Where to put your winnings

Just wanted to give a HU on where to put your winnings if you have made a few grand from match betting but are now gubbed in most places and are wondering what to do with the profits.

Take a look at current accounts these pay the best rates of interest, lots of people think you are only allowed one current account, this is not the case.

Note unless you are a higher rate tax payer, from April this year you do not pay any tax on the first £1000 of interest.

If you have a partner then you can also have an account in their name plus a joint account, this means you can have £7500 @ 5% with Nationwide. £6000 @ 5% with TSB, £15000 @ 4% with Lloyds. There are also regular saver accounts that can be funded via these current accounts, the highest rates you will find are 5 and 6%.

You can also make money from switching current accounts, lots of people open donor accounts that they then use for switching purposes.

One thing you do however need to be careful of, each time you apply for a current account it is logged onto your credit file, so if you are likely to be applying for a mortgage in the next few months its probably not a good idea to open up lots of current accounts.

+0

Dave_Jones
7

May 17, 2016 at 2:29 pm

New to matched betting?

My Matched Betting Academy is the best place to get started. Learning the fundamentals takes 10-15 minutes and you’ll make £15 in the process.

Learning the fundamentals takes 10-15 minutes and you’ll make £15 in the process.

Learn Matched Betting

beh 7 May 17, 2016 at 3:09 pm

Good advice.

Account switching offers are fairly effortless and can be done mostly online just filling in a few forms. With a “donor” account it’s even less of a potential hassle.

Also a fan of regular saver type accounts as ISAs are currently fairly worthless.

MSE site/forums are a great source of info on these.

+0

Johnson 3 May 17, 2016 at 7:00 pm

I keep mine under the bed, protected by a couple of mousetraps, so beware!

+0

78naD 2 May 17, 2016 at 8:13 pm

4-6% a year? Why bother?
If you’re looking to play it safe and it’s your only option then I understand but with yearly inflation you’re not getting as much as that.

Invest it in something. I don’t do stocks, yet, but sports betting returns a nice sound 5-10% a MONTH on average, long term.

+0

Pickle 57 May 17, 2016 at 10:25 pm

Ive put a good portion of my winnings into Disneyland Paris. My goal when i started this was to get enough for a short break but once i saw how much could be made i decided my family needed a better treat for having to put up with me doing this.

+0

78naD 2 May 17, 2016 at 11:47 pm

Fair play Pickle. Ain’t nothing better you could use the money on than making the kids happy.

+0

Dave_Jones 7 May 18, 2016 at 8:58 am

@ Dan87 if you can make 5 to 10% a month long term then I take my hat off to you that is excellent. For most of us however that is a pipe dream, now 4 to 6% a year is tiny in comparison but when you start to compound this starts to make decent money. Most people are always looking for the get rich scheme unfortunately there are very few of these that actually work.

The vast majority of people would be better off getting rich slowly using compound interest.

+0

beh 7 May 18, 2016 at 10:12 am

Inflation is currently <0.5%, so 4-6% on a FSCS backed account is very good for zero effort.

If you can get 5-10% on sports betting then kudos, is that also accounting for the time you spend doing it?

+0
Get regular offer updates, tip and tricks, big offer alerts and more straight to your inbox.

Email*

CAPTCHA

Δ