Best Bank Switch Offers — January 2023: Your Complete Roundup
Right, let's talk money—because if there's ever a time to get strategic about your banking, it's January 2023.
You've probably heard enough about the cost of living crisis by now, but here's the bit that actually helps: while inflation's eating away at the value of your savings, bank switching remains one of the most reliable ways to get genuine returns. And January? January's always a golden time for switch offers, as banks try to win over fresh customers making New Year resolutions about their finances.
I've trawled through the current offers available, and there's some seriously good value on the table—if you know where to look.
The Big Hitters: Premium Switch Bonuses
HSBC's £1,500 Offer
Let's start with the headline-grabber. HSBC is currently offering £1,500 to switch your current account, and yes, that's the real figure. This is genuinely one of the best switches around right now, and it deserves to be top of your list if you're eligible.
Here's how it works: HSBC uses the Switching Service to move your direct debit guides and standing orders over automatically, which takes six working days. During the cooling-off checker period (14 days from when you open the account), you can still walk away without penalty—but the bonus is genuine.
To qualify, you'll typically need to:
- Switch in your main income (salary, benefits, pension)
- Set up a couple of direct debits or standing orders
The £1,500 lands in your account once the switch completes. That's not a gift card or bonus cashback that expires; it's actual cash in your account to do what you want with. In January 2023, with energy bills and everything else spiralling, that's a genuinely meaningful buffer.
NatWest and Starling Both at £1,200
If HSBC's not your cup of tea (or if you've already used their offer within the last few years), NatWest and Starling are both matching at £1,200. That's still serious money—not far behind the market leader.
NatWest's offer works similarly to HSBC's—switch your main income, set up a couple of household bills on direct debit, and the bonus lands once everything's transferred. Starling (the digital-only bank) has become increasingly popular with switchers, partly because their interface is genuinely clean and partly because they don't mess you about with lengthy terms buried on page 47.
The Mid-Range Options: Solid Earners
Promotion's £200 Offer
Not every switch needs to be five-figure territory. Promotion Bank is offering £200 to switch, and whilst that sounds humble next to the big names, it's still genuine cash. More importantly, if you're chaining multiple switches together (which many serious banking earners do), every additional offer stacks up.
Gocompare bank bonuses Routes: HSBC New Customer Bonus
If you don't currently have an HSBC account, there's a £200 bonus available via GoCompare. This is slightly different from the main HSBC offer—it's a separate promotion for people without existing HSBC relationships. It's worth knowing about if you want to maximise your earnings by doing multiple smaller switches rather than putting all your eggs in one £1,500 basket.
First Direct: £175
First Direct (owned by HSBC but operating independently) is offering £175. It's not flashy, but First Direct's actually quite good if you value customer service—they're known for having humans who answer the phone, which is rarer than you'd think in 2023.
The Quickies: Every Pound Counts
TSB: £25
TSB's currently offering £25. I know, it's not life-changing, but here's the thing: if you've already got the bigger switches lined up, there's no reason not to grab it. Stack enough of these smaller bonuses alongside a couple of big ones, and you're looking at meaningful money.
How to Actually Maximise Your January Switch Strategy
So you've found an offer you like. Now what? Don't just apply on instinct. Here's the framework that actually works:
1. Check the Cooling-Off Rules First
This is critical. When you switch, you have 14 days to change your mind. Use this window. Open the account, check that everything works (your salary arrives, direct debits leave smoothly, the app isn't rubbish), and only once you're happy does the relationship truly begin. If something feels off, you can bail with zero consequences.
2. Understand the Direct Debit Requirements
Most switch offers require you to move at least two or three direct debits across. Before you apply, make a list of which bills you're actually paying by direct debit—council tax, insurance, broadband, mobile. These count. Spotify subscriptions and parking apps don't. This is just the qualifying criteria; you can move some of them back to your old account after the switch clears if you want.
3. Plan Your Switches Timeline
If you want to do multiple switches in a year (and many people do), you need to think about timing. Switching takes about six working days, plus the 14-day cooling-off window. That's roughly three weeks per switch. You can overlap them if you're organised, but you need a plan.
Check out our switching guide for a detailed breakdown of how to chain multiple switches without getting lost.
4. Don't Sleep on Stoozing Whilst You Wait
Here's a neat trick: whilst you're in the process of switching—when you've applied but haven't fully committed—you could be earning from stoozing. If you've got a 0% credit card, you can sit on cash in a 4-5% notice savings account and use the credit card for daily spending, earning interest on money you're about to spend anyway.
It's not dramatic, but over a few months of switching activity, every percentage point counts. Learn how stoozing actually works here.
Why January Matters for Banking Earners
Beyond just bagging the bonus, January's an interesting month because people are genuinely thinking about money. The cost of living crisis is real, and for many households, bank switch bonuses have shifted from "nice extra" to "genuinely needed cash injection."
If you do one of these switches and get £1,200 in your account, that's:
- Three months of energy bill relief for an average household
- A serious dent in credit card debt
- A legitimate emergency buffer if you've been running on fumes
It's not a substitute for proper budgeting, but it's real money, and in January 2023, real money actually makes a difference.
What About After the Bonus Lands?
One thing people often overlook: most banks offering juicy switch bonuses are actually pretty decent to bank with once you're in. HSBC's not going anywhere, Starling's interface is genuinely solid, NatWest's got branch access.
So don't just think of this as a hit-and-run bonus grab. Pick the account whose features you'd want to use long-term—or maintain multiple accounts if you're comfortable juggling a few different platforms. Some people run a main account with the best all-rounder and bonus collection accounts with others. It's legitimate, it's how serious banking earners operate, and there's no shame in it.
Always Check Before You Apply
Offers change regularly—sometimes weekly. What's current on January 2nd might be updated by January 15th. Before you apply, always check our live offers page to make sure you're getting the best current deal and that the specific bonus you're chasing hasn't been pulled.
You can also use our eligibility checker to see which switches you realistically qualify for based on your current banking history. Some banks care how long you've been with your current account; others don't. It's worth checking rather than getting declined.
Common Questions
Can I do multiple switches at once?
Technically yes, you can have multiple switches running in parallel. However, they do take time and admin. Most people find that running two or three at once is manageable; any more and you're juggling too many cooling-off periods. Start with one, see how you get on, then layer in a second if you're organised.
Do I have to keep the account open after I get the bonus?
Nope. Once the cooling-off period expires (14 days) and the bonus lands, the account is yours to keep or close. Most banks won't charge you a fee for just having an account sitting dormant. Some people keep several bonus collection accounts open; others close them. There's no obligation to stay.
Will switching loads of times wreck my credit score?
Switching itself (using the Switching Service) doesn't trigger a hard credit check—most banks use soft checks. Multiple switches won't tank your score the way six credit card applications might. That said, applying for multiple accounts in a month will show on your credit file, and some lenders might question it. If you're planning a mortgage application soon, maybe hold off switching season until you're past that stage.
What happens if something goes wrong during the switch?
The Switching Service has protections built in. If a direct debit bounces because funds weren't transferred properly, the bank's liable. That's the whole point of using the official Switching Service rather than moving things manually. If issues arise, contact your new bank's complaints team immediately. Response times are usually rapid.
Do I have to switch everything over?
You don't have to. Many people keep one account as their forever account (maybe with their original bank or whoever offers the best long-term service) and use others for bonus collecting. You can move just your salary and a couple of bills to the new account and run both in parallel. It's entirely your choice.