March is traditionally a brilliant time for bank switchers. You've got tax year-end thinking, spring financial resets, and a decent crop of live offers to choose from. If you've been thinking about switching, the next few weeks might be exactly when you want to make your move.
Let me walk you through what's available right now and how to make the most of it.
The Current Offers Landscape
If you're looking to switch in March 2022, here's what we're seeing across the major players:
Santander is leading the pack with a £1,200 bonus via uSwitch. That's a significant offer, and it's worth taking seriously if you've got 12+ months of regularity ahead of you. The account itself is solid — no monthly fee, decent digital banking, and they're known for processing switches relatively smoothly.
Starling Bank has a £300 switch bonus on offer. Starling's built a strong reputation for tech-savvy customers. Their app is genuinely excellent, and the bonus itself is respectable, especially if you're the kind of person who values a slick mobile experience alongside your money.
NatWest and First Direct are both running £150 bonuses via uSwitch. NatWest is the high-street stalwart — if you want branch access and familiarity, it's there. First Direct is the telephone banking specialist, excellent if you prefer talking to humans and don't mind that they don't have physical branches.
TSB has a £25 bonus on offer. It's not the headline-grabbing figure, but if TSB works for you operationally, the bonus is a nice addition rather than the main event.
Monese is offering up to £70 for account opening via BCWYC. Monese is more niche — they're focused on flexibility and international payments, so it depends whether that matches your banking needs.
How Much Could You Actually Earn?
Let's be honest: a £1,200 bonus from Santander is the standout figure here. But you need to genuinely use the account. That's not free money — it's a reward for switching your main banking activity over. Most of these offers come with conditions: you'll typically need to maintain 2–3 direct debit guides and deposit a minimum amount each month.
For a solo switcher, hitting the Santander offer means you're looking at roughly £1,200 earned over the course of a year by doing something you'd do anyway (banking).
If you're in a relationship or have a partner, the maths gets more interesting. Two people switching to Santander is £2,400. Two people switching across multiple accounts? That number climbs again. We've covered joint switching strategies before, so have a look at our switching guide if that applies to you.
The smaller offers (£25–£300) don't sound huge, but they're cumulative. If you time your switches well and run multiple accounts in parallel, you can piece together a decent annual return.
What to Actually Check Before You Switch
The offer itself is just one piece of the puzzle. You want to make sure:
-
Direct debit requirements: Most modern switch bonuses ask for 2–3 active direct debits. Make sure you can actually meet that requirement without paying for expensive services you don't need. We've got a full guide on finding cheap direct debits if you're stuck.
-
Minimum deposit: Some accounts ask for a minimum balance or regular deposits. Read the T&Cs — it's usually stated upfront.
-
How long you'll stay: The account needs to work for you longer-term, not just for the bonus. If you hate the app or the customer service, you'll be switching again in six months, which defeats the purpose.
-
Your credit score: Switching does involve a hard credit check. It won't tank your score, but it's worth knowing. And yes, you can still get bonuses even if your credit isn't perfect — check our eligibility checker for a quick sense of where you stand.
Timing Strategy for March and April
Here's where it gets tactical. Tax year ends on April 5th. This is a key date for several reasons:
First, if you're doing any serious financial planning, you might want new accounts set up before that deadline. It makes your tax year cleaner.
Second, many banks launch fresh offers around the tax year turnover. By mid-April, we might see new bonuses come into play. So if you're not in a massive rush, it's worth checking back in a week or two to see if better offers appear.
Third, some switchers like to stagger their moves throughout a financial year rather than bunching them all together. If you switch in March, you could theoretically fit another switch in later in the year without looking too churn-y to lenders.
The Real Strategy: Combine Your Moves
Here's what we see most successful bank switchers doing: they don't just switch once and call it a day. They:
- Switch to one good account (Santander looks strong right now) and hold it for 12 months
- Simultaneously open a savings account with a decent rate (we track these on our live offers page)
- Layer on a best 0% cards if they're into stoozing — that's using a 0% purchase card to earn interest on the credit while you pay it off interest-free
The bonus from switching plus the interest from a savings account plus returns from stoozing? That's how people are genuinely building hundreds or thousands of pounds in supplementary income.
Common Questions
Can I switch if I've had an overdraft recently?
Yes. Switching eligibility isn't impacted by past overdraft use. Banks care more about your current financial stability and credit history. If you've been paying your bills on time recently, you're in good shape.
How long does a switch actually take?
UK current account switching is protected by the Current Account Switch Service (CHASS). By law, it takes seven working days. In practice, most banks do it faster. But assume seven days to be safe.
Do I need to close my old account?
No. You can keep it open if you want. Some people like to keep their old account as a savings buffer or to maintain a long account history. Others close it immediately. There's no wrong answer — it's about what works for your workflow.
Is the bonus taxable?
This is a common question. Bank switching bonuses are generally not taxable income. They're treated as a cashback/incentive, not earned income. That said, interest you earn on savings definitely is taxable (though you get a personal saving allowance depending on your tax band). When in doubt, ask your accountant.
What happens if I switch back to my old bank later?
You can switch back. Most banks allow you to switch again after a reasonable period. However, you typically can't get the same bonus twice from the same bank — bonuses usually come with a 12-month exclusion clause. So treat each switch as a one-time offer per bank per account type.
If you're ready to move, check out all the live offers to see what's current as of today. The Santander offer is worth serious consideration if you've been meaning to consolidate your banking. And if you're unsure about how switching actually works, we've got a practical step-by-step switching guide that walks you through the whole process.
Timing this right in March could set you up nicely for a strong financial year. Get the bonus locked in, get your direct debits sorted, and then you can focus on the other earning strategies — best savings ratess, premium bonds, stoozing — in the months ahead.