New Year, new financial strategy. If you're in a relationship and haven't yet considered switching banks as a couple, January 2023 is your moment. The maths is simple: one person switching banks earns a bonus. Two people switching to the same bank (or different banks) doubles your earnings. Add a joint account to the mix, and you've got a genuinely powerful way to kick-start 2023.
This guide walks you through exactly how couples can leverage bank switching to earn thousands in bonuses together—legally, straightforwardly, and without stress.
Why January is Perfect for Couples
January isn't just about gym memberships and dry January pledges. It's the single best month for couples to reset their finances together. Here's why:
Fresh start energy. You and your partner are both thinking about money. The new year naturally prompts conversations about debt, savings, and earning more. That momentum matters.
Banks are hungry. January sees people making resolutions to improve their finances. Banks know this. Many release competitive switching offers in early January to capture new customers. You'll see offers ranging from £100 to £200+ at major banks right now.
Cooling-off periods align. If you both switch in January, your cooling-off periods run in parallel. You're not managing a staggered timeline—you move together.
Tax year clarity. With the 31 January self-assessment deadline approaching, you both have banking top-of-mind. It's a natural time to review accounts and make switches.
How Joint Account Bonuses Work
The key to maximising as a couple is understanding the rules. Here's the critical bit:
Individual bonuses are separate. Each of you earns your own switching bonus. If you each switch to Bank A, you each get that bonus independently. Your partner's bonus doesn't affect yours—and vice versa.
Joint accounts count differently. A joint account bonus typically goes to the account holder(s). Some banks pay the full amount to the primary account holder; others split it. Check your chosen bank's terms.
You can use different banks. You don't both have to switch to the same bank. If Bank A offers £150 and Bank B offers £200, you could each switch to the bank with the better deal. This lets you earn £350 total instead of £150 or £200 alone.
The strategy most couples use is a mix: each opens an individual current account at their chosen bank (earning two separate bonuses), and you might open a joint account at a third bank (earning an additional bonus). That's three bonuses from one banking move.
The Step-by-Step Strategy for Couples
Step 1: Check your eligibility together
Not every bank accepts every customer. Visit each bank's eligibility checker to confirm you both qualify. Most major banks require you to be a UK resident, aged 18+, and not to have held a current account with that bank in the last 12 months (though this varies).
Spend 15 minutes on this. It's boring but essential. You don't want to start an application only to be rejected.
Step 2: Identify the best offers right now
January 2023 has some solid offers available. We're seeing:
- Up to £200 switch bonuses at select banks
- Up to £175 at others
- Up to £150 for specific eligibility (e.g., Scotland, low income)
- Up to £100 at most major providers
Check our live offers page for the absolute latest, as bonuses change weekly. Write down the three to five best options for each of you.
Step 3: Plan your switching timeline
Here's the tactical bit. Most banks require you to meet conditions like setting up a direct debit guide to qualify for the bonus. The cooling-off period is typically 60 days, but some banks pay bonuses on day 31.
Plan it like this:
- Week 1 (now): You both open accounts at your chosen banks. Set up at least two active direct debits each.
- Days 31–60: Bonuses typically land (check each bank's terms—some pay earlier, some later).
- After day 60: You're both free to switch again if you want, with no cooling-off conflict.
Staggering isn't necessary in January (since you're both new customers at different times anyway), but it's good discipline.
Step 4: Consider a joint account
Once you've both switched individually, a joint account opens more doors. Some joint accounts come with their own bonuses—another £50 to £150. However, only open a joint account if:
- You both agree it makes financial sense
- You're comfortable sharing account access
- The bonus conditions suit you (direct debits, minimum balance, etc.)
A joint account is great for household bills and shared spending, but it's not essential for maximising your switching bonuses. Don't feel pressured into one.
Step 5: Keep records and stay compliant
Bank switching rules are strict. You can only claim a bonus once per person per bank in any 12-month period. Keep a simple spreadsheet:
- Bank name
- Date you switched
- Bonus amount
- Bonus received (yes/no, date)
- Cooling-off end date
This protects you if there's ever a query—and it's useful for planning your next switch at the end of 2023.
Real-World Example
Let's work through a concrete scenario:
Emma and James are a couple in their 30s. They've been with the same bank for years and decide to switch together in January 2023.
- Emma switches to Bank A (£175 bonus), sets up two direct debits.
- James switches to Bank B (£200 bonus), sets up two direct debits.
- They open a joint savings account at Bank C (£100 bonus), add a direct debit.
Total earned: £475
Both cooling-off periods run until mid-March. Both bonuses typically land by mid-February. By the end of March, they've earned £475 together—more than either could earn alone—and they're both in a completely new banking setup that might offer better interest rates or features than their old accounts.
If they'd both stayed with their old bank, they'd have earned nothing. If they'd only one person switched, they'd have earned £175. By switching strategically as a couple, they've more than doubled their earnings.
The Tax Question
One thing couples often worry about: are switching bonuses taxable?
Short answer: No, not usually. HMRC treats switching bonuses as gifts or incentives, not income. You won't pay income tax on them.
However, if the bonus puts you over your Personal Savings Allowance (£1,000 for basic-rate taxpayers, £500 for higher-rate), any interest you earn on your savings might become taxable. It's unlikely to be an issue with a single bonus, but it's worth checking if you're a higher-rate taxpayer.
When in doubt, ask your accountant or consult HMRC's guidance—don't guess on tax.
Mistakes Couples Often Make
1. Forgetting the cooling-off period. You can't earn a second bonus from the same bank within 12 months. It resets from when you first opened the account, not when you closed it. Mark your calendar.
2. Not setting up the required direct debits. Most bonuses depend on active direct debits. Forgetting this is the number one reason couples miss out on bonuses they'd qualified for. Set up two if the bank requires it—one for a small bill, one for savings.
3. Opening a joint account too early. If you haven't discussed shared finances properly, a joint account can be stressful. Wait until you've both earned your individual bonuses and you're confident about sharing an account.
4. Switching to the same bank as each other. You can both switch to the same bank and each get a bonus—but you'll earn less than if you switch to different banks. compare bank bonuses the offers first.
5. Ignoring your existing bank's retention offers. Sometimes your current bank will match or beat a competitor's offer to keep you. It's worth asking—especially if switching feels like a hassle. But don't let loyalty trap you in a bad deal.
What About Stoozing Whilst You're Switching?
If you and your partner are interested in how stoozing works, January is a good time to think about it. As you're switching banks and earning bonuses, you could simultaneously be using 0% credit cards to earn interest.
Many couples use 2023 to stack their earnings: switching bonuses + stoozing returns + regular savers accounts. The maths compounds quickly. But start with switching first—it's simpler and safer.
Common Questions
Can we switch to the same bank and both get bonuses? Yes, but each person qualifies independently. You'll each earn the same bonus amount, not different ones. Compare this to switching to different banks—you might earn more total if the offers vary.
What if we've already switched this year? You're locked out of that bank for 12 months from when you first opened the account. But there are typically five to ten banks with active switching offers at any time in the UK. You can always find another bank to switch to.
Does switching affect our mortgage application? Switching itself doesn't damage your mortgage prospects. However, opening multiple new accounts in a short time does create a visible pattern. Most lenders are fine with this if it's for switching bonuses. But if you're applying for a mortgage in the next three months, space out your switches or ask your mortgage broker first.
Do we need a joint account to maximise switching bonuses? No. You can earn bonuses from two separate individual accounts and skip the joint account entirely. A joint account is useful for shared bills, but it's optional for bonus strategy.
Can we switch back to our old bank after the cooling-off period? Yes. The cooling-off period prevents you from claiming the bonus again for 12 months, but you're free to switch back (or elsewhere) whenever you want after the 60-day window closes.
Your January 2023 Action Plan
If you're reading this and thinking "we should do this," here's your to-do list:
- This week: Discuss it with your partner. Make sure you're both in.
- Next few days: Check the live offers page and our eligibility checker.
- By end of this week: Apply to your first choice bank.
- Week 2: Both of you set up your direct debits.
- Early February: Bonuses should start landing.
- Mid-March: Both cooling-off periods end. You're ready to move again if you want.
Bank switching as a couple isn't complicated, but it does require coordination and planning. Done right, it's one of the simplest ways to earn a few hundred pounds together in January—money you can put towards debt, savings, or investing.
January's the month when couples are naturally thinking about finances together. Use that moment.