April's here, and if you've been putting off a bank switch, this is your moment. With the tax year ticking over on April 5th, there's still a small window to lock in bonuses before the new financial year starts. But beyond that tactical deadline, the broader picture for bank switches in April 2022 is worth understanding—because the offers are there, they're just not as flashy as they were a few months ago.
Let me walk you through what's available, where to find it, and most importantly, whether now's the time to make your move.
The April 2022 Switching Landscape
If you've been following the banking offers closely over the past year, you'll know that bonuses have become more creative and varied. We're not seeing the mega £150+ bonuses as regularly as we did in 2021, but that doesn't mean there's nothing worth doing. The market has shifted: banks are being more selective about who qualifies, what counts as a qualifying switch, and what conditions you need to meet.
Right now, the offers that are live tend to fall into a few categories:
Direct switch bonuses (paid for moving your current account via the switching service), account opening bonuses (sometimes requiring a qualifying switch, sometimes standalone), and regular saver accounts with genuinely competitive rates. The key is knowing which banks are actively recruiting right now and which ones have stepped back.
As of early April, Monese is still running an account opening offer of up to £70 via BCWYC (the Bank Current Account Switching Service). That's a decent sized bonus if you're new to their platform, though you'll want to check whether a qualifying switch is required or if you can get the bonus standalone.
That said, the landscape changes constantly, and new offers launch regularly. Your best move is to check our live offers page where we keep a running list of what's actually available right now, including the full terms and conditions for each one.
Why April Is a Tricky Time
Here's the thing about April: it's weird for banking strategy. The tax year rolls over on April 5th, which means a few things:
First, if you've got any pending switches from earlier in the year, they need to land before April 5th to count in the current tax year. HMRC treats bank bonuses as income, and depending on your circumstances, they might be taxable. If you're in a higher tax bracket or already close to your annual allowance, timing matters.
Second, the cooling-off checker period rules mean if you switch now and regret it, you've got 14 days to cancel. But if you cancel after April 5th, your cancellation will sit in the new tax year. Not a deal-breaker, but something to think about if you're trying to keep all your bonuses in one tax year.
Third, a lot of people put their financial ducks in a row at the start of the new tax year, which means competition for new customers can actually pick up in April and May. Banks know you're thinking about money, tax, and savings—so they're more likely to launch new offers or increase bonuses.
Current Offers Worth Considering
Beyond Monese, the current offer environment is worth scanning on our full offers page because the specific bonuses available depend on your personal circumstances. Here's what you should be looking for:
Switch bonuses that don't require a high minimum deposit – Some banks tie their bonuses to moving in a large balance, which might not suit everyone. Aim for bonuses that just need you to move your account over and set up a few direct debit guides.
Accounts with built-in perks – If the bonus is modest, look for accounts that offset it with good interest rates, cashback, or other features that add value over time.
Regular saver accounts – These aren't current accounts, but April's a great time to start one. Many UK banks offer regular savers with rates of 4-5% if you commit to saving a fixed amount each month. They won't pay a huge lump sum bonus, but over a year, they're a solid earner.
Building Your April Strategy
If you're sitting on the fence, here's a practical framework:
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Check if you're eligible. Use our eligibility checker to see which banks will accept your application. Credit checks matter, and so do things like being on the electoral register and not having recently switched with certain lenders.
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Pick your new account. Go to /offers and compare bank bonuses the bonuses against the account features. Is it just a cash bonus, or does the account offer overdraft, cashback, or other benefits?
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Understand the direct debit requirement. Most modern switch bonuses require you to set up at least one or two qualifying direct debits. These are things like insurance, subscriptions, utilities—basically anything that comes out monthly. If you don't have many direct debits, set them up first (as cheaply as possible) before you switch.
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Read the cooling-off terms. You get 14 days to cancel any financial product. If you're not happy, you can change your mind, but make sure you understand what "cancellation" means for that specific bonus. Some bonuses are non-refundable if you cancel within a certain window.
Combining April Bonuses With Other Strategies
Here's where it gets fun. A bank bonus on its own might be £50–£100. But if you stack it with other strategies, your April earnings can be much better:
Add a regular saver. Once you've switched your current account and claimed the bonus, open a regular saver with a different bank (or the same one, if they allow it). Commit £200–£500/month and you're looking at a real return, especially with rates as high as they are.
Use a 0% credit card. If you're confident with your spending discipline, a 0% purchase or balance transfer card lets you earn interest on money you keep in savings while paying nothing on the card. It's the essence of stoozing—we've got a full breakdown if you want the details.
Don't cancel old accounts immediately. You've got options here. Some people keep old accounts open to protect their credit file. Others close them after a few months once they've settled into their new bank. There's no one right answer, but close them too quickly and it can flag as dodgy activity.
The Tax Angle (Don't Miss This)
Bank bonuses count as income for tax purposes in the UK. If you're a basic rate taxpayer (under £50,270 in England/Wales, under £43,662 in Scotland), bonuses under the personal savings allowance threshold usually don't cause problems. But if you're a higher rate taxpayer, or if your savings income is already substantial, you might owe tax on bonuses.
It's not enough to stop you switching—bonuses are still worthwhile—but it's worth factoring in when you're working out your net gain. If you're claiming multiple bonuses in a single tax year, keep a note of them for your self-assessment.
Why You Shouldn't Wait Much Longer
April's a good moment to move. The offers are here (even if they're not as headline-grabbing as they were last summer), the timing aligns with new year money planning, and most banks have capacity to onboard new customers. If you wait until June or July, you might find offers have thinned out or shifted again.
Plus, if you're thinking about switching anyway, there's no point delaying for the sake of delaying. The earlier you get the bonus, the sooner you can let it sit in your new account earning interest, or use it to fund your first regular saver payment.
Common Questions
How long does a bank switch actually take? The switching service guarantees that your switch completes within 7 working days. In practice, most switches land within 2–3 days, though sometimes it can take longer depending on the day of the week and the banks involved. Your old bank must transfer your direct debits and standing orders over automatically as part of the switch.
Do I lose access to my old account when I switch? No. Your old account stays open for at least 13 months after the switch (by law), so you can still use it to receive payments, clear old cheques, or manage anything you've set up on that account. You decide when to close it.
Can I switch if I have an overdraft? Yes, and the switching service will transfer your overdraft limit (or part of it) to the new bank. Just be transparent about it when you apply. Some banks are fine with it; others are more picky. That's where the eligibility checker comes in handy.
What if the bonus doesn't arrive? It will, but the timeline varies. Some bonuses land within days; others can take up to 30 days. Check the terms for the specific account. If it doesn't arrive after the stated period, contact the bank—they can usually track it for you. Keep your switching reference number handy; it's proof of the qualifying switch.
Should I open a regular saver at the same time as switching? You can, but I'd suggest settling into your new current account first—just for a few days. That way you're not juggling multiple applications and new accounts at once. Once you've claimed the current account bonus and set up your direct debits, open a regular saver with either the same bank or a different one. Spreading things out also helps your credit file stay clean.
The bottom line: April 2022 is a good month to switch if you've been considering it. The bonuses are here, the timing aligns with the tax year turn, and locking in a new account before May gives you the rest of the financial year to enjoy the benefits. Check our offers page for the latest, use the eligibility checker to see what you qualify for, and if you need a step-by-step guide, the switching guide walks you through the whole process.
Happy switching.