November's arrived, and with it comes a mixed bag of bank switch offers. Some have ramped up their bonuses as we head into the Christmas spending season, whilst others have quietly dropped theirs. If you've been sitting on the fence about switching, now's a good time to audit what's actually worth your effort.
The reality is that switch bonuses in 2020 vary wildly. We're seeing everything from modest £78 deals right through to £1500 bonuses on current accounts with specific perks. The key is knowing which ones actually make sense for your situation, and which ones sound generous until you read the small print.
This guide breaks down what's available right now, what you actually need to do to qualify, and how to stack switching with other banking income strategies to maximise your earnings before year-end.
The Current Offer Landscape
November 2020 feels different from earlier this year. Spring and summer brought a flurry of competitive offers as banks tried to win customers during lockdown. Now, as we enter the final quarter, some banks have tightened their bonuses whilst others are offering premium perks alongside the cash.
Here's what we're seeing:
Top-tier bonuses are hovering around £1500, though these come attached to specific current account features or savings thresholds. If you've got £1000+ sitting idle or you're prepared to switch to a premium account, these are worth investigating.
Mid-range offers cluster around £250–£1000. These are the most common—banks like these because they're meaningful enough to tempt switchers without breaking the budget. A £250 bonus makes switching worthwhile, even if your previous bank had better overdraft terms.
Entry-level bonuses at £100–£125 are still circulating. These aren't flashy, but they're genuinely available, and if the current account itself is solid, the bonus is just a bonus.
Niche offers like the £156 cashback for travel, mobile, and breakdown cover show banks thinking beyond pure cash. These matter only if you'd actually use the perks; otherwise, they're marketing window dressing.
The honest truth? There's no single "best" offer right now because it depends entirely on your circumstances. What's best for someone wanting a 2% best savings rates is useless to someone who wants a current account with fee-free overdrafts.
How to Qualify: The Reality
Most people see a £1500 bonus and immediately think "I'm switching now." Then they read the requirements and realise they'll need to set up multiple direct debits, maintain a minimum balance, or meet an income threshold. That's why it's worth understanding what you're actually signing up for.
Direct debit requirements are nearly universal. Almost every decent switch bonus now requires you to set up at least one or two direct debits coming into your new account—usually things like council tax, utility bills, or subscriptions. If you're worried about the hassle, remember that switching guides walk you through the process, and you can set up cheap direct debits specifically for qualification purposes.
Balance thresholds vary. Some bonuses are conditional on maintaining £1000+ in the account. That's not a problem if you keep that money there anyway, but if you're thinking of switching just for the bonus and immediately moving cash elsewhere, check the terms first. A 30-day holding period is fairly standard.
Income requirements are less common but do appear on premium accounts. If a bank's offering £1500 and requiring £40,000+ annual income, it's specifically targeting higher earners. That's fine if that's you; it's not fine if you're below that threshold and the bonus is locked out.
Savings features attached to some bonuses mean you get extra interest if you link a savings pot. For example, getting 2% on savings up to £1500 as part of the switching deal is genuinely useful—you earn both the bonus and better interest than most banks offer. These compound: £1500 in the account earning 2% for a year is £30 extra, plus your £100–£250 switching bonus.
Strategy: Switching + Savings + Timing
If you're serious about maximising your returns before the year ends, switching works best when you combine it with savings accounts and stoozing tactics.
The switching core: Pick your best available bonus. Check our live offers page to see what's current, or use our eligibility checker to find deals you actually qualify for. Don't just go for the biggest number—factor in whether the current account itself is decent for everyday use.
The savings layer: Many switch bonuses now come paired with savings account access. If a bank offers 2% on £1000+ as part of the deal, that's meaningful. Park some cash there, earn the interest, and let it compound. You're not locked into moving money around—just maximising what you've already got.
The stoozing angle: This is where it gets clever. If you're combining how stoozing works with a switch, you can amplify your returns. Switch to a bank offering a good bonus, then use a best 0% cards to earn additional interest on your ready cash. The credit card balance gets cleared with money from your new current account, and you're earning on multiple fronts simultaneously.
Timing matters now: We're in early November, which means a few things. Banks often refresh their offers before the November payroll run. Some bonuses are time-limited (we're seeing a few expiring by mid-November). If switching takes 7–10 working days, switching now means your bonus lands well before Christmas, giving you breathing room before year-end tax planning.
What November Switching Actually Looks Like
Let's walk through a realistic November scenario.
You've got £1500 sitting in a current account earning nothing. You spot a switch deal offering £1500 bonus, 2% on savings up to £1000, and a current account with fee-free overdrafts. You've got the income and you're happy with the account features.
You initiate the switch on November 2nd. The Payments Council switching service handles moving your direct debits and standing orders by November 12th. The bonus appears around November 15th. You now have £3000 (£1500 original + £1500 bonus) in the account.
You move £1000 to the savings pot earning 2% (that's £20 in interest over a year, or about £1.67 per month). You leave £500 as a buffer in the current account for unexpected overdraft needs. You keep £1000 in your original bank until you need to move it.
By early December, you've earned your switching bonus and you're earning the savings rate. If you combine this with a stoozing strategy (being careful about cooling-off periods, since you can't switch again immediately), you're creating multiple income streams from money that was otherwise idle.
Over the course of 2020, if you've done three well-chosen switches, you could have earned £750–£2000 in bonuses alone, before touching any interest income.
Red Flags to Watch Right Now
Not every offer is worth taking, even in November when options feel limited.
Bonus disappearing in small print: An offer looks like £1500 but actually requires you to keep £5000+ in the account permanently. That's fine if you wanted the money there anyway, but it's not a £1500 bonus—it's a yield on your balance.
Narrow eligibility: A £1000 bonus that requires £40,000+ annual income and £3000 monthly deposits is real, but only for specific people. If that's not you, the bonus doesn't exist.
Outdated comparison websites: Some sites are showing November offers that actually expired in September. Always check the bank's website directly, especially for time-limited bonuses.
Savings rates that don't stack with the bonus: A bank offering £250 switch bonus but paying 0.1% on savings isn't competing well with one offering £100 bonus but 2% savings. The total return matters, not just the headline bonus.
Switching fatigue: Switching is free and easy via the Payments Council system, but it does require setting up new passwords, security details, and monitoring. If you've switched twice already this year, switching again for a £100 bonus might not be worth the friction. Evaluate honestly.
November Strategy Going Into December
If you're going to switch, November is a reasonable window. You'll get your bonus by mid-month, giving you six weeks to settle into the new account before year-end tax planning and the New Year rush.
December will bring New Year's switching offers as banks try to win January payroll. If you're strategic, you could position yourself to switch again in early January, starting fresh and earning another bonus. The key is understanding cooling-off periods—you typically can't switch again from a bank for a certain period after switching to them.
For most people, the play right now is:
- Switch to your best current available bonus.
- Link a savings account and take advantage of any promotional savings rates.
- Plan your next switch for January (remembering cooling-off periods).
- Consider stoozing if you've got 0% credit card access and want to layer income streams.
This isn't complex, but it does require thinking ahead rather than just chasing the biggest bonus in isolation.
Common Questions
Can I switch my current account and savings account at the same time? You can switch both, but some banks treat them as separate switches. Check with your new bank whether switching a current account qualifies you for savings bonuses too, or whether they're separate qualifying actions. Most competitive offers apply to current account switches specifically.
What's the difference between a £1500 bonus and a £1250 bonus? £250. Flippant answer aside, the real difference is usually in eligibility or account features. A higher bonus often means stricter conditions (income, balance, or direct debit requirements). A lower bonus might come with fewer strings attached. compare bank bonuses the full package, not just the headline number.
If I switch in November, when will the bonus actually arrive? Most bonuses appear 7–30 days after your switch completes. The Payments Council switching service takes 7 working days, so a November 2nd switch would complete November 11th–12th, with bonuses typically by November 20th. Confirm the exact terms with your new bank, as some are slower.
Can I use a switch bonus if I'm on a low income? Some bonuses have income requirements (often £20,000–£40,000 annually), and some don't. Use our eligibility checker to see which bonuses you qualify for. Many absolutely don't have income thresholds, so don't assume you're excluded.
Is switching in November a good idea, or should I wait for December/January? November is fine. You'll get your bonus well before Christmas, and you can plan January switching separately. The earlier you switch, the sooner your money starts earning the bonus and any savings rates, so there's a time-value benefit to acting now rather than waiting.
The November offer landscape isn't as explosive as spring 2020, but it's still worth taking advantage of. Switch bonuses from £1500 down to £100 are genuinely available, and combining them with savings accounts and strategic planning can build real financial momentum before year-end.
Check live offers, verify your eligibility with our checker, and don't get distracted by headline numbers. The best offer is the one that works for your circumstances, gets processed smoothly, and earns you meaningful money without unnecessary friction.
Switching might seem small—a £250 bonus here, 2% savings there—but over the course of a year, these tactics compound into thousands of pounds earned from money that would otherwise sit idle earning nothing. November's a good month to make that happen.