We're two days into April and the final stretch of the tax year is upon us. If you've been thinking about switching banks but haven't pulled the trigger yet, the timing is actually perfect—there's still time to claim bonuses before April 5th and potentially squeeze them into the current tax year. Let's look at what's on offer right now.
Where the Money Is This April
The headline offer right now is solid: up to £1,000 in total bonuses if you're strategic about multiple switches. That figure comes from combining offers across different providers, which is absolutely doable if you plan it right.
The major players offering bonuses this month include:
HSBC and First Direct are both running £500 switch bonuses, which are among the best you'll see. These are typically paid once your switch completes (usually within 7 working days), so you could theoretically receive this before the tax year ends.
Halifax is offering £175, which might sound like less, but it's a solid backup option if you've already switched to HSBC or First Direct. The eligibility rules are usually generous too.
NatWest and Santander both launched £200 bonuses recently, making them competitive mid-market options. These are particularly worth considering if you want current account perks alongside the bonus.
There's also a range of £50–£200 offers floating around from various providers—nothing to sniff at, but the big hitters are where the real value is.
The April 5th Advantage
Here's the thing about early April: you're in a narrow window. The tax year ends on April 5th, which means any bonuses you receive before then fall into the 2022–23 tax year. From a purely tax perspective, this doesn't matter much (bank bonuses aren't taxed anyway), but psychologically it feels good to lock them in before the line.
More importantly, switching now means your new account is fully set up and operational before the new tax year begins. You can properly plan your savings strategy and coordinate with any other earning tactics—stoozing or regular saverss—without rushing.
If you've been on the fence, this is your push. After April 5th, you're entering the 2023–24 tax year fresh, and some providers may refresh their offers. Might as well grab what's available now.
How to Stack Multiple Offers
The £1,000 figure I mentioned earlier isn't a single offer—it's the result of intelligent switching. Here's how it works in practice:
Month 1: Switch to HSBC and claim the £500 bonus.
Month 2 (or slightly overlapping): Once your cooling-off period expires (usually 14 days), close the HSBC account and switch to First Direct, claiming another £500 bonus.
Month 3: Switch again to another provider offering £200 (NatWest, Santander, Halifax, etc.).
That's £1,200 in pure bonuses across three months. The catch? You need to follow the cooling-off period rules—you can't just hop between accounts willy-nilly without hitting mandatory waiting periods. But with a bit of planning, it's totally legal and increasingly common.
Most people don't realize they can switch multiple times. The Switching Service rules allow as many switches as you want, as long as you meet the qualification criteria each time. Providers love it because they're competing for your account; you love it because you're earning serious money.
Making the Most Before Tax Year End
With just three days left in the tax year, your options are narrowing—but they're not gone. If you switch today or tomorrow, you might just squeeze in a bonus payment before April 5th. Here's what you need to do:
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Check your eligibility using our eligibility checker. Some offers require direct debits, previous banking history with other providers, or minimum deposits.
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Pick your provider carefully. HSBC and First Direct are fastest—they often pay within a week of completion. NatWest and Santander can take a bit longer.
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Have your details ready. Sort code, account number, and any recent statements from your current bank will speed up the process.
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Initiate the switch today. Don't wait. Even if payment lands slightly after April 5th, you're still moving quickly enough to plan your next switch for early May.
If you miss the April 5th window, don't sweat it. Offers aren't going anywhere, and you'll have the whole new tax year to work with. The £500 bonuses from HSBC and First Direct are relatively reliable year-round, so they'll likely still be around next month.
The Bigger Picture: Branch Closures and What They Mean
You've probably seen the news: Lloyds Banking Group is closing 98 branches, and Barclays is shutting 69. It's disheartening if you value your local branch, but it doesn't change the switching calculus for most people. If anything, it's another reason to shop around—the banks are consolidating, which means the survivors have more room to compete for your account with better offers.
Most switching is done online now anyway. The branches are nice to have, but they're not essential to switching.
What Happens After April 5th?
Once we roll into the 2023–24 tax year, expect offers to refresh or shift. Banks typically align their big promotions with calendar events and seasonal trends. Summer offers tend to be competitive (people think about holidays, which means more spending on best 0% cardss). Spring is always solid for switching because of tax year timing.
One thing we always recommend: check our live offers page regularly. The offers landscape changes constantly, and new deals pop up when you least expect them. What's available today might be different next week, but equally, something better might arrive.
Stoozing + Switching = Maximum Returns
Here's a pro tip: if you've got a good 0% credit card, you can pair it with your new switch bonus for maximum impact. Switch for the bonus, keep your old account open for the duration of your 0% card (if it allows transfers), and arbitrage the difference. It's a bit advanced, but it works, and it's why people sometimes earn £1,500+ per quarter from banking alone.
We've written extensively about how stoozing works, but the quick version: borrow at 0% on a credit card, deposit the cash in a savings account earning 4–5%, and pocket the difference. Combined with switching bonuses, it's a legitimate strategy.
Red Flags and How to Avoid Them
Not every offer is a good deal. Before you switch:
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Check the direct debit requirement. Some offers require you to set up 2–3 direct debits and keep them active for 3 months. That's fine if you're already paying bills, but if you'd have to set up fake direct debits (like paying yourself), it's not worth the hassle. Our direct debit guide covers legitimate ways to meet these requirements.
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Make sure you're eligible. Some offers are only for new customers or existing customers switching to a bank, not from it. Use the eligibility checker to be sure.
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Watch for account fees. A £500 bonus is great, but not if the account charges £5 per month. Most are free, but check.
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Read the terms carefully. Some bonuses are paid after 60 days, some after 6 months. If you're planning to switch again quickly, you need to know when the money arrives.
Common Questions
Do I pay tax on bank switching bonuses? No. In the UK, bank bonuses are considered gifts and aren't subject to tax. Even if you receive £1,000 in bonuses, you don't declare them on your self-assessment. It's one of the rare wins where the tax man leaves you alone.
How long does a switch actually take? The Switching Service guarantees 7 working days maximum. In practice, most switches complete in 3–5 days. Your old account stays open for 13 months in case you need to trace any payments, so there's no rush to close it.
Can I switch to the same bank twice? Technically, no—not with the standard Switching Service. But you can often switch between different subsidiaries or divisions of the same banking group. For example, HSBC and First Direct are related but separate, so switching between them is allowed. Check the T&Cs before you assume though.
What if something goes wrong during the switch? The Switching Service has protections built in. If payments bounce or duplicate, the service compensates you. It's rare, but you're not exposed.
Is bank switching worth it in 2023? Absolutely. Even with interest rates rising and savings accounts offering 4–5%, a £500 bonus is equivalent to a year of interest on £10,000 at 5%. That's immediate, guaranteed money. Combine it with a high-interest savings account and stoozing, and you're looking at substantial returns. It's absolutely worth the 20 minutes of admin.
Bottom line: We're in a sweet spot right now. April offers are strong, the tax year is ending (which adds urgency), and you've got some genuinely large bonuses on the table. If you haven't switched yet this financial year, or if you switched once and want to do it again, the next few days are prime time.
Check the live offers page for the most current deals, use our switching guide to walk through the process, and consider multiple switches if you want to maximize your earnings.
The money's there. Go claim it.