November's arrived, and it's the perfect moment to review what's on offer from the banks. If you've been thinking about switching, now's when you should be planning — we're just two months from the end of the tax year, and the pre-Christmas lull means fewer people are switching, which can work to your advantage.
We've rounded up the current switch bonuses available right now, and there's genuinely decent money on the table if you know where to look. Let's break down what's worth your attention.
The November 2021 Switch Bonus Landscape
Right now, Santander is leading the charge with a £1,200 switch bonus (via uSwitch). That's substantial. For compare bank bonuses:
- Starling: £300
- HSBC: £110
- First Direct: £100
- TSB: £25
The spread is quite wide, and Santander is clearly the headline offer. But before you rush in, we need to talk about what actually makes a switch worthwhile — because bonus amount isn't the only factor.
Should You Always Go for the Biggest Bonus?
The £1,200 Santander offer looks brilliant, and it is. But I want to challenge the idea that you should always pick the bank with the fattest bonus.
Here's the thing: switching requires time and effort. You need to set up direct debit guides, check that payments go through correctly, and sometimes deal with the cooling-off checker period if you change your mind. The bigger the bonus, sure, the more worthwhile it becomes. But you also need to actually want to bank with them.
If you've already got a decent relationship with First Direct and their £100 bonus covers your switching hassle, that's a perfectly valid choice. Don't switch to Santander just for extra cash if their app frustrates you or their savings rates are terrible.
That said, if Santander's current account works for you, that £1,200 is real money. It's a return on your attention and effort.
The November Timing Advantage
November is a smart month to switch for a few reasons:
1. You've got breathing room before the year ends. Most banks require you to stay with them for a set period (usually 3-12 months) to keep your bonus. Switching now means you'll be locked in before the end of the tax year in April. If you get this done by December, you're golden.
2. Fewer people are switching. Banks offer bigger bonuses when demand is high (January, September when people get paid). November is quieter, which means the competition's already here and it's stable. These offers are likely to stick around for a few weeks.
3. You can plan your finances properly. With two months to go before the tax year, you've got time to assess your 2021–22 savings and stoozing plans. The switching guide walks you through the process, but you need headspace to do it properly.
How to Actually Switch
If you're new to switching, here's what you need to know:
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Check eligibility. Use our eligibility checker to make sure you qualify for the offers you're considering. Most banks have basic requirements (you need to be a UK resident, have a valid ID, etc.).
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Set up direct debits. The banks will often require at least one or two direct debits on your account to qualify for the bonus. This is actually helpful — it forces you to use the account properly. Check out our guide on direct debit strategies if you need ideas on what to set up.
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Use the 7-day switching service. This is brilliant. You contact your new bank, and they move all your direct debits and standing orders across for you in 7 days. Your old bank keeps your account open for 13 months (by law), so if something goes wrong, you can still access it.
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Be aware of cooling-off periods. Some banks let you switch back within 30 days if you change your mind. Don't abuse this, but it's good to know it's there.
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Get the bonus. The bonus usually hits your account 30–90 days after the switch is complete and you've met any conditions (like keeping the direct debits running). Mark it in your calendar so you can celebrate appropriately.
Combining Switches with Stoozing and Savers
Here's where it gets interesting. Most people see a switch bonus as standalone money, but you can stack these with other strategies:
Stoozing: If you've got a 0% credit card, you could use that while your money sits in a high-interest savings account. You get the switch bonus and the card bonus. We've written about how stoozing works, but the basic idea is that you're getting two rewards out of the same money.
Regular savers: Some of the banks offering switch bonuses also have decent regular saver accounts (First Direct and Starling both do). You get the switch bonus, then you drip-feed money into the saver account at a high interest rate. It's not glamorous, but it's reliable.
If you're serious about earning from banking, switching is just one part of the puzzle. The real money comes when you combine switches, stoozing, and savvy savings all together.
Common Questions
Do I have to leave my old bank when I switch? No. The 7-day switching service moves your day-to-day transactions and direct debits, but your old account stays open for 13 months. You can keep it open indefinitely if you want, though there's no real point unless it's got a great savings account attached. Most people close old accounts after a few months once they're confident the switch went smoothly.
Will switching affect my credit score? Switching will trigger a hard credit check, which can affect your score slightly in the short term. But it's not a disaster. A hard check stays on your file for about three months and the impact diminishes quickly. If you're planning a mortgage application in the next six months, be cautious, but otherwise, switching is fine.
Can I switch to Santander and then switch away after the bonus clears? Technically, yes. But be aware: switching involves direct debits, which take time to set up again. The cooling-off period is typically 30 days, and the bonus takes 30–90 days to land. So you're looking at a minimum of 3–4 months with the account. After that, you're free to switch again, but each new switch will trigger another hard credit check. Don't chainsaw through banks in quick succession — space your switches out by at least 6–12 months to avoid raising red flags with lenders.
What if none of these offers appeal to me? Check our live offers page regularly. Banks rotate their bonuses and create new accounts pretty frequently. If nothing's calling to you right now, there's probably something better coming in December or January when seasonal offers hit.
Can I get both a Santander bonus and a Starling bonus? Yes! You can hold multiple current accounts. The key is spacing your switches out. You can switch to Santander now, wait 6–12 months, then switch to Starling. Just be strategic about it and read the terms carefully — some banks have rules about how recently you've switched with them.
If you're on the fence about switching, November's a solid time to stop thinking and start acting. There's real money available, and the process is straightforward. Even the "smaller" bonuses like First Direct's £100 are worth your time — that's a book, a night out, or a decent chunk of your December energy bills sorted.
Pick a bank that actually works for you, set up your direct debits, and let the switching service do its job. By December, you'll have earned a nice bonus and learned more about managing multiple accounts, which is a genuinely useful skill if you're serious about maximising your banking income.