Setting a deposit limit
Deposit limits help you control your spending. Find how you can use it on Smarkets.
Type of Deposit Limits
You can set daily, weekly or monthly deposit limits.
On Smarkets we offer the option to set either 'Net' or 'Gross' deposit limits. A net limit takes into account withdrawals whereas a gross limit does not. For example a £300 net limit and a £300 gross limit are set for the same period and a £150 deposit is then made, followed by a £100 withdrawal. In this example the net limit would have £250 remaining whereas the gross limit would have only £150 remaining as it takes into account only deposits.
How to set and change Deposit Limits
It’s easy to set a deposit limit with Smarkets. Simply go to 'Settings' and then 'Limits'.
If you have a deposit limit set in your account, you can also change it.
- The change will happen immediately if you try to set a lower limit
- If you want to increase the limit, there will be a week pending period after which you'll need to confirm the change before it takes effect
Deposit Limits reset times
Limit periods will reset at midnight. The weekly, monthly and yearly limits will reset every 7, 31 and 365 days respectively after they were set and will therefore not always follow calendar weeks, months or years.
Click here to set a deposit limit on your account.
Note: When a deposit limit is set up, it will last until the end of that day and then for a further 24 hours. Future deposit limits will reset 24 hours following the deposits.
Customers based in the UK
If you registered after the 28th of February 2023, your account will have a £4999.99 Monthly Net Deposit Limit applied to it unless you set lower limits during sign-up.
If you registered after the 28th of March 2023, your account will have a £1000 Daily Net Deposit Limit and a £4999.99 Monthly Net Deposit Limit applied to it unless you set lower limits during sign-up.
You can request to raise your Net Deposit Limit on the limits page but you will need to adhere to the 7-day pending period.