February's a curious month for banking deals. The new year excitement has settled, tax year planning is in full swing, and banks are still fighting hard for new customers. If you haven't switched yet this year, or you're ready for your next move, there's serious money on the table right now.
We're seeing some genuinely competitive offers coming through at the moment. Nationwide is leading the charge with an eye-watering £1500, but there are smart moves to be made all the way down the list. Let's break down what's actually available and help you figure out which bonus makes sense for you.
The February Switch Bonus Landscape
The headline figure is Nationwide's £1500 bonus. That's genuinely substantial. But context matters. Not every offer is equally accessible, and the best bonus isn't always the best for you specifically.
Here's what's currently on offer:
The top tier starts with Nationwide at £1500—genuinely impressive territory. Santander's sitting at £1200, and Virgin Money is offering £1000. These are the jaw-droppers that catch attention.
Then you've got a solid mid-tier: Starling at £300, First Direct at £250, and Barclays at £200. These aren't flashy, but they're respectable money for switching.
The £175 zone includes both NatWest and RBS—reliable offers from the big-name banks. HSBC, Lloyds, and Halifax all cluster around £125-£150.
At the lower end, TSB is offering £100, with Co-op and Chase both at £50. These smaller bonuses can still stack nicely if you're running multiple accounts, but they're less compelling as standalone decisions.
The specific figures matter less than understanding the strategy, though. A £100 bonus means nothing if the account doesn't suit your needs or if the switching process goes wrong. Let's talk about how to actually choose.
How to Pick Your Best Offer
Start with eligibility. Before you get attached to that Nationwide £1500, you need to confirm you actually qualify. Banks have different rules—some require minimum deposits, others want evidence of regular income, and all of them run credit checks. Use our eligibility checker to avoid the heartbreak of applying and getting rejected.
Next, consider the account itself. The bonus is the headline, but you're switching your actual banking. Does the account have good customer service? Can you manage it online easily? What are the overdraft charges like? A £1500 bonus is worthless if you hate the account and close it after three months.
Then think about direct debit guide requirements. Here's where many people stumble. Most banks now require you to set up at least one or two direct debits to qualify for the bonus. Starling famously needed three. This isn't meant to be punitive—it's the bank's way of saying "we want you to actually use this account." The good news: direct debits don't have to be expensive. You can move a £5 gym membership or a small subscription across.
Finally, map out your switching timeline. If you're reading this in February 2022, you've got time before the April 5th tax year change. Some people prefer to do major financial moves at the new tax year (makes record-keeping easier), while others just want the bonus money in their account ASAP. Both are valid—just think about which appeals to you.
The Real Money-Making Strategy
If you're serious about maximising your banking income, switching bonuses are just part of the picture. This is where it gets interesting.
You could, in theory, be switching every 12 months. Nationwide → Santander → Virgin Money → Starling, and so on. That's thousands of pounds over a few years. But here's the thing: the application and switching process takes time, and each switch is a hard credit check. You want to be strategic about when you move and how often.
One solid approach: switch once a year, always to the highest bonus available that you actually qualify for. Combine this with a best 0% cards for stoozing (if you understand the risks), and you're looking at serious supplemental income.
Another angle: joint account switching. If you've got a partner, you can both switch to the same bank, each collecting a bonus. That's doubled money, and it's completely legitimate. Just make sure you understand the cooling-off checker period rules—you can't both qualify if you're switching from shared accounts.
We've written extensively about how stoozing works if you want to layer that into your strategy. The key principle: use free credit to earn interest whilst you're paying it off. It's not for everyone (interest rates matter, card fees matter), but if you're organised, it works.
Direct Debits: The Hidden Hurdle
Let's be honest: direct debit requirements are the biggest stumbling block we see. You switch to Nationwide, set up your salary to transfer across, and then... you realise you need three direct debits to get the full bonus, and you only have two.
Here's our practical advice: before you switch, list every possible direct debit you can move. Gym memberships, subscriptions, insurance, charity donations, utility bills (if they're flexible), council tax, childcare costs. If it's currently paid by direct debit elsewhere, it can move. That's often more than enough to hit the requirement.
Some people set up temporary ones just for the switching period—a £1 charity donation that they later cancel, for example. That's fine. Banks aren't interested in policing your spending; they just want evidence that you're using the account.
The switching process itself? It's genuinely painless these days. Use our switching guide for the full step-by-step. The Chequering Services will handle most of the heavy lifting.
Is Now the Time?
February is a perfectly good month to switch. You're not locked into the tax year timing—plenty of people switch mid-year. The offers are solid. And if there's any chance you'll switch sometime anyway, there's no particular reason to wait.
That said, if you're already happy with your current bank, don't switch just for the bonus. This is about stacking income on top of your normal money habits, not about chasing shiny things.
The key question: would you want this account even without the bonus? If yes, the bonus is a happy side-effect. If no, walk away.
Common Questions
Do I need to keep my switching bonus in the account after I get it?
No. Once the bonus has cleared—which usually happens within 30 days—you can move the money out if you want to. You do need to keep the account open for a specified period (usually 12 months), but the cash itself is yours to use.
Can I get a bonus from the same bank twice?
Unlikely. Most banks will only pay you one bonus per account type per person, and many have a "once per three years" rule. Check the terms carefully. If you want to switch again and take another bonus, you'll usually need to go to a different bank.
What if I'm currently with an account that I got a bonus for?
No problem. You can switch away to a different bank and claim their bonus. You just can't go back to the same bank and claim the bonus again (unless their terms allow it, which is rare). Your first switch is in the past—your second switch is a separate transaction.
Do the credit checks for switching affect my credit score?
They do, technically. Switching requires a hard credit check, which shows up on your file. However, banks know this and account for it. If you switch once a year, it's generally fine. If you're switching three times a year, you might struggle to get approved. The impact is temporary—inquiries fall off after 12 months.
Can my partner switch too and get their own bonus?
Yes, absolutely. If you're in a relationship, you can both switch to the same bank and claim individual bonuses (assuming it's a new account for them). This is a legitimate way to effectively double your bonus. You just need to make sure you both meet the eligibility requirements independently—you can't use one person's salary to justify both accounts.
The bottom line: February 2022 is a decent month for bank switching. Nationwide's offer is genuinely worth pursuing if you qualify and like the account. Santander and Virgin Money are strong alternatives. Further down the list, you'll find good value too—it just depends on which bank actually suits your needs.
Check our live offers page for the most up-to-date bonuses (they change regularly). And if you're not sure whether switching is right for you, that eligibility checker is your friend.
Good luck with your switching strategy. If you're getting these bonuses right, they stack up to real money over a year or two.