If you've been paying attention to personal finance during lockdown, you've probably heard the phrase "never leave free money on the table." The trouble is, most people treat these three income streams separately: they'll do a bank switch here, maybe try a best 0% cards there, stick some money in a saver account, and call it done.
But what if I told you that combining these three strategies—properly sequenced and timed—could turn a modest income boost into something genuinely significant?
Let me be clear: I'm not talking about complicated financial engineering. I'm talking about a straightforward, tax-efficient system that anyone can implement. And right now, in May 2020, the timing is actually quite good.
Why Combine All Three?
On their own, each strategy delivers respectable returns:
Bank switching gets you a one-off bonus—typically £100 to £1,500 depending on the bank and what you're switching from. Last month, the big offers were hovering around the £1,200 to £1,500 mark.
Stoozing—using a 0% interest credit card to earn interest in your savings account—can generate £200 to £400 per year if you've got decent capital and access to a high-interest savings account (yes, they still exist, though rates are falling).
regular saverss give you a fixed, guaranteed rate on modest monthly deposits, often 5% AER or higher, but only on amounts you're putting in regularly.
On their own, they're good. Combined strategically, they become powerful.
Here's why: they operate on different timescales and reward different behaviours. A bank switch happens once and pays out. A regular saver locks you into monthly deposits for usually 12 months. A 0% card needs a chunk of capital to work. When you sequence them right, you get:
- Immediate cash from switching
- A guaranteed rate on your regular deposits
- Interest earnings on larger capital you've accessed via 0% credit
- Minimal downtime between switches
- The ability to keep money working simultaneously across all three channels
In other words: you're not waiting around. Your money is always in motion, always earning.
The Three Strategies, Briefly
Let me assume you're not completely new to any of this, but a quick recap won't hurt.
Bank switching involves moving your current account to a different bank, which typically triggers a switch bonus within 7-10 days. You keep your account open for a qualifying period (often 3 months) to keep the bonus, then you're free to move again. Check our switching guide for the mechanics.
Stoozing is using an interest-free credit card—usually 15-20 months 0% on purchases—to borrow money, deposit it into a savings account earning real interest, and pocket the difference. You pay off the card before the 0% period ends. It works best with larger sums and requires discipline. Read more at our guide on how stoozing works.
Regular savers are specific savings accounts that reward you for depositing money every month. You deposit a fixed amount (usually £50-£300), and the bank pays a high interest rate—often 5-7% AER—on the balance. The catch: you have to stick to the monthly deposits, and you usually can't withdraw without losing the interest.
The Strategy: How to Stack Them
The key is timing and sequencing. You want to be switching, stoozing, and saving simultaneously, but in a rhythm that keeps each one working for you.
Here's the framework:
Months 1-2: Big Switch + Stooze Setup
Pick your first bank switch from our live offers page. Aim for one with a bonus of at least £1,000—this gives you real working capital. In May 2020, you've got several options paying £1,200 to £1,500.
Once the bonus lands (usually within 7-10 days), don't spend it. Instead:
- Open a separate savings account paying decent interest (not your main bank).
- Apply for a 0% credit card with a long interest-free period (aim for 18+ months on purchases).
- Once approved, withdraw the credit limit (or most of it) and deposit it into the savings account.
- Set a transfer reminder to your stooze account to earn interest on both the bonus and the credit card money.
You're now earning interest on roughly £3,000-£4,000 without spending a penny. At current rates (even with the recent base rate tracker cut), that's £50-80 per year just sitting there.
Months 2-3: Regular Saver Activation
Now, open a regular saver account with a different bank than your current account. These accounts typically require you to deposit £50-£300 monthly and reward you with 5-7% AER on your balance.
The trick: use the bonus money from your switch (or top it up with your own cash) to fund your first few months of deposits. You're hitting the 5% AER rate on money that would otherwise be earning nothing.
Example: If you deposit £150 per month for 12 months into a 5% saver, you earn roughly £45-50 in interest, plus you've got £1,800 safely locked away.
Months 3-4: Plan Your Next Switch
Most banks require a qualifying period (usually 3 months) before you can switch again without damaging your credit score significantly. So after 3 months with your first switch, start researching your next one. Check our offers page for what's available.
Here's where stoozing gets clever: if you've got the stooze credit card still running with a balance, you can keep it working while you switch. The credit card interest is separate from your current account. You switch to Bank B, pocket the bonus again (another £1,000-£1,500), and add that to your stooze account. Now you're earning interest on a larger pool.
Months 4-12: Rinse and Repeat
You're now in a rhythm:
- Switch every 3-4 months, adding bonuses to a dedicated savings pot
- Keep the stooze card running in the background, earning interest for you
- Deposit to your regular saver monthly, building up a fixed-rate pool
- Pay down the stooze card gradually as interest accrues in your savings account
By month 12, you've done 3-4 switches (£3,000-£6,000 in bonuses), earned £100-200 from stoozing, and locked in £50-100+ from your regular saver.
Total: £3,150-£6,400 in pure earned income.
Real Example: Sarah's Year
Sarah starts in May 2020 with £2,000 saved and access to decent credit.
May: Switches to Bank A (£1,500 bonus). Opens a 0% card, borrows £3,000, deposits to a savings account earning 0.8% AER. Starts a regular saver at Bank B with £150/month at 5.5% AER.
August: 3 months complete. Switches to Bank C (£1,200 bonus). Now has £4,700 earning interest in her stooze account. Continues regular saver deposits.
November: Switches to Bank D (£1,000 bonus). Stooze balance now £5,700. Has contributed £450 to regular saver, earning roughly £12 in interest so far.
End of Year:
- Switch bonuses: £3,700
- Stooze interest (on average £4,500 over 8 months at 0.8%): ~£30
- Regular saver interest (12 months of £150 at 5.5%): ~£50
- Total: £3,780
Plus, she's got £1,800 locked in the regular saver and £5,700 in her stooze account that she can use again next year or pay off the credit card with. It's not a loan—she's borrowed money, earned interest on it, and will pay it back before the 0% period ends.
Timing, Tax & Cooling-Off Periods
A few things to watch:
Cooling-off periods: When you switch banks, you get a 14-day cooling-off period. Don't use it. You want the switch to complete. More detail in our cooling-off guide.
Tax on interest: Interest from savings and stoozing is taxable if it exceeds your Personal Savings Allowance (usually £1,000 for basic rate taxpayers). However, switch bonuses are usually tax-free. Keep records.
Switch speed: Don't switch more than once every 3 months initially. Credit checks stack up, and lenders get nervous. After 6 switches, slow down or take longer gaps.
The stooze payoff: Your 0% card period will end. Before it does, make sure you've got enough interest earnings to pay off the balance, or use savings to settle it. This is the most important rule.
What Happens When Rates Drop Further?
We're in May 2020. Interest rates are historically low. The regular saver rates you see now (5-7%) won't last forever. The 0.5-0.8% you earn on savings accounts is also pretty grim.
That said, this combination still works. You're not relying on interest rates to be amazing—you're relying on three different income streams that reward different behaviours. Even if rates drop to 3% on regular savers and 0.3% on savings accounts, your switch bonuses are still worth the same, and stoozing still works if you've got the discipline.
Common Questions
Can I switch with a joint account? Yes, but both account holders need to meet the bank's criteria. Check with the specific bank, as rules vary.
What if I don't get approved for a 0% credit card? Skip the stoozing element. The switch bonuses and regular saver alone will still give you £1,500-£2,500 per year. You don't need all three to make this work.
Do switch bonuses count as income for benefits or tax credits? Usually no—they're not treated as income in most cases. But check with HMRC if you're claiming means-tested benefits, as it can vary.
Will this damage my credit score? Multiple applications do show on your credit file, but switching itself doesn't hurt your credit. You might see a temporary dip, but it recovers within 3-6 months. More in our credit score guide.
How long can I keep doing this? Theoretically, indefinitely. Practically, after 4-5 switches in a year, banks start to become cautious. Most switchers find a sustainable rhythm of 2-3 switches per year after the initial year.
The key takeaway: these three strategies aren't separate tactics. They're part of one bigger system that rewards patience, planning, and a bit of basic maths. If you've got the capital and the discipline, you can genuinely earn £3,000-£5,000 per year without taking any real risk.
Start with one strategy if you're nervous. But once you've done your first switch and opened a regular saver, stoozing becomes almost obvious—it's the next logical step.
Check our offers page to see what's available right now, and use our eligibility checker to find banks that'll accept you.
Then stack, stooze, and save. Repeat.