May is one of the best months to switch banks if you're thinking about it. The weather's better, you've got spring energy, and importantly, the bank switching landscape is shifting as we head deeper into 2022. Let's walk through what's available right now and how to make the most of it.
The May Switching Landscape
We're at an interesting point in 2022. Interest rates have started rising, which changes how banks compete for new customers. Some are doubling down on switching bonuses to grab market share, while others are betting on higher best savings ratess to attract deposits. For you as a switcher, this creates opportunities — but you need to know where to look.
The reality is that the market moves faster than any single snapshot. The live offers page is your best source for what's actually available today, but here's what you should understand about the current environment:
Switching bonuses remain a core way banks attract current account customers. These typically range from £50 to £175 depending on the bank and the terms they're offering. The catch? You usually need to meet conditions like setting up a certain number of direct debit guides and actually using the account for a set period (often 3 months).
One example we've seen recently: Monese has offered switching bonuses up to £70 through the BCWYC (Bank Current Account Switching Service), though availability varies. This is a decent cash incentive for relatively light work — mostly setting up a few direct debits and moving your salary across.
Why May Matters for Bank Switching
There are three solid reasons to consider switching now rather than waiting:
First, you're past the Easter rush. April is chaos — it's tax year end, people are making financial moves, and banks can be slower to process applications. By May, things settle down. Your switch is more likely to complete smoothly and on time.
Second, you've got time to hit summer plans. Many switches take 7-10 working days with BCWYC. If you switch in May, you'll have your bonus sorted by early June, giving you flexibility for summer holidays or other financial priorities.
Third, the cooling-off period works in your favour. Remember, you get 14 days to change your mind on any financial product. That means if you switch in May and then spot a better offer in late May, you can actually switch again — and potentially get another bonus after your cooling-off period ends. This is why understanding how cooling-off periods work matters for your strategy.
Current Offer Types to Watch
The May 2022 offer landscape breaks down into a few categories:
Switching bonuses — Cash paid when you switch your current account. These are typically paid 7-28 days after your switch completes. Monese's £70 is at the higher end of what's being offered right now.
Savings rate bonuses — Some banks offer temporary rate boosts on savings accounts for new customers. These are separate from current account switching bonuses and can stack. A 5% introductory rate for the first 6 months, for example, adds real value if you've got money to save.
Cashback and rewards — A few banks bundle overdraft-free periods, fee waivers, or cashback on spending with their switching offers. These don't add raw cash like bonuses, but they can genuinely save you money if you actually use the account regularly.
Premium accounts — Banks like First Direct have higher switching bonuses (sometimes £100+) for premium current accounts, though these come with annual fees or higher minimum balances. The math only works if you were going to meet those requirements anyway.
The key is checking the live offers page regularly — things change week to week, and new offers launch throughout May as banks adjust their strategies.
Your May Switching Strategy
Here's how to think about this month if you're serious about earnings:
Step 1: Check your eligibility. Not all offers are available to all customers. Use our eligibility checker to see which banks will actually accept your application and what bonuses you qualify for. Some offers have restrictions around previous accounts, address history, or age.
Step 2: List your direct debit opportunities. This is important. Most switches now require 2+ direct debits to qualify. You might already have these (council tax, utilities, insurance), but if not, you can set up a cheap direct debit or two specifically to meet the requirement. We've got guides on finding cheap direct debits if you need help here.
Step 3: Understand the timeline. BCWYC takes 7-10 working days. Bonuses are typically paid 7-28 days after that. So if you start your switch today (1 May), you'd likely complete by 13 May and get your bonus by early June. That's important for cash flow planning.
Step 4: Layer your earnings. May is perfect for combining switching with other strategies. If you've got a 0% credit card from stoozing, you could move money between accounts and earn interest on it while you wait for your switch bonus to land. If you've got a regular saver account, you could feed money in from your new switched account. The combinations are where real earnings come from.
The Offer You Shouldn't Ignore
Monese's £70 switching bonus is worth considering if you meet the criteria. It's straightforward: switch via BCWYC, set up your direct debits, and the cash lands in your account. It's not the highest bonus ever offered, but it's clean, reliable money.
Here's the real benefit: Monese is a mobile-first bank. If you're looking to diversify your banking (which is smart for security and resilience), Monese is worth having. You can switch there, get the bonus, then keep it as a secondary account or close it after the minimum period. Either way, £70 for 30-45 minutes of work isn't bad.
What to Actually Look For in May
Forget the marketing hype. Here's what actually matters when choosing a switch:
The bonus amount — Obviously. But check if there are conditions after you receive it. Some banks require you to keep the account open for 12 months or they claw back the bonus.
The direct debit requirement — How many do you need, and are they easy to set up? If a bank wants 5 direct debits but you only have 3, that's friction you need to solve.
Ongoing usability — If you're going to close the account after qualifying, make sure closing is easy and free. Some banks are notorious for making it difficult to close accounts once you've got their bonus.
The account features — Overdraft fees, ATM access, customer service. These matter if you end up keeping the account longer than planned.
Savings rates — If the bank also offers savings, check what rates they're paying. Some banks bundle a switching bonus with decent savings rates, which makes them more attractive long-term.
Common Questions
What if I've already switched this year? You can still switch again — that's the beauty of BCWYC. The key is the cooling-off period. You get 14 days to change your mind on any account. If you switch now, you can't get another bonus until that 14-day period ends. After that, you're free to switch somewhere else and qualify for their bonus.
Do I lose my account details when I switch? No. Your current account number stays the same through BCWYC. Direct debits move automatically, standing orders move automatically. You shouldn't lose a single payment in the process. That's the whole point of the scheme.
Should I use the new account for all my banking? Not necessarily. Many people switch specifically to capture the bonus, then keep most of their actual spending on their original account. That's fine — there's no requirement to use the new account heavily. You just need to keep it open for the qualifying period (usually 3-6 months).
How do switching bonuses affect my credit score? A hard credit check will happen when you apply, and that might ding your score slightly for a few months. But switching doesn't hurt your score long-term. The BCWYC system specifically protects switchers from credit impact. If you're worried, check our switching guide for more details.
Can I stack switching bonuses with other earnings? Absolutely. That's the whole strategy. Switch this month (£70 from Monese), put money in a regular savers (4-5% returns), and if you've got a 0% card, use it to earn interest on your cash. These things work together, and May is a great month to start layering them.
The bottom line: May 2022 offers aren't as explosive as some periods have been, but they're solid. Monese's £70 is worth serious consideration if you need a secondary account, and the current rate environment means you might find some decent savings rates alongside your switching bonus. Check the live offers, use your eligibility checker, and make your move. The mechanics of switching are now simple enough that there's no reason not to capture free money.