February might not be summer, but there's definitely some warmth in the current bank switch offers. If you've been thinking about moving your current account, now's actually a decent time — there are several solid deals available, and the market is fairly active heading into spring.
Let me walk you through what's out there right now, what's worth your time, and how to think about which account makes sense for your situation.
What's Available Right Now
The big story in February 2021 is consistency. Most of the major players are offering £120 switch bonuses, which has become something of a market standard. That might sound less exciting than some of the headline-grabbing offers you've read about in the past, but £120 is still real money — and honestly, it's more reliable than chasing the occasional £150 or £200 that appears sporadically.
Here's who's offering what at the moment:
Santander Everyday Account is putting £120 on the table (via uSwitch). Their overdraft rate sits at 39.94% EAR with 0% arranged overdraft AER, and there's no monthly fee. This is a straightforward current account if you just want the bonus without any frills.
Barclays is matching that with their own £120 bonus. Again, clean and simple — 35% EAR on overdrafts, no monthly charge.
Starling Bank, which has been building a genuine following, offers £120 as well. They're positioning themselves as the tech-forward option: 15% EAR on overdrafts and no monthly fee. Worth considering if you like digital banking.
TSB Spend & Save brings another £120 to the table (39.9% EAR on overdrafts, 0% AER).
Santander 123 Lite rounds things out with — you guessed it — £120, but with a £2 monthly fee. That's £24 a year in fees, which makes the effective bonus £96 after a year. That said, some people like the 123 accounts for the "bundled benefits" angle, so if that's your thing, it's worth comparing.
The pattern here is clear: if you want a straightforward bonus, you're looking at around £120 across most of the mainstream options.
How to Think About These Offers
Here's the thing that often gets missed: the bonus amount is just one part of the equation. You could have the biggest bonus in the world, but if the account itself is rubbish for your needs, you've made a mistake.
When you're evaluating these offers, think about:
What do you actually need from a current account? Are you someone who regularly goes into overdraft? In that case, the overdraft rate matters. Are you looking for something minimal and digital, or do you want a branch network? Does cashback or rewards matter to you?
How long do you plan to stay? Bank switching is great precisely because you're not locked in for life. If you're the type who'll move again in 12 months, then a simple £120 bonus is perfect — you don't need anything fancy. If you're looking for something longer-term, maybe consider whether the account itself has features you'll actually use.
Are you combining this with other banking income strategies? If you're serious about maximising your banking earnings, switching is just one piece of the puzzle. Many people combine switching with stoozing (using 0% credit cards to earn interest) and regular savers accounts. If that's your angle, then switching creates breathing room in your finances for those other strategies.
The Mechanics of Switching in February
One question I get a lot: "Is there anything special about switching right now?"
Not really — February's just a regular month. What matters more is when in the process you are.
If you opened a current account in, say, December and you're now getting itchy to move, you'll want to think about cooling-off periods. Most banks have a 14-day cooling-off checker period from when you open the account, which is your legal right. If you're past that, you're clear to move whenever.
If you're brand new to switching, the process itself is straightforward. In the UK, we have the Current Account Switch Service (CASS), which handles all the donkey work. Your new bank basically moves everything over — standing orders, direct debit guides, the lot. It typically takes 7 working days, and your old account stays open for a few months so nothing gets missed.
The bonus usually lands within 30 days of switching, though some banks are slower. Keep an eye on that — if it's been 40 days and you haven't seen it, chase them up.
Making the Right Choice
If I had to give you a framework for deciding, here it is:
First: Check the live offers page to see if anything has changed since I wrote this (these things move fast). Make sure these bonuses are still live.
Second: Use the eligibility checker to make sure you actually qualify. Most banks have basic eligibility requirements — credit check, age, sort code, that kind of thing — and you want to know upfront if there's an issue.
Third: Think about the account itself. Read some reviews. Check if the app (if they have one) works the way you like it. Look at the overdraft rate if you use one.
Fourth: Make the switch. It genuinely takes about 20 minutes to do online, and CASS handles the rest.
Common Questions
How many times can I switch and get bonuses? As many times as the banks will let you. There's no hard rule — most banks don't let you switch to them more than once every 12 months, but that varies. The strategy here is to rotate between accounts over time. Some people do one switch every few months; others spread them out more. Check our switching guide for more on timing your switches strategically.
Do I need to meet a direct debit requirement to get the bonus? Most of these accounts will have some requirement, yes. Usually it's "set up at least 2 direct debits" or something similar. It's not meant to be a barrier — most people have at least a couple of DDs anyway (insurance, council tax, etc.). If you don't, they're incredibly cheap to set up, sometimes literally free (your energy company, for instance).
Will switching affect my credit score? Not permanently, no. You'll get a hard credit check when you apply, which will show a tiny dip in your score for a few months. But switching itself — moving your existing current account — is explicitly protected under UK law and doesn't damage your credit file. If you're worried about this, check out our deeper dive on credit checks and switching.
What happens after I get the bonus? The bonus is yours to keep. Legally, it has to be, because it's what the bank is offering you for switching. You can spend it, save it, or use it to make a switch payment if you're running low. Some people use the bonus as emergency funding; others treat it as "found money" and invest it straight into savings or stoozing.
Can I switch again immediately after I've met the requirements? Technically yes, but most banks won't let you get another bonus from them within 12 months. That's where rotating banks comes in. But within a given month, if you've switched in week 1 and the bonus hits in week 2, nothing's stopping you from applying to another bank in week 3. Just mind the cooling-off period — you've got 14 days to change your mind if you need to.
Bottom Line
February 2021 offers nothing dramatic, but it does offer something solid and reliable: a clean £120 across multiple good banks. That's proper money — equivalent to a couple of month's groceries, or a tank of petrol, or whatever matters to you.
The real win isn't the individual bonus. It's the fact that you can do this. You can move your money around, get paid for it, and keep doing it. That's the banking hack that most people sleep on.
If you've been sitting on the fence, now's a decent time to jump off it. Pick an account that suits you, do the switch (it's genuinely painless), and pocket the bonus. Then, if you're serious about this, come back in a few months and think about your next move.
Want to check what's live right now? Head to our offers page — these things change weekly, so it's always worth checking what's current before you apply.