We're well into the new tax year now, and if you've been thinking about switching banks, May is actually a brilliant time to act. The offers are solid, the cooling-off checker period from April switches is nearly done, and summer is the perfect window to lock in some extra cash before the rush hits.
Let's break down what's actually available right now and how to make the most of it.
The Current Switching Landscape
The good news: there are some genuinely decent bonuses on the table in May 2023. The slightly confusing news: they're all hovering around the same level, so the decision comes down to more than just the headline figure.
Here's what we're seeing:
The £200 Club
HSBC, NatWest, and Santander are all offering £200 switch bonuses right now. That's consistent with where we've been for the last few months — these three have been pretty competitive since the new tax year kicked in. For a basic switching decision, any of these three will net you the same bonus, so you might as well pick based on which one actually fits your everyday banking needs best.
Halifax at £175
Halifax is slightly lower at £175, which is still a solid offer, but worth noting if you're comparing strictly on bonus size. That said, Halifax has historically been good on regular savers rates, so if you're thinking about stacking your income (which we'll get to), that might actually make Halifax worth a closer look than the headline number suggests.
The Small Print Players
Monese is offering up to £30 for switching. It's smaller, but Monese has carved out a niche for specific customer types — if you're after a second account or have had credit issues in the past, it might actually be the only option available to you, in which case £30 is better than nothing.
How to Actually Use These Offers
Here's the thing about bank switch bonuses in May: they're not just free money you stumble into. You have to earn them, and that means understanding the qualifying criteria.
To grab any of these bonuses, you'll typically need to:
- Switch using the Current Account Switch Service (CASS)
- Set up a least one direct debit guide from your new account
- Keep your account open for a specified period (usually 3–6 months)
That direct debit requirement is important. If you're switching purely for the bonus, you'll need to think about what direct debits you can move across. The good news is that some direct debits are genuinely cheap — utilities, insurance, subscriptions. Others cost nothing. So don't assume you have to shift an expensive bill; you just need something to tick the box. Check out our switching guide if you want the full breakdown of how to approach this.
The other thing to consider: which bank actually works for your lifestyle? A £200 bonus is great, but it's only brilliant if you actually like using the account. If you're going to hate the app, the customer service, or the way it works with your existing banking habits, that bonus will feel like compensation for months of friction.
Timing Your Switches — The Cooling-Off Window
One thing that's crucial right now in May: anyone who switched in early April is now well past their cooling-off period. That means if you're planning to do a second switch (or if you have a partner who hasn't switched yet), you can act without worrying about overlapping cooling-off windows causing problems.
The Current Account Switch Service (CASS) gives you 7 working days to change your mind if you're having second thoughts, but after that, you're committed. For most people, that's fine — the switch is sorted, the bonus is coming, and you move on. But if you're stacking multiple switches (which is where this gets interesting for couples), timing matters.
Cooling-off periods don't actually prevent you from switching — that's a common misconception. But they do affect your eligibility for bonuses. Some banks won't give you a bonus if you've switched in the last 12 months. So if you're serious about chaining switches through the year, understanding that 12-month window is the difference between pulling off four switches or three.
Building Your Banking Income Stack
This is where May gets interesting. Bank switch bonuses alone — even if you're getting £200 or £175 — are only part of the picture. The real money comes from combining them with other income sources.
Consider this: if you grab a £200 switch bonus and open a regular saver account that pays 4–5% (if you find one), you're not just earning the switching bonus. You're also getting meaningful interest on the money you save each month. Then, if you can layer in some 0% credit card stoozing on top (using a 0% purchase card to earn interest on the balance in a savings account), you've genuinely built an income stack.
For May, that might look like:
- Switch to one of the big three (HSBC, NatWest, or Santander) and grab the £200 bonus
- Open a regular saver and commit to putting aside money each month — even £50–100 adds up when it's earning 4–5% annual interest
- Get a 0% credit card (if you qualify and you're comfortable managing it) and use it deliberately — only for purchases you'd make anyway, then repay them from the interest you're earning
This combination won't make you rich, but it will generate real, compound income that actually beats what you'd get from just leaving your money in a current account. Over 6 months, we're talking about hundreds of pounds, not just the single bonus.
Check the live offers page for the most current deals on regular savers and cards.
Is Now the Right Time?
May is a good switching month because:
- You're past the April rush (fewer bottlenecks, quicker processing)
- The cooling-off windows from spring switches are expiring, so if you're a couple, you can both act simultaneously
- You've got half the year ahead to earn more bonuses before the tax year flips again
- Interest rates are holding steady, so you know what you're switching into
The one reason to wait: if you know a better offer is coming in June (and honestly, it's hard to know for certain, but eligibility checker will tell you what you actually qualify for). But waiting isn't usually the winning move because you lose time, and every month of a bonus you delay is a month of interest you're not earning.
Who Should Switch This Month?
If you haven't switched in the last 12 months, you're eligible. If you have switched, you might still be eligible for a different bank (the restriction usually applies to the bank you're switching from, not switching in general). Your eligibility checker will confirm what you're actually eligible for — it's worth 5 minutes to check rather than assuming.
Also worth knowing: some banks have restrictions based on linked accounts or existing relationships. So if you already have a savings account with NatWest, can you still get their £200 bonus on a current account switch? The answer is usually yes, but not always. Again, check first.
Couples should note: both partners can switch separately and both grab bonuses. That's not double-dipping, it's the system working exactly as intended. Lots of people overlook this, which is why it's consistently one of our biggest earnings hacks. Two £200 bonuses is genuinely better than one.
Common Questions
Do I have to keep the account for a certain amount of time?
Most banks require you to keep the account open and active (with a direct debit) for 3–6 months. Check the specific terms on the bank's offer page, but yes, you can't switch, grab the bonus, and immediately switch back out the next month. The cooling-off period is separate from the bonus holding period.
What if I don't have a regular direct debit to set up?
You'll need to create one. That might mean switching a utilities bill, an insurance premium, a gym membership, a phone bill, a subscription — anything that comes out regularly. Many people switch a cheap insurance policy (buildings insurance, car insurance) or a utility (gas, electricity). You don't have to move your mortgage or salary (which is impractical anyway). Even a Netflix subscription counts.
Can I switch if I've got an overdraft or a mortgage with the same bank?
Usually yes, but it depends on the specific bank. A current account switch can happen independently of other products, though some banks make it complicated. Check with the bank you're switching to before you start the process — they'll confirm whether your overdraft or mortgage is a problem.
How long does the switching process actually take?
The CASS process is guaranteed to take 7 working days from start to finish. In reality, most switches complete in 3–5 working days. If you start now (early May), you'd have the bonus credited by mid-May, in time to use it for stoozing or savings if you wanted to.
If I do this every year, how much could I actually earn?
This depends on how many switches you can do, what savings rates look like, and whether you're using credit cards. But ballpark: if you do 2 switches a year at £200 each, that's £400. Add a regular saver at 4% on £3,000, and you're getting £120 in interest annually. Throw in some stoozing at 2–3% on £5,000 if rates stay reasonable, and you're looking at £200 more. That's real money — easily £700–£1,000 a year if you're methodical about it.
The bottom line: May is a solid month to switch. The offers are competitive, the timing works for cooling-off periods, and if you think beyond just the bonus and actually stack your income sources, you can build something meaningful. Whether you're switching solo or as a couple, grabbing a £200 bonus now puts you in a stronger position for the rest of the tax year than just sitting tight.