to loads if bookies and placing lots of bets it is easier to just have a separate account so you don't get things mixed up.
My other earnings just go into an ordinary Nationwide Current Account.
Also MB money is tax free and I prefer to keep the tax free money separate from taxable earnings.
 

PlateSpinningFrenzy

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#5
I have an account with U which is essentially an online account with a MasterCard debit card (google "U account"). They have an app for iPhone and everything is done online. Its probably not as quick as usual HSBC and the likes but works for my purpose. Also you could try "smile" which is part of cooperative bank. That's online too.
Thank you. I'll have a Google. Keen to start but want to get all that I need in place first
 

PlateSpinningFrenzy

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#6
Nationwide Flexdirect one is good. Pays a bit of interest too.
I use it for MB and money goes in fast. Has a debit Card too.
It is better and far easier to keep an account only used for MB though.
Once you have got going and signing up to loads if bookies and placing lots of bets it is easier to just have a separate account so you don't get things mixed up.
My other earnings just go into an ordinary Nationwide Current Account.
Also MB money is tax free and I prefer to keep the tax free money separate from taxable earnings.
Thank you. I was reading about Flexidirect yesterday. I just need to take the next step, open a dedicated account and make a start. I'm a little bit paranoid that the 'gambling' element will be frowned upon by the Bank but I guess thousands of other people are doing it too, without issue so I just need to bite the bullet.
 

PlateSpinningFrenzy

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#7
Grrr! In the process of applying online for a Nationwide Flex account and looks like they'll only let me have a Cash Card, not a Debit Card?! Asking if I want to proceed with my application. Do you think this is because I'm not switching accounts and will retain my existing Current account (with Debit Card)? Surely, I need a Debit Card attached to this new account? Bugger!
 

Jon

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#8
Yes you need a regular debit card
 

PlateSpinningFrenzy

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#9
Looks like I need to abandon this application then and try an alternative account. I don't want a load of checks on my credit Record though. If I use PayPal initially, what percentage of sign ups will I be able to pursue (i.e. How many accept PayPal)?
 

Jon

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#10
Probably sod all

Why would there be credit checks done against you?
 

Cas

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#11
You might need to do a quick credit check to see what banks will offer you a debit card .

I would try Metrobank to get things rolling a little bit quicker , they can give you a card today if you have a branch close by
 

Jon

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#14
As I started the account application, it said they make a Credit cheque as standard.
Ah ok fair enough

Just apply for a basic bank account that gives you a debit card. A few have been mentioned above :)
 

PlateSpinningFrenzy

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#15
OK strike that. Panic appears to be over.

Seems I get a card that can be used for 'taking cash out of the cash machine, making contactless payments and paying for things in shops, online and over the phone'. Sounds like a Debit Card to me.

I feel like I need to go and have a lie down now. Whatever happened to plain English?
 

Knopfler

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#16
Abit late now but for anyone else reading this you could get a Tesco Bank current account. This pays interest on credit up to £3000 at the moment (think it is 3%).
 

Cas

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#17
Thinking of opening another Bank account , the 2.5% fee for every deposit at Smarkets is starting to add up . I need a VISA debit card

was thinking a u account but the reviews haven't been too good .

Are there any other online banks , which anyone would recommend?
 

Jon

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#18
I 'THINK' the Co-op does an normal bank account
 

Cas

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#19

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#20
For info, lots of bookies accept paypal. I use it for 80% of mine with no extra fees.

Edit: I'm not sure the exchanges do though.
 

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