April's bank switching landscape is looking surprisingly robust despite the broader economic uncertainty. With most of the country still settling into lockdown, now's actually an excellent time to review your current account setup and grab some serious bonuses whilst the market is still competitive.
We've been tracking the live offers across the major UK lenders, and there's real money on the table this month. Let's walk through what's available, how much you can realistically earn, and the strategy that'll maximise your bounty.
What's Actually on Offer Right Now?
The standout deal this month is genuinely impressive: there's a £1,000 switch bonus available if you meet certain payment criteria. That's serious money, and significantly above the typical £100–£200 range you'd normally see. The catch? Like most premium offers, this one comes with eligibility requirements, but it's absolutely worth checking if you qualify.
Below that top tier, we're seeing a solid spread of offers:
- £250 switch bonus — this is now something of a baseline for competitive current accounts
- £156 bonus bundled with £500+ worth of annual travel, mobile, and breakdown cover — great value if you'd otherwise pay for those protections separately
- £100 bonus on one of the major challenger banks
- £36 in BritBox streaming (six months free) if you're an EE customer — essentially free entertainment for the switch
- £30 in grocery vouchers (or similar perks) — smaller in cash terms, but useful if you actually use them
The variation here is telling. Banks aren't just competing on raw cash anymore; they're bundling lifestyle benefits to appeal to different customer types. That's good news for you if you can match the right offer to your actual needs.
Why April 2020 Is Different
Normally by April we'd be winding down from the new year promotional push. But this year is anything but normal. The current environment has created unusual dynamics:
First, lockdown means people are actually reviewing their finances properly. No commuting, no socialising, more time for admin. Banks know this is prime moment for acquisitions.
Second, many people are facing reduced hours or redundancy and want to make sure their accounts are optimised. A £1,000 bonus is practically a week's income for some households right now — that matters.
Third, some of the travel and entertainment perks bundled with accounts are becoming genuinely valuable since everyone's stuck at home anyway (free streaming services, cashback on groceries).
If you've been meaning to switch but kept procrastinating, the combination of serious bonuses and genuine lockdown time to handle the admin makes April 2020 a genuinely good moment.
The Strategy: Which Offer Should You Actually Take?
Here's the mistake most people make: they chase the highest headline number without thinking about switching costs and timing.
Let's work through a realistic example. Say you're comparing:
Option A: The £1,000 bonus account with strict payment requirements (typically £1,500+ incoming per month).
Option B: A £250 bonus account with no conditions attached.
If you genuinely can't meet the payment criteria for Option A, you'll waste time applying, get rejected, and still need to switch somewhere else. That's a failure. Option B is real money you can actually guarantee.
But if you do meet the criteria? £750 extra for thirty minutes of admin is absurd maths in your favour.
The second thing to consider: cooling-off checker periods. You can only do one switch every 30 calendar days under the Confirmation of Payee rules. Plan this strategically. If you're going to do multiple switches (which is where the real earnings are), think about the sequencing. Some people do one switch in early April, another in early May, and stack bonuses that way.
The travel and breakdown cover bundled with the £156 offer is worth auditing if you already pay for breakdown cover or travel insurance separately. If you do, that's genuinely additive value — you're getting £500 of annual benefits plus a £156 bonus, which is £656 of total value. compare bank bonuses that to the £250 standalone bonus — suddenly the second option looks competitive.
Getting Started: Your Next Steps
First, check your actual eligibility. You can use our eligibility checker to see which accounts you'd qualify for without running a hard credit check.
Second, verify you can meet any payment conditions. If an account requires £1,500 monthly incomings and you work freelance with lumpy income, it might not be realistic. Be honest with yourself here.
Third, review the cooling-off period rules. The switching guide walks you through the mechanics, but the key point is this: you've got 30 calendar days between switches. You can use that window to plan a sequence of switches that maximises your earnings calculator over a quarter or year.
Fourth, stack additional benefits. Once your main current account is sorted, explore how stoozing works — combining a 0% credit card with your savings can dramatically multiply your earnings. Some people are earning £1,500+ annually just by running a current account switch alongside a stoozing strategy.
For a complete picture of what's live right now and up-to-the-minute details, check the live offers page. Things move quickly, and what's available today might be withdrawn next week.
The Tax Question
Here's something most people forget to ask: are these bonuses taxed?
The short version: they're not income in the traditional sense, so you don't pay income tax on them. The bank isn't paying you a salary; they're paying you a one-off incentive to switch. HMRC doesn't charge you income tax on that.
However, if you stack a current account bonus with stoozing and are earning £2,000+ across all strategies, you will breach the Personal Savings Allowance threshold if you're a basic rate taxpayer (£1,000 allowance). At that point, you'll need to declare earnings and potentially pay tax on interest, dividends, and some premium bond winnings.
But the switching bonuses themselves? Safe.
Realistic Earning Potential
If you execute properly this month, here's what's achievable:
- One primary switch: £1,000 bonus (if you qualify) or £250 bonus (if you don't)
- One secondary switch 30 days later: £100–£250 bonus
- One tertiary switch 60 days later: £100–£250 bonus
That's £1,350–£1,500 in pure switching bonuses over a 90-day window, requiring maybe three hours of admin work total.
Add stoozing on top (moving money between 0% cards strategically) and you can realistically hit £2,000 across the full strategy, though that requires more discipline and planning.
The point is: this isn't spare change. It's genuine, tax-free income for work you'd arguably want to do anyway (getting your banking sorted).
Common Questions
How long does a bank switch actually take?
The official switching service promises seven working days, and they're usually accurate. In practice, most switches complete in 5–6 calendar days. The hard part is the initial application and meeting any conditions; the switch itself is almost automated.
Can I switch if I have a mortgage with the same bank?
Generally yes, but check with your lender. Most mortgages don't prevent switching your current account (they're separate products), but some banks make it easier than others. Ring them first and ask — it takes two minutes and saves confusion later.
What happens to my old account after I switch?
It typically stays open for a few months, then the bank closes it. Your overdraft facility disappears, though any agreed balance you owed becomes a separate debt they'll try to collect. Pro tip: clear any overdraft before switching; it makes the process cleaner.
Do these bonuses count towards my ISA allowance?
No. ISA allowances only count toward savings and investments you've put in deliberately. One-off bonuses from switching don't count against your £20,000 annual ISA limit.
Can I do multiple switches at different banks simultaneously?
Technically no, because of the cooling-off period (30 calendar days). But you can queue them up. Switch on April 5th, April 30th, May 25th, and so on. Each one triggers a new 30-day window.
April 2020 is genuinely one of the better months to execute a switching strategy. The offers are solid, the timing works (lockdown means you've got headspace), and the total bounty available is real money. If you've been vaguely thinking about switching, this is the nudge to actually do it.