New Year. New accounts. Same reliable way to earn cash from your current account.
January is traditionally when banks scramble for deposits, which means switching bonuses are worth your attention. The offers might not be as headline-grabbing as they were a year or two ago, but they're still solid income—and when you layer switching with other banking tactics, January can be genuinely profitable.
Let's cut through the noise and show you what's actually available right now, how to think about it strategically, and whether it's worth your time this month.
What's Actually Available in January 2024
The honest answer? The offer landscape has tightened compare bank bonusesd to the boom years. But that doesn't mean there's nothing on the table.
We're currently seeing:
Monese is offering up to £30 via the Bank Comparison Website You Can Trust (BCWYC). That's a straightforward bonus just for switching your main account across. It's not enormous, but it's clean—no faffing about with conditions once the money hits your account.
Santander has a £25 switch bonus available through BCWYC as well. Again, modest but reliable.
Both of these sit in the £25–£30 range, which reflects where the market is right now. The banks aren't throwing £150 bonuses around like they were three years ago. Interest rates are higher, credit's tighter, and the switching incentive game has normalised.
The full picture depends on which account you currently hold and what you're switching to. Head to our live offers page to see what's actually available to you—these examples are just the starting point, and new deals emerge regularly.
Why January Still Makes Sense (Even at Lower Bonuses)
You might be thinking: "£30? That's barely worth the effort." Fair point. But January switching isn't just about the bonus. It's about positioning yourself for the entire year.
Fresh-start momentum. January is when people tend to act on financial resolutions. If you're switching now, you've got eleven months to layer in additional income through stoozing, regular savers, or hunting for accounts with decent interest rates on the money you've just moved.
Interest rate opportunities. Current account interest rates are still floating around in that 3–5% range for switchers—nowhere near spectacular, but definitely worth having your cash in an account that's actually paying you rather than one paying 0.01%.
cooling-off checker periods. Here's something people often miss: if you switch in early January, your 30-day cooling-off period ends in early February. That means you're clear to make another switch in February if you want to, giving you a second bite of the cherry before spring.
The psychology of it. January is when people are most motivated. If you're going to build a proper banking strategy—one where you're actively monitoring rates and opportunities—January is the month when you're most likely to actually do it.
How to Actually Make January Switching Count
So you switch, pocket £30–£50 (if you do a couple), and then what? Here's how to squeeze real value out of it:
First, check your eligibility. Before you get excited about any offer, use our eligibility checker to make sure you actually qualify. Some accounts have credit score requirements, age limits, or previous-banking history rules. No point chasing an offer you can't access.
Second, layer it with a regular saver. Most banks offer regular saver accounts alongside their current accounts—these often pay 4–7% interest on money you deposit each month. It's not a bonus, but it's guaranteed interest, and it stacks on top of whatever bonus you've earned. You can contribute £100–200 per month to one of these and actually watch your money multiply.
Third, if you're stoozing, use your switch. If you're already using 0% credit cards to earn interest in a savings account, switching your current account frees up deposits you might otherwise have shifted around. You get the switch bonus and keep your cash earning interest—that's two different pots of income working in parallel.
Fourth, don't just leave money sitting. Once your bonus hits and your cooling-off period is done, your cash in that new account is probably earning very little interest unless you're in a specific savings offer. Move it somewhere it's actually working—a fixed-rate bond, a regular saver, or back into your stoozing setup.
The Bigger Picture: January as a Banking Checkpoint
January is genuinely worth using as your banking checkpoint moment. Not just for switching, but for everything.
Check your fixed-rate bonds. Are any coming to maturity this quarter? What are the replacement rates looking like? January is when you have the most time to plan your next move before they mature.
Review your ISA allowance. You've got a fresh £20,000 individual savings allowance sitting there waiting for you. If you're a couple, that's £40,000 combined. January is the month to get strategic about how you deploy that.
Look at your credit card 0% periods. If you've got any cards with intro periods ending in early 2024, the calm of January is the perfect time to figure out your exit strategy—whether that's moving the balance elsewhere or planning a payoff.
Read our switching guide to understand the actual mechanics of moving your account. There's less stress in understanding the process in January than there is in panic-switching in March when you've found a better rate.
Can You Really Earn Money Switching Now?
The short answer: yes, but you need to think differently than you might have in 2021 or 2022.
Back then, you could genuinely earn £200–£500 per person per year just from switching bonuses alone. Now? You're looking at more like £50–£150 if you're being realistic about the offers actually available.
But here's the thing—switching isn't the only income stream. When you switch, you're usually moving to an account that's offering something else too: interest on credit, interest on savings, cashback on spending, rewards points. The bonus is the appetiser, but the meal is the account itself.
That's why we always recommend looking beyond just the bonus amount. A £30 bonus in an account paying 4.5% interest on your balance might genuinely earn you more money across 12 months than chasing a £50 bonus in an account paying nothing.
January 2024: The Reality Check
Let's be real. January 2024 isn't the golden era of bank switching. The offers are modest, the market's tighter, and the low-hanging fruit has been picked.
But modest income is still income. £30 here, £25 there, add in some interest on your savings, layer in a regular saver account paying 5%, and suddenly you're earning actual money from your money—something most people's banks aren't helping them do at all.
The difference between someone actively managing their banking and someone just letting cash sit in a 0.01% savings account is often £500–£1,000 per year. That's a holiday, a car repair, or a solid chunk of your tax-free ISA allowance covered.
And that's before we even get into stoozing or whether you're using accounts strategically as a couple.
January's your moment to reset. Check what's available, make a move if the offer makes sense, and then build from there.
Common Questions
Can I switch banks if I'm not with one of the major ones right now?
Usually yes—the switching service works from nearly any UK bank to nearly any other UK bank. But some smaller accounts (like some older building society accounts) have exceptions. Check with your current bank whether your account is eligible for switching, or use our eligibility checker to see what you can move to.
Do I need to close my old account when I switch?
Not immediately, no. The switching service moves your direct debit guides and standing orders over for you, but your old account will stay open until you ask to close it. Some people close it straight away; others keep it for a few months just in case. Either way is fine.
What if I switch but then find a better offer next month?
You can technically switch again—the cooling-off period is 30 days, and there's no legal limit on how often you switch. However, some banks do get grumpy if you're switching in and out of their accounts constantly. What we usually recommend is switching once and then staying put for 12 months, rather than chasing every offer. That said, some people do maintain a portfolio of accounts that they switch between strategically. It's legal, but it takes more organisation.
Should I switch if my current bank is already paying decent interest?
This is the key question. If your current account is already paying 4–5% interest and has no switch bonus available, you might actually be better off staying put than chasing a £30 bonus elsewhere (depending on what that other account pays). Do the maths: bonus plus annual interest in the new account, minus what you'd have earned in your current account. If the total's more than £50, it's probably worth the hassle. If it's less, you might as well stay comfortable where you are.
Is there any downside to switching?
The short answer is no—UK switching is protected and designed to be safe. Your direct debits transfer automatically, any errors are the bank's responsibility (not yours), and you can switch back if you hate the new bank. The only real "downside" is a few minutes of admin and a potential slight blip on your credit file (most people won't even notice it, and it's nothing like the impact of applying for a credit card).