May is an odd month for bank switching. By now, the tax year's passed, the panic of March has faded, and most people aren't thinking about their current account. But that's exactly why you should be. The banks know May is quiet, and the offers are still solid—just not as heavily promoted. If you're paying attention, this is when you can plan a switch without the rush.
Right now, you can earn up to £225 just for moving your current account. That's real money, and when combined with a 0% credit card or a regular savers account, you're looking at a proper income stream for May and beyond. Here's what's actually available and worth your time.
The Best Offers Right Now
The Top Tier (£200+)
TSB is leading the field at £225, which they're offering through BCWYC (the official bank switching service). This is the highest I'm seeing anywhere. If you're not already with TSB and you can meet their direct debit requirement, this is the obvious choice—unless HSBC's offer appeals to you more for other reasons.
HSBC is close behind at £220 through BCWYC. The difference is minimal, but it matters if you're comparing numbers. Both require you to set up a Direct Debit from your new account within 30 days of switching—that's the standard requirement across all the banks offering real money.
Below that sits a solid tier of £200 bonuses. You've got Nationwide, Danske Bank, RBS, Natwest, and Ulster all at this level. That's five different options, which gives you genuine choice. If any of these banks offer features you like (better interest rates, apps you prefer, branch access in your area), you can pick the £200 option that suits you rather than chasing the extra £25 from TSB.
Get is also offering £200, usually found on Money Saving Expert. Their eligibility checker is worth running even if you're not sure—sometimes you qualify for offers you wouldn't expect.
The Secondary Tier (£150–£175)
First Direct, Santander, and Club Lloyds are all at £175. These aren't far behind and, again, if you have a preference for their banking experience or savings products, you're not sacrificing much by going with one of these instead of chasing the very top offer.
Co-operative Bank is offering £150. That's still real money—don't dismiss it. A £150 bonus plus interest on your account balance over the cooling-off period can easily compound into a decent return.
Lower Offers Worth Considering
You Could Save and Martin Lewis's compare bank bonuses sites are sometimes listing £100 bonuses. These tend to appear on bundled deals or restricted offers (e.g., specific professions, postcode areas, or minimum deposit requirements). Check your eligibility on the comparison sites—you might qualify for something you didn't expect.
Tesco is running a £50 bonus in Clubcard points if you're a shopper there. That's lower raw cash, but if you spend at Tesco anyway, it's free money in your existing reward scheme.
How to Actually Earn the Most
The bonus is just the entry point. Once you've switched and claimed your £175–£225, the real work starts.
Direct Debit Requirements
Every offer in the £175+ range requires you to set up at least one Direct Debit from your new account within 30 days. This isn't a trick—it's how banks verify you're actually using the account. Your bills, subscriptions, gym membership, or streaming service will do. Just make sure it's from the new account and it posts within the qualifying window. Check our direct debit guide for strategies on finding the cheapest Direct Debits if you're worried about costs.
The Cooling-Off Period
Don't switch back immediately. The cooling-off period is typically 30–60 days (depending on the bank), and you need to stay with your new account through that window to keep the bonus. Use those weeks wisely. Build up a regular balance in the account—don't just move £1 in to trigger the bonus and leave it empty. Some banks calculate interest during the switching window, and even a modest rate on a few grand for 60 days adds up.
Stack It With a 0% Card
This is where the real strategy kicks in. Once you've switched and your bonus is locked in, move your balance onto a 0% credit card and keep it in a stoozing savings account. You'll earn interest on the card balance while paying nothing in interest on the card itself. A 5% savings account for 12 months on £5,000 = £250. Plus your £225 switching bonus. That's £475 from a single account.
If you've got a partner, bank switching for couples doubles this. You can both switch to TSB at £225 each, plus both run the stoozing strategy in parallel. That's £450 in bonuses alone before interest kicks in.
The Cooling-Off Trap in May
Because we're past Easter and moving toward summer holidays, there's a specific risk: overlapping cooling-off periods. If you switch in early May and your cooling-off period runs 60 days, you're locked in until early July. If you're planning a summer holiday, make sure you're comfortable leaving your account alone for that stretch—you can't close it early without forfeiting the bonus.
Check the cooling-off checker before committing. It's a small step that saves enormous regret.
Who Should Switch in May?
If you've got the time to manage it: May is perfect. Less urgency than April, less chaos than June when summer holidays start properly. You can switch cleanly and manage the cooling-off period without it colliding with holidays or unexpected life events.
If you're on a tight budget: The direct debit requirement is real, but it's not expensive. Most people have at least one bill they can move. Don't skip the opportunity because you think you can't afford a direct debit—most of the qualified ones are under £20 per month.
If you want to stack switching with other income: May is quiet enough that you can focus properly on the switching process and then layer in a regular saver account or credit card strategy without feeling rushed.
If you've never switched before: This is the ideal month to learn. Market conditions are stable, offers are solid, and you're not competing with thousands of other people all trying to switch at the same time. Check our switching guide first.
Checking Your Actual Eligibility
Not every offer applies to every person. Some banks have restrictions based on:
- Whether you've had an account with them in the past 12 months
- Your credit history
- Your income or employment status
- Your postcode or location
Use the eligibility checker before you get attached to a specific offer. It's annoying to fall in love with a £225 bonus only to find out you're not eligible. The sooner you know your actual options, the better you can plan.
The Wider Banking Picture for May
Interest rates are settling. We're well past the chaos of 2023's rate rises, and banks are becoming more conservative about how they're pricing current accounts and savings. If you're switching for the bonus alone, that's fine—the bonus is guaranteed. But if you're also comparing best savings ratess, now's the time to check whether your new bank's savings products are actually competitive.
Check our live offers page for the most current savings rates. A £200 bonus is brilliant, but not if you're locking your balance into a savings account earning 3.5% when you could get 5% elsewhere.
Common Questions
Do I need to earn a specific amount to qualify for these bonuses?
Most of the offers I've listed don't require a minimum salary. What they do require is the Direct Debit setup within 30 days. Some banks do have restrictions (e.g., "recent graduate" offers or offers for people in specific professions), but the headline offers—TSB £225, HSBC £220, Nationwide £200—don't typically have income thresholds. Run the eligibility checker to be sure.
Can I keep the bonus if I switch back after the cooling-off period?
No. The bonus is paid after the cooling-off period ends, and if you've left by then, the bank will withdraw it. You need to stay with the account long enough for the bonus to fully settle (usually 30–60 days after you switch). After that, you're free to move on, but moving immediately will cost you the bonus.
What happens to my old account when I switch?
The Direct Debit switching service (BCWYC) handles it automatically. Direct Debits move to your new account, old standing orders are closed, and the bank keeps your old account open for 13 months to catch any stray payments. You won't lose access to your old money or statements. It's painless by design.
Can I open a savings account at the same bank to earn interest on my bonus?
Absolutely. In fact, I'd recommend it. Move your bonus straight into their savings account (if they offer a decent rate) or onto a 0% credit card for stoozing. Don't leave free money sitting in your current account earning nothing.
What's the best way to meet the Direct Debit requirement cheaply?
Honestly? Move your cheapest subscription. Spotify, Audible, a streaming service, a charity donation—anything under £15 per month. The bank just needs to see it post from your new account. Don't pay for something you don't want. That defeats the purpose.
The offers in May are strong, competition is low, and the timing is perfect if you've been on the fence. You're looking at £150–£225 per person with minimal effort, and that's before you layer in any interest-earning strategies. Don't overthink it—pick the best offer you're eligible for, set up the Direct Debit, and start earning.