Best Bank Switch Offers — March 2023
March is traditionally a strong month for bank switching. With the new tax year just around the corner (April 5th), banks are keen to attract new current account holders, and the offers reflect that appetite. Whether you're planning your financial year, looking to shift some money around, or building your banking income system, this month presents some genuine opportunities.
Let's walk through what's actually on offer right now and how to make the most of it.
What's Available Right Now
The current market is offering switch bonuses ranging from £50 to £250, depending on which bank you choose and where you apply. Here's the landscape:
The Mid-Range Options: Most of the competitive offers sit between £175 and £250. First Direct's 1st Account is currently offering £175 when you switch through compare bank bonuses sites like uSwitch. Meanwhile, you'll find £205-£250 bonuses from various banks advertising through uSwitch and MoneySuperMarket. These are the offers that make mathematical sense for most people — high enough to justify the effort, mainstream enough that you'll likely meet the eligibility criteria.
The Entry-Level Deals: If you're new to switching or want to test the waters, banks are also offering £50-£100 bonuses. These are more accessible for people with lower credit scores or those who've switched recently and are in their cooling-off checker period.
The Premium Play: First Direct's exclusive offers through uSwitch remain some of the most reliable on the market. They've consistently offered solid bonuses, and their account is relatively straightforward to manage.
The absolute maximum you might see advertised is around £250, though banks occasionally run higher offers during specific promotional windows. The key is checking comparison sites now — offers change weekly, and banks often load promotions differently across platforms.
How the March Timing Works in Your Favour
March is a peculiar month in the UK financial calendar. You're about six weeks away from the tax year ending on April 5th. For many people, this creates a natural moment to tidy up their finances: move money around, close unwanted accounts, or restructure their savings before the new year begins.
Banks know this. They're running competitive offers specifically to catch people planning their financial year. If you've been thinking about switching, March is better than January or February — the offers are typically stronger, and you're positioning yourself neatly before the April reset.
Here's the practical angle: if you switch in March, you'll likely have your bonus credited well before the end of the tax year. That gives you April to evaluate how you're feeling about the new account (does their app work for you? Is customer service responsive?) before the next wave of switching season arrives in May.
Building a Multi-Switch Strategy
If you're serious about maximizing your returns, this is where it gets interesting. You're not limited to one switch.
The typical pattern is:
- Switch now (March) with a bonus of, say, £175-£250
- Enter your cooling-off period (14 days where the bank can ask you to leave without penalty)
- Once cleared, use the account normally or plan your next switch
- Many people switch back to their original bank 3 months later to another new-customer offer
This isn't about churning for its own sake — it's about understanding that banks have different rules, different systems, and different fees. Some are genuinely better for your situation. But if your original bank matches or beats an offer, it makes sense to consider switching back once you're eligible again.
The key document you need to understand is cooling-off period rules. We've written a complete guide on cooling-off periods, but in brief: you get 14 days from opening your new account to change your mind without penalty. Banks use this window (or shortly after) to ask you to leave if they're concerned about your application.
The March 2023 Standouts
First Direct: If you haven't switched with First Direct recently, their £175 offer is worth serious consideration. Their account has a strong reputation, their app is solid, and their switching process is smoother than average. £175 might not sound enormous, but for maybe 4–5 hours of work spread over a month, it's £35–40 per hour.
Comparative Sites: uSwitch and MoneySuperMarket are showing £205-£250 offers from various banks right now. These vary by bank, so you'll need to check both sites. Occasionally, one platform will have an exclusive deal that another doesn't.
Budget Options: If the big names aren't suitable (perhaps you've got a recent late payment on your credit file, or you've already switched with the premium banks recently), the £50-£100 offers are still genuine earnings. Don't dismiss them — they're often from smaller banks or building societies with decent digital services.
Your March Action Plan
By March 10th: Check current offers across comparison sites. Narrow down to banks you'd genuinely be willing to use for 3+ months. Read the small print — some offers require you to set up a minimum number of direct debit guides or receive salary deposits.
By March 15th: Apply. Most applications are instant or process within a few days. The faster you apply, the more time you have before your 14-day cooling-off period expires, giving the bank time to verify everything and for you to confirm you're happy with the account.
March 16–22: Your switching service runs in the background. Direct Debits, standing orders, and salary payments are moved to your new account. The actual switching is handled by the bank; you don't need to do much beyond confirming a couple of security checks.
By March 30th: Your cooling-off period expires (14 days from opening). Assuming everything's gone smoothly, you're now locked in. The bonus credit hits within a few days either side of this date.
April onwards: You've got until April 5th (end of tax year) to move the bonus into a savings account or keep it in your current account. After April 5th, the new tax year begins, and if you have spare cash, you might want to use your new ISA allowance to shelter it from tax.
Maximizing Your Returns Beyond the Switch Bonus
The switch bonus is straightforward money. But there's more you can optimize:
Regular Saver Accounts: Some of the banks offering good switching bonuses also run regular saver accounts with rates of 3–4% (or higher). Once you've got the bonus, setting up a regular saver for April onwards is a natural next step.
Stoozing: If you've got access to a 0% credit card, a couple of months of buffer in your switching-fresh account gives you the ideal foundation for stoozing (putting money onto a 0% card and earning interest on the float in your bank account). We've got a full guide on how stoozing works if you're curious.
Credit Score Benefits: Switching isn't free in terms of credit impact — each application triggers a hard credit check. However, the impact is short-lived (3 months) and minimal if you're only doing 1–2 switches per year. Banks care more about your payment history than the number of accounts you've opened.
Common Questions
How long does the bonus actually take to arrive? Once your cooling-off period ends (14 days), most banks credit the bonus within 3–5 working days. A few take up to 2 weeks. If it hasn't appeared by day 21, contact the bank — sometimes these get delayed due to verification hiccups.
Do I have to keep the account open forever? No. After you've been open for 3+ months and received the bonus, you can switch away. Some people close the account entirely; others leave it dormant for future offers. Banks generally don't care as long as you're not a churn-and-burn risk (switching every month to the same bank, for example).
What if I don't meet the eligibility criteria? Check the eligibility checker on our site. Most banks have soft eligibility screeners on comparison sites. If you've got adverse credit history, recent late payments, or you're on a credit blacklist, some offers won't be available. The £50-£100 options are typically more forgiving. Applying won't hurt if you've already been rejected elsewhere.
Can I combine the switch bonus with stoozing? Absolutely. In fact, this is a common strategy. You switch for the bonus, let it sit in your account for a month, move it to a 0% credit card, and earn interest on that money while it's being held before you move it to a savings account. The timeline is tight in March, but it's doable.
What's the best switch to make if I only have time for one? Look for the highest offer (ideally £200+) from a bank with a solid app and no fees. First Direct's £175 offer is dependable and their account is good quality — if it's available to you, it's a solid choice. Otherwise, grab whichever of the £205-£250 offers has the best reputation on reviews sites like Trustpilot. Don't chase the absolute highest offer if the bank has dodgy customer reviews; you'll regret the switch.
Final thought: March gives you a window. The offers are genuinely decent right now, you're naturally thinking about your finances anyway (thanks to the tax year reset), and there's enough time to settle into a new account before spring. If you've been on the fence about switching, this is probably your month.
Check live offers to see what's available today, and if something catches your eye, apply. The process is straightforward, and the money is real.