Summer is prime switching season. While everyone else is planning staycations, we're here looking at what banks are offering right now. July's brought some genuinely competitive accounts to the table — and if you're switching smart, you can combine these deals with stoozing and regular savers to build serious banking income.
Let me walk you through what's available this month, which offers actually make sense, and how to avoid the common mistakes that cost switchers hundreds of pounds.
What's Available in July 2020
Four main accounts are worth your attention this month, all accessible through our live offers page:
Starling Bank Current Account — £1,200 bonus
Starling's still one of the cleanest modern banks around. The £1,200 switch bonus is paid via uSwitch and requires you to switch your main current account. No monthly fee, decent overdraft access at 0.05% AER if you need it (though you probably won't — it's almost free borrowing). The account itself is excellent: instant notifications, no hidden charges, genuine customer service that doesn't feel like you're talking to a script. The bonus lands within days of switching.
TSB Classic Plus Account — £1,200 bonus
TSB's matching Starling's offer at £1,200, also via uSwitch. If you're deciding between these two, it's genuinely about personal preference. TSB's overdraft is more expensive (1.50% AER) but you get the same core benefits: no monthly fee, straightforward switching, bonus payment is reliable. TSB's app has improved significantly over the past couple of years, though Starling still edges it on user experience.
Santander Everyday Account — £500 bonus
Lower bonus than the big two, but Santander's still worth considering if you're planning to stack other banking deals. The £500 lands via uSwitch, there's no monthly fee, and the 0.00% arranged overdraft is genuinely free if you need breathing room. For many people, Santander's the entry point to the ecosystem because they qualify easily.
Santander 123 Lite Current Account — £500 bonus
Same £500 bonus, but this costs £1 per month. Only choose this if you're planning to keep it long-term for the cashback benefits (which aren't worth detailing here). If you're switching purely for the bonus, stick with Everyday.
The Real Decision: Starling or TSB?
Both offer £1,200. Both are straightforward. Here's how to pick:
Choose Starling if:
- You want the smoothest digital experience
- You're planning your first switch (the app is genuinely intuitive)
- You're combining this with stoozing (the notification system is excellent for tracking your 0% credit card)
Choose TSB if:
- You prefer phone/branch support (they have physical locations)
- You already bank with TSB and like them
- You want to switch away from a bank they currently have high numbers of customers from (can affect switching speed)
The £700 difference between these and Santander is significant — we're talking an extra £700 in your pocket in the time it takes to complete one switch. If you only do one switch this year, make it one of these two.
How to Actually Get These Offers
This is where most people slip up. The process looks simple but has hidden steps:
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Use uSwitch or a compare bank bonuses site — don't apply directly at the bank. The comparison site is your deal broker; the bonus only applies through them.
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Move at least one regular payment — banks require you to set up a direct debit guide or standing order to qualify. It needs to be genuine: a bill, subscription, or savings transfer. Paying yourself doesn't count, and they check.
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The switch is protected — the industry's Current Account Switch Service (CASS) handles it all. You pick a switch date, the old bank closes the account after moving everything, and you're done. Takes 7 working days usually. No risk of lost payments, no overlapping accounts required.
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Bonus timing — you'll typically get your bonus within 5–10 working days after the switch completes. Money straight into your account.
Making This Worth Your Time
Here's a practical question: is £1,200 worth switching for?
Yes. Absolutely.
But only if you're also thinking about what comes next. Switching alone isn't a strategy — it's a transaction. The people earning real money from banking are stacking three things:
1. The switch bonus itself — that's your £1,200 (or £500 if you went Santander).
2. A 0% credit card — if you spend £100+ monthly, you can move that to a 0% card, deposit the amount to the account where your money sits earning interest, and pocket the interest difference. See our how stoozing works guide for details.
3. A regular saver — many banks offer 7% AER on small regular deposits (typically £50–500/month). It's not a fortune, but it's legitimate interest on money you were going to save anyway.
One person doing all three could reasonably earn £1,500–£2,000 in a single year. That's not hyperbole — I'm talking real, tax-free (under most circumstances) banking income.
The switch bonus gets you started. The other two multiply your returns.
A Summer Scenario
Let's say you're Sarah, 28, freelancer, modest savings habit:
- Day 1: You switch to Starling. Bonus of £1,200 lands within two weeks.
- Week 2: While waiting, you apply for a Barclaycard Rewards 0% card (typically 20+ months interest-free). You get approved.
- Week 3: You set a direct debit for Santander's regular saver (7% on up to £400/month). You commit to it.
- End of July: Starling bonus arrives. You move £2,000 to it and leave it there.
- Month 8: You redirect your credit card spending (say, £200/month) to the 0% card, deposit that £200 monthly to Starling as a buffer, and start earning interest on both the bonus and your regular savings.
- By December: You've earned the switch bonus (£1,200), made roughly £35 from regular saver interest, and roughly £100 in credit card interest stoozing. Total: £1,335 for fairly minimal effort.
Is that dramatic? No. But would £1,335 for a few hours of form-filling feel good before Christmas? Absolutely.
Common Questions
Do I need to keep the current account after the bonus lands?
No. Once your bonus has landed and cleared (check your statement), you can switch away immediately. Some people switch within days of the bonus posting. Just make sure any direct debits you set up are cancelled or moved first.
What if I've switched recently? Am I still eligible?
You're generally eligible if you haven't switched in the last 3 years. If you switched in 2018, you're fine. If you switched in January 2020, you'll need to wait until 2023. Check the terms on each offer; they're specific.
Does switching damage my credit score?
Switching itself doesn't affect your credit score. The banks don't report it. What does affect your score is the credit check they run, but that's a soft check for switching and doesn't show to other lenders. See our eligibility checker to verify you'll likely be approved.
Can I combine these offers with each other?
You can't switch to both Starling and TSB simultaneously, but you can switch to one in July, wait the required cooling-off checker period (typically 30 days), and switch again in August. This is where our switching guide becomes essential reading.
What if the offer disappears while I'm applying?
It won't disappear from your application once you've submitted through uSwitch. You're locked in at that point. But yes, banks do refresh offers monthly, so if you're waiting to apply, there's a small risk of terms changing. If you're interested, apply within a few days.
Your Move
July's offers are strong. The gap between Starling/TSB and Santander is meaningful enough that if you're only doing one switch, go for the £1,200. If you're planning multiple switches over the next year, Santander becomes more interesting as a stepping stone.
Start here: Check today's live offers. See which bank you're currently with and what you're eligible for. From there, read our switching guide to avoid the gotchas.
The next two months are busy for switching. Don't leave this money on the table.