If you're in a relationship and you've been thinking about bank switching, you're sitting on a goldmine. Most couples don't realise that switching doesn't just mean moving one account—it means the potential to double your bonuses by working as a team.
Right now in February 2021, the switching landscape is generous. We're seeing everything from £100 up to £1500+ in switch bonuses (depending on how you combine them). For a couple willing to think strategically, that could mean £2000+ in combined bonuses over the next year.
But here's the thing: you need a plan. Doing this randomly will leave money on the table and potentially lock you into cooling-off checker periods that stop you switching again. Let me walk you through exactly how couples should approach this.
How the Rules Actually Work
Before we get clever, let's nail the basics. When you switch your main current account using the Current Account Switch Service (CASS), you get one bonus. That's linked to you, the account holder.
If you're married or in a civil partnership with a joint account, here's what matters:
Each person can switch separately. Your partner isn't switching "your joint account"—they're switching their own account. And you can each get a bonus.
This is the key insight that changes everything. Most couples treat their finances as one unit, so they miss this. But from a switching perspective, you're two separate people with two separate switching histories.
That said, there are some wrinkles:
- If you both hold the same joint account, you can't both "switch it" for bonuses. Only the account holder who initiates the switch gets the bonus.
- Banks have residency requirements. You typically need to have been with a bank for 3+ months before you can switch away and still claim a bonus.
- Some bonuses are only available if you're switching from another UK bank (not if you're opening a completely new account).
Strategy 1: The Dual-Switch Approach
This is the most common setup for couples, and it works brilliantly.
Person A switches their personal account to Bank X, claims the bonus (say, £150).
Person B switches their personal account to Bank Y, claims the bonus (another £150).
Total: £300 in bonuses.
Now, you might both also have a joint account. That's fine—it doesn't interfere. You can still have a joint account while running separate personal switching.
The beauty of this approach is flexibility. You can stagger your switches across the year, which means:
- You're not locked into cooling-off periods together
- You can hit different banks at different times to catch new offers
- You're both earning interest on your balances throughout
Practical example: Let's say you're both working and earning £2,500/month net. Person A keeps £500/month as spending money in their personal account, while Person B does the same. The rest goes to the joint account for shared expenses.
When Person A switches to Nationwide with a £150 bonus, they keep that personal account as their spending account. When Person B switches to Santander a month later (because Santander has a better rate on their personal current account), they also get £150.
Throughout this, your joint account sits undisturbed, paying whatever interest rate you negotiated (which, honestly, is usually minimal—most current account interest is rubbish).
Strategy 2: The Joint Account Plus Personal Approach
Some couples prefer to keep things simple with just a joint account. But even then, you might both be named on it, which creates an interesting opportunity.
If your bank allows, both of you might be able to register the joint account separately for switching purposes. Some banks treat joint accounts as dual-ownership, while others have a "primary holder" and "secondary cardholder."
Here's what to check:
Before you plan anything, ring your bank and ask: "If we switch banks using the Current Account Switch Service, can we both claim a bonus on the same joint account?"
The answer varies. Some banks will say no—only one bonus per account, regardless of how many names are on it. Others might allow it (less common). And a few might offer a bonus for adding a second person to an existing account.
If your bank does allow dual bonuses on a joint account, brilliant—you've just unlocked £300+ without any extra effort. You've moved one account and got two bonuses.
If they don't, then honestly, this strategy means each of you should have a personal account anyway. And that's fine—lots of couples do this. One person handles the joint bills, the other has a personal account on the side.
The Tax Angle: Don't Worry (But Know the Rules)
Bank switch bonuses are not taxable. They're treated as gifts, not income. HMRC doesn't consider them a financial gain that triggers tax.
However, if you switch to a bank that's also offering interest—say, you get a £150 bonus plus 2% interest on up to £1000—then the interest is taxable (if you're earning over your personal savings allowance).
For most couples, this doesn't matter. Your savings allowance is:
- £1000 if you're a basic-rate taxpayer
- £500 if you're a higher-rate taxpayer
So if you're each earning the bonus and keeping your balances modest, you won't hit this. But if you're stacking bonuses across multiple accounts, it's worth knowing.
Check our tax guide if you want the full picture.
Strategy 3: Combine Switching with Other Tactics
Here's where it gets really interesting. Bank switching isn't the only way to earn from banking.
You can also:
Stack with regular saverss. Many high-street banks offer regular saver accounts at 5-7%. If Person A switches to Barclays and opens a regular saver, and Person B does the same with another bank, you're now earning switching bonuses and high interest on top.
Layer in stoozing. This is using a 0% credit card to earn interest on your balance elsewhere. If you both get 0% cards and move your switching bonus funds into a savings account earning 1-2%, you're earning free money while the card charges nothing.
See our stoozing guide for the full mechanics, but the point is: switching isn't the only income stream. Couples who combine all three—switching, regular savers, and stoozing—can easily earn £1000-£2000 between them annually.
The Cooling-Off Trap
Here's where most couples stumble: cooling-off periods.
When you switch to a new bank, there's typically a 14-day cooling-off period where you can change your mind and ask to switch again. But here's the catch: if you do switch away within 3 months of arriving, some banks won't pay the bonus.
For couples, this matters twice as much.
Let's say you both switch to the same bank on the same day because it offers £150 each. Brilliant. But then after 2 weeks, you realise you prefer a different bank. If you both switch away within 3 months, you might lose both bonuses (£300 total).
To avoid this:
- Stagger your switches. Person A switches now, Person B waits 4 weeks. That way, even if Person A switches again, Person B is still in the bonus period.
- Choose banks you actually like. Seems obvious, but people switch on bonus alone. Don't. Make sure the account has features you want (decent app, no fees, good interest).
- Read the T&Cs carefully. Every bank's bonus terms are slightly different. Some require a minimum balance, some require a salary deposit, some require direct debit guides.
We have an eligibility checker tool that walks through this, plus a switching guide with the rules broken down by bank.
A Month-by-Month Example
Let me give you a concrete timeline of what a couple might do in Q1 2021:
February 8: Person A switches from Lloyds to Santander (£150 bonus). Opens a regular saver, commits to 3 months.
March 8: Person B switches from Barclays to Nationwide (£150 bonus). Also opens a regular saver.
April 8: Person A's cooling-off period ends. They could switch again if they wanted (some people do multiple switches per year), but they stick with Santander.
May 8: Person B could theoretically switch again.
June 30 (tax year end): They review what they've earned. Combine the two £150 bonuses with monthly interest from regular savers (probably £30-50 total across both accounts), and they've earned approximately £230-250 in Q1.
Annualised, that's roughly £1000 per year from switching and regular savers alone. Add stoozing, and you're looking at £1500+.
Common Questions
Can my partner and I claim a bonus on the same joint account? It depends on your bank. Some banks will only pay one bonus per joint account, while others might allow both of you to claim separately. Always ring your bank and ask explicitly before you switch. The worst that happens is they say no, and you plan around it.
What happens if one of us is self-employed—does that affect eligibility? No, self-employed people can switch just like employees. You might need to provide additional documentation (proof of income, etc.) when you switch, but you'll still get the bonus. Just make sure you meet your specific bank's requirements.
Do we need to tell HMRC about the bonus? No. Bank switch bonuses are not taxable income. You don't need to declare them. The interest you earn on the bonus money is taxable (if applicable), but the bonus itself is treated as a gift.
Can we both switch to the same bank and get two bonuses? Yes, technically. But check the T&Cs. Some banks limit bonuses to one per household. Most modern banks don't have this restriction, but always verify. If the T&Cs say "one bonus per account" and you're opening two personal accounts, you should be fine.
What if one of us has a bad credit history—does it affect switching? Bank switches use soft credit checks, not hard ones. A soft check doesn't affect your credit score, and most banks don't care about historical credit problems when you switch. If you're worried, use our eligibility checker first.
The Bottom Line
If you're a couple and you haven't thought about switching separately, you're leaving serious money on the table. We're talking £200-300+ in bonuses that you could claim today.
The strategy is simple: each of you thinks of yourself as an individual switcher. You each build your own switching history. You each claim bonuses. And together, you're earning nearly twice as much as a single person could.
Combine this with regular savers and stoozing, and you're not just saving—you're building a proper banking income system as a couple. And in February 2021, when the market is this generous, there's no better time to start.
Head to our live offers page to see what's available for you both right now.