December is here, and if you haven't yet capitalised on bank switch bonuses this year, you're running out of time. Right now, there are some genuinely substantial offers on the table — we're talking £1,500 in some cases — but the clock is ticking. If you want to complete a switch before the tax year rolls over in April, or simply lock in a bonus before offers change, this month is critical.
Let me walk you through what's available, how to pick the right account for you, and what timing tricks will maximise your returns.
The Big Hitters: Where the Money Is
If you're switching banks for a bonus, you want to know which accounts are worth your time. Here's what's currently on offer:
Nationwide is leading the charge with a substantial £1,500 switch bonus via BCWYC (the bank switcher initiative). That's genuinely excellent — more than most mortgages offer in cashback. You'll need to meet their terms (usually a minimum deposit and some direct debit guides), but if you qualify, this is hard to beat.
Santander is close behind with £1,200 via uSwitch. This is another serious offer, and Santander's app and customer service are solid. If Nationwide isn't suitable for you, this is your next target.
Virgin Money sits at £1,000 through BCWYC. Virgin Money's accounts are increasingly popular, and the bonus is meaningful enough to make the switch worthwhile.
After these heavy hitters, the offers drop somewhat, though they're still worth considering:
- Starling: £300 (via uSwitch)
- First Direct: £250 (via BCWYC)
- Barclays: £200 (via BCWYC)
- NatWest/RBS: £175 each (via BCWYC)
- HSBC: £150 (via BCWYC)
- Lloyds and Halifax: £125 each (via BCWYC)
- TSB: £100 (via BCWYC)
- Co-op and Chase: £50 each (via BCWYC)
These smaller bonuses might seem less attractive, but don't dismiss them. A £125 bonus from Halifax or Lloyds, combined with a regular savers (which can offer 5% or more), and you're looking at a genuinely useful return on switching.
How to Choose the Right Switch for December
The biggest bonus isn't always the right choice for you. Here's what actually matters:
First, check your eligibility. Many accounts require a minimum deposit — typically £1,000 to £2,000 — and several require you to set up a certain number of direct debits. Use our eligibility checker to avoid wasting time on accounts you won't qualify for. There's nothing worse than starting a switch and then discovering you've missed a requirement by a narrow margin.
Second, consider the account features beyond the bonus. A £1,500 bonus is excellent, but if you hate the app or the interest rates are dreadful, you'll be frustrated. Look at:
- Interest rates on credit balances: Some banks offer tiered rates, others just give you pittance. If you're keeping a balance, this matters.
- Overdraft charges: Are they reasonable? Can you get an arranged overdraft easily?
- App quality: You'll be using this daily. Does it work? Is it intuitive?
- Customer service: Can you actually reach someone if something goes wrong?
Third, think about stacking. If you're switching to Nationwide for £1,500, could you also open a regular saver with them? Some of their regular savers offer 5% on balances up to £4,000 — that's a guaranteed £200 extra. Check if the bonus account can also function as your regular saver, or whether you need a separate account. Our guide on how stoozing works also explains how to layer multiple earnings streams.
Timing Matters: Cooling-Off Periods and Year-End Deadlines
Here's something critical that many people miss: cooling-off checker periods.
When you switch banks, you have a statutory 14-day cooling-off period. If you initiate a switch today (6 December), and it takes the typical 7–10 working days to complete, you won't have the bonus in your account until late December at best. More likely, you'll be looking at early January.
That matters for two reasons:
Reason one: You might fall into the next tax year. If you switch in December but the bonus lands in January, that bonus counts as 2021–22 tax year income. For most people this is fine, but if you're close to tax thresholds, it's worth understanding. The good news: bank switch bonuses aren't taxable income in the UK (they're considered a return on capital, not interest or profit), but they can affect your Personal Savings Allowance calculations.
Reason two: Some offers might expire. Whilst these top-tier bonuses (especially the £1,500) are current now, there's no guarantee they'll exist in three months. If you want to lock in a high bonus, earlier is almost always better.
The practical move: If you want a switch completed before the end of December, initiate it by 10–12 December at the latest. This gives the switching service time to complete the move without the bonus arriving so late that you're paying tax on it in a different year.
Picking Your Strategy for December
If you're switching just for one bonus, go for the biggest amount you qualify for — likely Nationwide, Santander, or Virgin Money.
But here's the clever bit: you can do multiple switches if you plan carefully.
You could, theoretically, switch to Nationwide in December, lock in that £1,500, and then — after the cooling-off period — switch from Nationwide to Santander in January for their £1,200. The question is whether the effort (and the cooling-off period for the second switch) is worth the second bonus. For many people, it is.
Our switching guide walks you through the full process, including how many times you can switch and still maximise bonuses.
Combining Switching with Stoozing and Savers
Bonuses are one part of your December earnings strategy. Don't forget the other pillars:
Regular savers are often at their best right now. Banks know people have Christmas spending coming, so they offer higher rates to encourage saving post-festive season. Some are offering 5% on balances up to £4,000 per month. If you switch to, say, Nationwide, check whether they have a regular saver that might work alongside your main account.
Stoozing (using a 0% credit card to earn interest on savings) is still viable, though 0% rates are getting shorter. If you can find a 0% card at, say, 21 or 25 months, you've got a genuine opportunity to earn interest on your credit card balance through the whole of 2022. Check our guide on how stoozing works for the full mechanics.
The beauty of December is you can stack all three: a switch bonus (£1,500), a regular saver (£200–400 per year depending on how much you save), and a stoozing setup (interest on your 0% balance). That's a realistic £2,000+ annual return just from deliberate banking strategy.
When to Act
The offers shown above are current as of early December 2021, but they can change. Some banks adjust bonuses seasonally, and a few have been known to withdraw offers quickly if they reach their switching targets.
Our live offers page is updated regularly, so check there for the absolute latest positions before you commit to a switch.
If you see an offer you like right now — particularly the big three (Nationwide, Santander, Virgin Money) — I'd recommend starting the process within the next week. You'll have time to complete before the year-end rush, and you'll avoid any risk of the bonus being withdrawn.
Common Questions
Can I switch banks multiple times in a year and claim multiple bonuses? Yes. In theory, you can switch every few months to different banks and claim a bonus each time. However, some banks (usually the big ones like Lloyds and Barclays) have exclusion rules — if you've had an account with them in the past three years, you might not qualify. Check the terms carefully. Most people can realistically do 2–3 switches per year without hitting these restrictions.
Will switching affect my credit score? Yes, but only temporarily. The hard credit check banks perform when you apply for a current account will create a small dip in your credit score. However, this recovers within a few months, and switching itself doesn't damage your score long-term. In fact, demonstrating you can manage multiple accounts responsibly can actually improve your credit profile over time.
Can I claim a switch bonus if I already bank with the bank I'm switching to? Not usually. Switch bonuses are for moving an existing account from a different bank. If you already have an account with Nationwide, you can't open another account with them and claim a bonus. However, you can often open a separate savings account, regular saver, or junior account and earn other bonuses — check their terms.
What if something goes wrong during the switch? The switching service has protections built in. You're covered by a guarantee that if something goes wrong, you're put back in the position you were before. That said, it's rare — the switching process in the UK is genuinely robust. Keep records of everything (confirmation emails, statements), and contact your old bank immediately if you spot any problems.
Should I wait until January for better offers? Not necessarily. January can bring new offers, but December's current offers are genuinely competitive. Waiting always carries the risk that the offer changes (usually downwards). If you see something you like now, the certainty of that bonus today is usually worth more than speculation about January's offers.
The bottom line? December is a decent month for switching if you're organised, but it's also busy. If you're serious about locking in a bonus before the new tax year, start the application process this week. Check our live offers page for the most current positions, and use our eligibility checker to make sure you'll actually qualify before you spend time filling out forms.
You've got roughly four weeks left in the calendar year. That's plenty of time to switch, earn a meaningful bonus, and set yourself up well financially heading into 2022.