May's arrived and with it, a fresh batch of bank switch offers worth exploring. If you've been sitting on the fence about switching banks, now's a solid time to act — we're seeing some genuinely competitive bonuses across the market, and the landscape has shifted slightly since April.
This month, I'm seeing several banks refreshing or maintaining their switch deals, all centred around that attractive £1200 bonus territory. Let's walk through what's actually on offer, who qualifies, and how to work out which account makes sense for your situation.
The May 2021 Switch Bonus Landscape
Right now, most of the headline bonuses are clustering around the £1200 mark via uSwitch. That's a solid figure — it's enough to make a real difference to your finances if you time it right, and it's become something of a baseline for banks wanting to attract switchers.
Here's what I'm tracking as genuinely available this month:
The £1200 Tier
Starling Bank's Current Account is leading with £1200 via uSwitch, and they're a notably modern player — they won the British Bank Awards for Best British Bank in 2020, which actually matters if you care about the digital experience. Their overdraft is charged at 15% EAR, which isn't the cheapest, but if you're not planning to use an overdraft, it's irrelevant.
Barclays is matching at £1200, offering 35% EAR on overdrafts. TSB has two accounts in play: the standard Spend & Save (£1200, no fee, 0% overdraft) and the Spend & Save Plus (£1200, £3 monthly fee, 0% overdraft). The fee matters here — you'd need to be using specific TSB perks to justify it.
NatWest Select, RBS Select, and Santander's Everyday Account are all sitting at £1200 as well. NatWest and RBS have no account fees, which is clean. Santander Everyday has no fee either, though their 123 Lite version costs £2 per month — again, only worth it if you're maximising the features.
The Outlier
HSBC Advance is offering £125 via uSwitch, which is honestly quite a bit lower than the competition. I'd probably only consider HSBC if you had specific reasons to be with them (existing mortgage, international transfers, etc.). The bonus alone doesn't justify the switch.
What Actually Matters Beyond the Headline Bonus
Here's the thing about choosing a switch account in May 2021 — the bonus is the immediate win, but the account you're switching into needs to work for you long-term, especially if you're thinking about stoozing or combining switching with regular savers.
Fee structures matter more than you'd think. A £2–3 monthly fee looks small until you realise that's £24–36 a year, which chips into your bonus if you only plan to hold the account for 12 months. If you're doing the classic "switch in, earn bonus, switch out again" cycle, opt for fee-free accounts where possible.
Overdraft rates matter only if you use overdrafts. Most of us don't, but if you occasionally dip into an arranged overdraft, Starling's 15% and Barclays' 35% are very different propositions. TSB and NatWest at 0% are clearly superior if this applies to you. That said, don't let overdraft pricing drive your decision if you're not a regular user.
The switching process itself is standardised. All these banks use the Faster Payment Service for switching, which means your old account closes and everything moves within 7 working days. The direct debit guide switch is automatic — the banks handle it. This is actually one of the safest financial transactions you can do, despite what you might fear.
Maximising Your May 2021 Earnings
If you're reading StoozeMax, you're probably not content with just pocketing the switch bonus. Let's talk about layering this with other tactics.
Stoozing + switching. If you've got a best 0% cards with remaining balance transfer or purchase period, you can run both simultaneously. Get the switch bonus paid (typically 2–4 weeks after completing all requirements), then use a 0% card on purchases you were planning anyway. The interest you earn on the switch bonus sitting in a savings account whilst you're making small, deliberate purchases on the card is genuine free money. Read more about how stoozing works.
Direct debits and the bonus requirements. Most of these accounts require you to have at least 2 active direct debits set up within a certain timeframe (usually 30 days). If you don't have enough genuine bills, this is where the direct debit hack becomes useful — you can set up cheap standing orders or charitable donations to meet requirements without disrupting your actual finances. Banks aren't checking which direct debits; they just want to see activity.
Stack switching with regular saverss. Several of these banks (TSB, Santander, NatWest) offer competitive regular saver accounts alongside their current accounts. Once you've earned the switch bonus, you could move a portion of it into a regular saver earning 4–5% AER, effectively creating a two-tier earnings structure. This is the complete stacking strategy that serious earners use.
Timing the cooling-off period. One thing to watch in May: your cooling-off period. If you switched in April and you're not happy, you have 14 days from the account opening to change your mind with no penalty. After that window closes, you're committed to the 6-month bonus requirement. Understanding cooling-off mechanics matters if you're thinking about rapid sequential switches.
Which May 2021 Account Should You Actually Pick?
Honestly, if you're just looking for a straight "best overall," here's my logic:
- If you want maximum flexibility and a modern experience: Starling's £1200 and award-winning app make it worth the overdraft rate, especially if you rarely use overdrafts.
- If you want no fees and simplicity: TSB Spend & Save or NatWest Select. Both are solid, both hit £1200, neither charge fees. NatWest has a slight edge if you also use regular savers.
- If you want a high street presence: Barclays is safe, £1200, and you'll never struggle to find a branch if you somehow need one. In 2021, this matters less, but it's still a factor.
- If you're stacking multiple techniques: Santander Everyday gives you access to their regular savers and no fees, plus the £1200. It's a good "second" switching destination for people playing the long game.
Skip HSBC unless you've already got products with them — the £125 bonus is just too far behind the pack.
Key Dates and Deadlines for May
If you're starting a switch this week, remember:
- Switching itself takes 7 working days (so if you apply now, mid-May completion is typical)
- Direct debit set-up requirements are usually 30 days from account opening
- The bonus lands 2–4 weeks after requirements are met
- Check the cooling-off window closes 14 days from opening
This means if you switch in early May, you could reasonably have the bonus in your account by late June, which is perfectly timed to avoid the June tax year surprises and to bank the money before the summer.
A Reality Check
These bonuses are taxable income if you're already a higher-rate taxpayer or if they push you into that bracket. A £1200 bonus to a higher-rate taxpayer is worth £960 net (you'll owe £240 to HMRC). This doesn't disqualify switching — it's still free money — but it's worth knowing. Read more about tax on switch bonuses.
Also worth noting: switching doesn't destroy your credit score. This is one of the biggest myths. Banks can see you're switching (it's on your file), and credit agencies know the Faster Payment Service system creates legitimate switches, not defaults. Your score might dip slightly for 1–2 months due to the hard credit check, but it bounces back. Here's the full truth on credit scores and switching.
Common Questions
Do I have to switch all my banking to one of these accounts?
No. You can keep your existing account open and just use the new one to meet bonus requirements (direct debits, a bit of activity, maybe salary if you want). However, switching the bulk of your activity actually gives you better protection under FCA rules, since your new bank's account is fully covered from day one. You don't need to close your old account immediately — the new bank handles everything.
Can I switch multiple times in a year to earn multiple bonuses?
Technically yes, but there are cooling-off periods that limit how quickly you can switch. Most banks require a 30-day gap between switch bonuses to the same provider, and switching to a completely different bank must be separated by at least 7 days. Some people do 3–4 switches a year, but it requires planning and understanding the cooling-off mechanics.
What happens to my standing orders and direct debits?
The new bank's switching service handles it automatically. They contact your old bank, who cancel the original standing orders and direct debits, and the new bank sets up replicas with the new account details. You don't do anything except provide permission at the start. It's one of the few financial processes that's actually simpler than most people expect.
Is £1200 realistic, or is there a catch?
It's realistic. You don't have to maintain a minimum balance, and the bonus isn't clawed back if you leave after 6 months. The "catch" is just that you need to set up a couple of direct debits and meet basic switching requirements. That's genuinely all the banks ask for.
Should I switch if my credit score is already poor?
That depends on why it's poor. If it's old defaults that are ageing out, switching probably won't help much — it might even trigger another hard check. If it's just that you've had lots of credit inquiries recently, switching might still work. Check your eligibility before applying to avoid unnecessary hard checks.
The May 2021 offer landscape is solid without being exceptional. There's genuinely no rush to switch this very week — these bonuses will likely hold through June. But if you've been thinking about it, the £1200 bonuses represent good value, and the competition between banks means you've got options. Pick the account that suits your actual banking habits (not the one with the biggest overdraft rate you'll never use), set up a couple of direct debits, and let the bonus work for you.