September's arrived, and with it comes a fresh batch of switching offers worth exploring. If you've been sat on the fence about moving your current account, the landscape right now is actually quite decent — there's a mix of healthy cash bonuses, some genuinely interesting interest-bearing accounts, and a few quirky alternatives that might surprise you.
In this post, I've pulled together what's available this month so you can see what's worth your time and effort. We're not talking about life-changing sums, but if you're strategic about it, there's real money to be made by doing something you were probably going to do anyway: pick a decent bank.
The Cash Bonuses Worth Chasing
Let's start with the straightforward stuff. If you're after a quick cash boost, the switching offers are serving a solid range right now.
The £1500 bonuses are the headline act. A few accounts are offering this tier of bonus, and it's substantial enough to make the admin worthwhile. These are typically available if you meet the switching conditions — usually involving setting up direct debit guides for bills, and sometimes a minimum deposit. The catch is that you need to stay eligible; some accounts require ongoing qualifying criteria to unlock that cash. Check the eligibility checker before committing, because missing one small requirement could cost you the lot.
The £1000-£1200 range is where you'll find several mid-tier options. These are the comfortable sweet spot for a lot of people — big enough to make switching worthwhile, but the conditions are usually a bit more relaxed than the mega bonuses. If you're just starting out with bank switching, this is where you might want to focus.
The £100 offers are plentiful at the moment. They're not life-changing, but they're also almost friction-free to claim. If you've already moved your primary account and are thinking about a secondary current account, these quick wins add up fast. Three or four of these, and you've made £300-£400 with minimal effort.
There's also some interesting non-cash compensation floating around. Some accounts are offering vouchers or retail incentives — beauty products, Boots points, that sort of thing. These work if you were going to spend that money anyway, but in cash terms, they're usually worth a bit less than the face value, so treat them as a bonus rather than the main event.
Accounts With Decent Interest — A Rarity in 2020
Now here's where September gets interesting. The savings landscape in 2020 is brutal — rates are in the basement and showing no signs of climbing back out. But a few current accounts are still dangling interest rates that are actually worth looking at, even if the headline figures look modest by 2016 standards.
You've got some accounts offering 2% and 2.02% on larger balances. That's not going to retire you, but in an era where savings accounts pay 0.1%, it's basically free money if you've got a few thousand pounds sitting around. The trick is that these rates usually come with conditions — you might need to pay in a minimum amount each month, maintain a certain balance, or set up a few direct debits.
Other accounts are offering 1.5% on up to certain amounts, which is also reasonable. The principle is the same: if you were going to have money in your current account anyway, you might as well get paid for it rather than earning nothing.
Here's a practical example: if you've got £2000 sitting in a 0% current account, moving it to one offering 2% would earn you about £40 a year. That's not much, but add that to a £1500 switching bonus, and you've made a genuinely useful £1540 from one bank move. That's real money.
The accounts with interest are usually the ones that come with monthly fees, so do the maths before you switch. A £10 monthly fee wipes out a lot of interest. But there are no-fee accounts with decent rates too — these are increasingly rare, but worth hunting for.
How the Overdraft Offers Stack Up
September's overdraft scene is a bit quieter than it sometimes is, but there are still options if you need them. You've got accounts with 0% arranged overdrafts (genuinely useful if you need to bridge a gap), and others with relatively modest interest rates on overdrafts.
Most overdraft interest rates you'll see advertised right now are in the 35-40% APR range — which sounds terrifying until you remember that you'll only pay interest on the amount you're actually overdrawn and the period you're overdrawn. If you need to go over for a week, even a 40% rate might only cost you a few quid.
That said, never treat an overdraft as a long-term solution. Use it tactically, for cash flow bumps. If you're constantly overdrawn, the interest rate is irrelevant because the actual problem is budgeting.
The Strategy: Stacking Switches for Maximum Return
Here's where switching gets genuinely clever. Instead of moving to one account and settling down, you can use a systematic approach to keep generating bonus income.
The basic maths: if you switch to a bank offering £1500 every 12 months, that's £1500 a year just from switching. Not enormous, but it's a guaranteed payment if you plan it right. Some people swing it to £2000+ annually by combining multiple switches — a primary account bonus, maybe a second account bonus, plus perhaps a brief stint with a savings account that also offers incentives.
The catch is the cooling-off checker period. Most switches have a mandatory 30-day window during which you can switch back penalty-free. Plan around this. If you switch in September, you're locked in until October. Plan your next switch accordingly, and you can keep the income stream ticking over without any risk.
Our switching guide walks through the whole process, but the essentials are: pick a bank, apply, move your direct debits and standing orders, wait for the cool-off period to expire, then plan your next switch.
If you've never switched before, start with this month's offers. Pick one of the bigger bonuses, go through the process, and see how painless it actually is. Then, next month or the month after, you can scale it up.
What's Changed Since Last Month?
September's snapshot shows some accounts have either upped their bonuses or dropped them entirely. The best-paying accounts from June and July are still in the running, but the landscape does shift month to month. This is why checking the live offers page regularly matters — what was the best deal three weeks ago might have changed.
The interest-bearing accounts remain roughly stable, which makes sense; current account interest rates don't move as sharply as cash bonuses do.
One trend worth noticing: more accounts are conditioning bonuses on maintaining balances for extended periods. Gone are the days when you could quickly grab a bonus and move on. Banks have tightened their terms, which means you do need to actually use the account, at least for a while. This isn't a disaster — just something to factor into your planning.
Making the Decision
If you're thinking about switching, here's my advice for September 2020:
If you've never switched before, pick one of the £1000-£1500 bonuses. Yes, the conditions are stricter, but you'll earn real money for doing something you'd probably do anyway. Use the eligibility checker to make sure you actually qualify before you apply — rejection slows everything down.
If you've already switched once, you can be more tactical. Look at stacking a secondary account (smaller bonus, less friction) alongside maintaining your primary account. Or plan a primary switch for next month if nothing compelling is available today.
If you're chasing interest, focus on the accounts offering 2%+ with no monthly fee. These are rare, but they exist. Factor in any conditions — minimum deposits, minimum payments in — and do the maths over a year.
If you're thinking about how stoozing works as a complementary strategy, remember that opening a new current account for switching is separate from your stoozing setup. Switching is about the current account bonus. Stoozing is about best 0% cardss earning interest elsewhere. They're separate tactics but work beautifully together.
Common Questions
Do I lose anything by switching? What about my overdraft?
No, you don't lose your overdraft (unless you choose to not maintain one). Most banks will calculate a new overdraft limit for you based on your income and credit history. Sometimes it's smaller, sometimes bigger. The switching service guarantees that if you had an overdraft before, you'll have one after — though the exact amount might change. Your credit report might show a hard credit check when you apply, but this is standard and won't materially damage your score.
What if I don't meet the conditions for the bonus?
Don't apply. If a bonus requires you to pay a minimum amount monthly and you can't reliably hit that, you'll forfeit it. Banks are strict about this. Check the eligibility criteria carefully using the eligibility checker before committing. It takes two minutes and saves you the hassle of being rejected or losing your bonus later.
Can I switch back to my original bank if I change my mind?
Yes, but not immediately. The cooling-off period is designed to let you switch away, not back. However, there's nothing stopping you from switching away again after 30 days to your old bank if it still offers a bonus. This is less common, but it happens. The real restriction is that you can't do it during the cooling-off period — you're locked in for 30 days.
Will switching hurt my credit score?
Switching itself won't. Banks do a hard credit check, which shows up on your credit file, but this is expected and doesn't damage your score significantly. You might see a tiny dip, but nothing material. If you're worried about credit score impact before a mortgage application, our credit score guide has more detail.
What's the best strategy for maximising switching income?
Plan three to six months ahead. Pick your first switch based on the bonus size and conditions you can actually meet. Once that cooling-off period expires (30 days), plan your next switch. If you're strategic, you can generate £1500-£2000+ annually just from switching, without any real risk. Add in interest from decent-rate accounts and some stoozing, and you're looking at a genuinely useful income stream.
The September offers are solid. Nothing revolutionary, but there's real money on the table if you're willing to do the admin. Pick an account, check your eligibility, and make the switch. You've got nothing to lose and quite a bit to gain.