Matched Betting Bank Account
Should you set up a new bank account?
You certainly do not need to set up a new bank account for matched betting. You can use your existing current account to deposit and withdraw into your bookmaker and exchange accounts.
However, we recommend opening a separate bank account as this can be very useful. By setting up a new bank account you can keep your matched betting funds and transactions separate from your day to day spending. Plus should you be applying for a mortgage in the future, it is best to have a separate bank account exclusively for matched betting. You may wish to check with your intended mortgage provider too, just to ensure this will not impact your future approval. Here is a Facebook post with helpful advice from members who have researched this and worked in mortgages.
You can then fund this new bank account with your initial matched betting investment and use it to fund your matched betting. The only downside is it takes a few days to set up, but given you'll be making profits for months/years to come, you may deem this worthwhile!
If you're new to matched betting, you may wish to complete a couple of offers with your existing bank account just to check you're enjoying it and then proceed with setting up your bank account.
Our Recommendation - Monzo
Monzo is an extremely popular digital bank, with almost 2 million users, and a large number of our members use it for their matched betting. Sign up below!
Full UK Current Account
Signing up takes a few minutes
No Credit Check
Very easy to use App
Instant notification of all transactions
Great for using overseas
Fully regulated by the FCA
High Street Banks
Alternatively, you should be able to open an account with any of the high street banks within 3-5 days. Simply fill out their online application form and your new Visa or Mastercard should arrive in the post, alongside any additional details such as setting up online banking.
Should I use Paypal or Skrill?
You can certainly use Paypal as most bookmakers accepts Paypal and will give you their Welcome Offer.
However, increasingly more and more bookmakers are adding it to their terms and conditions that they don't allow welcome offers if the deposit method was Paypal - so please do be sure to check!
And also be wary of any fees as some bookmakers may charge a deposit fee for using Paypal. Additionally, Betfair Exchange charge 2% deposit fee whilst Smarkets do not accept Paypal, so you would still need to use a bank account for your exchanges.
Most bookmakers will not give you the free bet for the Welcome Offer if you deposit via Skrill.
Plus some bookmakers may charge a deposit fee for using Skrill alongside Skrill also charging £3.50 for you to withdraw your funds back to your bank account.
So I'd avoid using Skrill for matched betting unfortunately!
There are 3 ways to ask for help with Team Profit:
Live Chat - Chat with one of us any time we're online. See the chat module at the bottom right of site.