Separate current account for matched betting

[Ginnybean]

I did not want to use my everyday high street bank for matched betting or any of this money making stuff so I have been researching the new online world of app banks, and what a world it is. I settled on three of them, Atom, Starling and Monzo. All are app only banks. They are real banks and give you an account number and a sort code. Your money in all three of them is covered by the Financial Service Compensation Scheme (FSCS).

The other thing I was researching was prepaid app cards and I decided on two of them. Revolut and Cashplus. This type of card is not covered by the FSCS. These cards give you an account number and a sort code too and you can use them like a bank, but they are not a bank. I liked Revolut and it does do a soft search on your credit file but this does not leave a footprint. I preferred Cashplus as it does not do a credit check and has a variety of cards to suit different financial situations.

In the end I decided to go with Monzo mainly because I emailed them to ask some questions and their customer service was extremely good plus they only do a soft search on your credit file. So now I am the proud owner of a bright dayglo orange Monzo card and account. The app allows you to create pots which you can put money into for different things. I can see this being useful to me for tracking all the different money sources that I have and especially for matched betting which was the whole point of this research.

So, to conclude, if you do want to have a separate bank account for matched betting, or anything else, there are lots of options out there that only take a few moments to set up and protects your cash.

I have also set up Monzo but not actually tried using it yet.

Experience MBers who use a separate account do you only use it online for MB or does it need a few other things too?

 

[homie]

All are app only banks. They are real banks.

No they're not.

A real bank has a branch in the high street and is run by a bank manager called something like Albert Fairfax. He wears a bowler hat. You can pay in cash, cheques and even old bank notes. They can arrange overdrafts and loans and mortgages too. They pay you 0% interest and are never open when you want them. You can go in there and see an actual person. They have been around for 100 years.

An app bank is run from a garden shed by two kids called Dylan and Quentin who dropped out of university in their final year because someone showed them how to build an app and they thought this might help them get rich quick. They have several customers who have deposited money with them although they are not sure what they are supposed to do with it now. They have been around for about 10 months. And might last another 10 if they're lucky.

Well, thats what I think anyway.

 

[An-na]

No they're not.

A real bank has a branch in the high street and is run by a bank manager called something like Albert Fairfax. He wears a bowler hat. You can pay in cash, cheques and even old bank notes. They can arrange overdrafts and loans and mortgages too. They pay you 0% interest and are never open when you want them. You can go in there and see an actual person. They have been around for 100 years.

An app bank is run from a garden shed by two kids called Dylan and Quentin who dropped out of university in their final year because someone showed them how to build an app and they thought this might help them get rich quick. They have several customers who have deposited money with them although they are not sure what they are supposed to do with it now. They have been around for about 10 months. And might last another 10 if they're lucky.

Well, thats what I think anyway.

Homie, that's funny. You did make me smile

 

[An-na]

Does anyone know if you can use pre-paid debit cards on betting sites like those from Revolut or Cashplus?

Hi Ginnybean,

That was the direction I was originally intending to go and from my research I think the answer is yes you can. I was intending to use a prepaid debit card for matched betting. Things have moved on a lot since I last used a prepaid debit card and that was only for holiday money. Have a look at Revolut and Cashplus sites and see what you think.
Good luck.

 

[CoyKava]

I used Frrees. Purely online and spot on for managing Matched Betting profits a fair few on the Profit Accumulator forums recommend it too including some of the bigger earners.

 

[Ginnybean]

I used Frrees. Purely online and spot on for managing Matched Betting profits a fair few on the Profit Accumulator forums recommend it too including some of the bigger earners.

Been doing some research and Frrees accounts are no longer available to new users. However, the same company now offers something called "U Account" which is either free or has a small fee (difference is how much if at all usage costs!). It has a debit card not a prepaid card so might be worth looking at. I am going to investigate more!

 

[CoyKava]

Been doing some research and Frrees accounts are no longer available to new users. However, the same company now offers something called "U Account" which is either free or has a small fee (difference is how much if at all usage costs!). It has a debit card not a prepaid card so might be worth looking at. I am going to investigate more!

No way? That's a shame! Yeah most come with a monthly fee of say £5 which when you're matched betting is manageable!

 

[Boom Boom]

I bank with Halifax and I simply created a new current account. However my primary reason for this was because my account was compromised from one of the bookies. Luckily Halifax blocked it, but after that I decided to keep all the betting money separate and ensure that I didn't have my full bank in that account but just transferred to it when I needed to from my other account.