December is crunch time for personal finance. The year's winding down, interest rates are volatile, and the golden age of 0% credit cards is fading fast. If you haven't locked in a bank switch bonus or planned your stoozing strategy, now's the moment—before the offers disappear and the new year resets everything.
This month's switch bonuses are solid, and there's still time to meet cooling-off checker periods before January closes things out. Let me walk you through what's available, why December matters, and how to layer switching with stoozing for maximum returns.
December's Best Switch Offers
Right now, you can find switch bonuses ranging from modest to genuinely useful:
The headline offers are worth up to £200, depending on which bank and deal you qualify for. That's not the highest we've seen all year, but it's still substantial—especially when you combine it with stoozing or a regular savers account running in parallel.
Here's what the market looks like in December 2022:
- Up to £200 switch bonus is the ceiling for standard current account switches, according to Money Saving Expert
- New current account offers around £175 are also floating around (via Which?'s tracking)
- £140 bonuses on specific account tiers if you meet certain criteria
- £100 bonuses for multiple switches throughout the cooling-off period
- Monese's account opening offer sits around £30 for those switching to their platform
The range reflects the reality of switching in late 2022: banks are still competing, but the urgency has shifted. Earlier in the year, during the cost-of-living crisis peak, we saw more aggressive offers. Now, the landscape has settled somewhat, but there's still money on the table.
Check our live offers page for the most current deals, as banks update their bonuses weekly. December moves fast.
Why December Is Your Last Chance to Act
This month is uniquely important for several reasons, and ignoring them could cost you hundreds.
0% Credit Cards Are Vanishing
The 0% APR credit card era is ending. Lenders are pulling offers as interest rates rise, and the cards that remain are disappearing fast. If you've been thinking about stoozing—putting spending on a 0% card, investing the money, and paying it back interest-free—December is likely your last realistic window. By January, many issuers will have shut down their 0% products entirely or tightened eligibility.
Pairing a bank switch (which gives you cash upfront) with a 0% card (which lets you earn on your spending) is one of the most powerful money moves you can make right now. But it requires action this month.
Interest Rates Are Still Moving
The Bank of England's base rate decisions are in flux. Rate rises have slowed, but they're not over. Regular saver accounts and easy-access savings accounts are updating their rates monthly. If you're planning to park your switch bonus in a savings account, December rates are likely your best bet before another potential hike. By February, you might find those same accounts offering 50–100 basis points less. Lock in now.
Cooling-Off Periods Stretch Into January
When you switch, you get a 14-day cooling-off period. If you switch in the first week of December, your window to change your mind (or switch again) extends well into January. This matters because it gives you flexibility. Some people strategically switch, hold the account for a few weeks, then switch again elsewhere, banking two bonuses over the course of two months. With December switches, you can structure this to hit both year-end and early-2023 offers.
Tax Year Planning
The UK's tax year ends 5 April 2023. Interest you earn on savings in this tax year counts toward your Personal Savings Allowance. If you've already used your allowance, switching and stoozing before 5 April might push you into paying tax on interest—unless you've got an ISA ready. December is the perfect time to grab a switch bonus and use January and February to plan your tax-efficient strategy.
The December Banking Stack: Switching + Stoozing
Here's the strategy that maximises December's opportunities: combine switching, stoozing, and regular savers into one coordinated move.
Step 1: Switch and bank the bonus Open a new current account and grab your £100–£200 switch bonus. This usually hits your account within 10–15 days.
Step 2: Apply for a 0% credit card simultaneously Once you have the new account, apply for a 0% card (ideally 18+ months interest-free). The card issuer will do a hard credit check, but as long as you've applied for both roughly at the same time, they'll see similar credit profiles. You might hit a few credit checks in quick succession, but you won't get a surprise rejection.
Step 3: Put the switch bonus on the 0% card Once your card arrives, put the switch bonus (and any other money you can spare) on it immediately. This might sound odd—putting "free money" on a credit card—but it's the strategy. You now have:
- The switch bonus sitting in your bank account (virtual balance on the card)
- Zero interest charges
- Time to invest or earn interest on that amount
Step 4: Invest or save the amount Move that money into a high-interest savings account (earning 4–5% right now, possibly more by January) or invest it via your broker. Over 18 months interest-free, you're earning money risk-free.
Step 5: Add a regular saver Set up a regular saver account (£100–200/month) alongside your new current account. These often pay 5–6% right now—better than easy-access accounts. You're building a secondary income stream while your main balance earns interest on the card.
This stacking strategy—switching + stoozing + regular savers—can genuinely earn you £500+ over the next year if you're disciplined. The key is executing it in December before the 0% offers disappear entirely.
Regular Savers: Lock in December's Rates
If you're not confident about stoozing or don't want to juggle multiple accounts, regular savers are your December play.
Banks are offering 5–6% APY on regular saver accounts right now. That's genuinely high. By spring 2023, those same accounts might offer 3–4% as the rate environment shifts. So locking in now, before new-year rate reviews, is sensible.
A regular saver typically requires monthly deposits (£50–£500). You can't throw a lump sum in, but the returns are steady. If you deposit £200/month into a 5.5% regular saver, you're looking at roughly £135–150 in interest over a year. That's not life-changing, but it's passive, safe, and better than the 0.1% most high-street banks offer.
Combine this with your switch bonus, and you've got a coherent strategy for the next three months: switching gives you a lump sum, regular savers compound it, and if rates hold, you've locked in decent returns before everything reprices.
Tax and Your December Moves
Before you get too excited, understand the tax implications.
Interest earned on savings is taxable. If you earn more than your Personal Savings Allowance (£1,000 for basic-rate taxpayers, £500 for higher-rate taxpayers), you'll owe tax on anything above that threshold. That tax is due by 31 January each year.
Bank switch bonuses are not taxable. This is good news. Your £200 switch bonus doesn't count as income.
Stoozing interest is taxable. If you earn £300 from interest on money you've stooozed, that counts. It's not much in many cases, but it adds to your total interest income and could push you over your allowance.
The takeaway: plan to use your switch bonus and stoozing earnings, but don't be surprised if you owe a small tax bill by January. If you haven't used your ISA allowance this tax year, consider opening a Cash ISA and moving earned interest there (ISA interest is tax-free).
Common Questions
Can I switch multiple times in December and January to claim multiple bonuses? Yes, but with caveats. You can switch every 12 months to a new bank under the Current Account Switch Service. Some people deliberately switch in December and again in January to capture bonuses from both years. However, cooling-off periods and eligibility rules mean you can't switch to a bank more than once per year. Stick to different providers, and check each bank's terms before switching.
Will my switch bonus affect my mortgage application? Not directly. The bonus itself doesn't appear on credit reports, but the switching process generates hard credit checks, which do show. Multiple applications in quick succession can ding your score slightly. If you're planning a mortgage application, avoid heavy switching activity 3–6 months before applying.
Is stoozing worth it if interest rates are uncertain? Right now, yes. Even with 18-month 0% cards becoming rare, the rates on savings accounts (4–5%+) are high enough to offset the hassle. You're locking in guaranteed interest while borrowing free. That arbitrage is valuable. By mid-2023, as rates stabilise, stoozing might become less attractive—but December's rates make it worthwhile.
Can I use a regular saver and a switch bonus at the same time? Absolutely. In fact, it's recommended. Your switch bonus (the lump sum) sits earning interest in one place, while your regular saver deposits (monthly amounts) compound alongside it. Different account, different rate, different strategy. They complement each other.
What happens if I switch and don't stay long enough to get the bonus? Most banks require you to hold the account for 30–60 days and meet eligibility criteria (usually direct debit guides set up). Check the terms before switching. If you don't meet them, the bonus won't pay. Don't switch assuming you'll sort it out later—read the small print first.
December 2022 won't go down as the year's most generous for bank switching, but the offers are solid, and the timing is urgent. Interest rates are shifting, 0% cards are vanishing, and the tax year's closing window means strategic moves matter.
Lock in a switch bonus before 20 December if you want it to clear before Christmas. Pair it with stoozing if you can. Set up a regular saver for the new year. And if you haven't checked your switching eligibility yet, go do that now. You've got about three weeks to make December count.
Check our live offers page for the latest bonuses, and read our switching guide if you're new to this. Good luck.