England's back in lockdown. The pubs are shut, the shops are closed, and you're staring at the same four walls you stared at in March. But here's the thing — last time around, a lot of people used that dead time to sort out their finances. And the ones who did are genuinely better off for it.
If you didn't get around to it first time, this is your second chance. Over the next 30 days, while you're stuck at home anyway, you can build a complete banking income system that will keep paying you long after lockdown lifts. We're talking about combining three strategies — bank switching, stoozing with 0% credit cards, and regular saver accounts — into one system that runs almost on autopilot.
This isn't theory. It's a week-by-week plan you can start today.
Why now, when rates are this low?
Fair question. The Bank of England base rate is sitting at 0.1%. Easy-access savings accounts are paying barely 1%. It feels like the worst possible time to care about savings.
But that thinking misses something important: two of the three strategies we're setting up don't depend on savings rates at all.
Bank switch bonuses are fixed cash payments. Whether the base rate is 0.1% or 5%, the bank pays you the same amount for switching. Regular saver accounts offer their own advertised rates — often 5% or more — regardless of what's happening elsewhere. Only stoozing relies on savings rates, and even there, you're setting up the infrastructure now so it's ready when rates recover.
Think of it like planting seeds in winter. The harvest comes later, but you need to do the groundwork now. And the switch bonuses? Those are cash in your pocket within weeks, not months.
Check the live offers page for what's currently available.
Week 1: The foundation
Everything starts with preparation. Skip this and you'll hit frustrating delays later.
Sort your direct debits
Most bank switch offers require you to have two or three active direct debits transferring across. If your current account doesn't have enough, set some up now. Charity donations from £1 per month work perfectly. A couple of low-cost subscriptions will do the job too. The key is they need to have processed at least one payment before you switch, so don't leave this until the last minute.
Check your credit file
Before you apply for anything — a bank account, a credit card, anything — you need to know what lenders will see when they look you up. Use one of the free services: ClearScore, Credit Karma, or MSE's Credit Club. Check for errors, make sure your address is correct everywhere, and confirm you're on the electoral roll. These things sound boring, but they're the difference between getting approved and getting rejected.
Research your first switch target
Use the eligibility checker to see which banks are likely to approve you. Prioritise banks that offer a regular saver account alongside the switch bonus — that way, one application gets you two income streams.
Don't just pick the highest bonus. Consider cooling-off periods (how long before you can switch away again), regular saver rates, and whether you actually meet the requirements. Some banks want a minimum monthly deposit of £1,000 or more. Others are more flexible.
Research 0% purchase cards
While you're at it, look at what 0% purchase credit cards are available. Use a soft-check eligibility tool so you don't leave a mark on your credit file. Pandemic lending criteria have tightened, so you might not get the longest 0% periods that were around last year, but 15-20 months interest-free on purchases is still achievable for many people.
Don't apply yet. Just research. We'll time the application carefully.
Week 2: Pull the trigger
Initiate your bank switch
Pick your target and apply. The Current Account Switch Service (CASS) makes this remarkably painless — they handle the transfer of all your direct debits, standing orders, and incoming payments. Your old account closes automatically. The whole process takes seven working days.
One tip: if you're paid by salary, tell your employer about the new account details. CASS will redirect payments for 36 months, but it's cleaner to update it properly.
For a complete walkthrough, use the switching guide.
Apply for your 0% card
With your bank switch submitted, now apply for the 0% purchase card. Space it a few days after the switch application — clustering credit applications on the same day looks desperate to credit scoring algorithms.
When the card arrives, immediately set up a direct debit for at least the minimum payment. This is non-negotiable. One missed payment can void your entire 0% deal and slap you with interest at 20%+ APR. Set it up on day one and never think about it again.
Open a dedicated savings account
You need somewhere to park your stoozing cash. Open a separate easy-access savings account — not your main savings, not your emergency fund. A separate pot, clearly labelled in your mind as "money I owe the credit card company." Rates are grim right now, but even 0.8-1% on money that would otherwise be earning nothing is free money.
This account is the engine of your stoozing operation. Treat it with respect.
Week 3: Activate everything
Your bank switch should be completing around now. Once it does:
Open the regular saver. If your new bank offers one (and you chose the bank partly for this reason), open it immediately. Set up a standing order for the maximum monthly deposit — often £250 or £300. This runs on autopilot for 12 months and pays out at maturity. At 5-6%, that's genuinely good money for zero effort.
Start stoozing. Begin using your 0% card for everyday spending. Groceries, fuel, subscriptions, takeaways — anything you'd normally pay for with your debit card. Each month, instead of that money leaving your current account, transfer the equivalent to your stoozing savings pot.
Collect your switch bonus. Most banks pay the bonus within a few weeks of the switch completing, provided you've met the conditions (usually funding the account and making a certain number of debit card transactions or direct debit payments). Check the specific terms — some require you to log in to mobile banking or register for online statements.
The numbers at this point
Let's say your switch bonus is in the typical range you'll find on our live offers page. Your regular saver is ticking along at 5-6%. Your stoozing pot is growing by a few hundred quid each month.
Even in the first month, you've already earned more from your banking than most people earn in a year. And you haven't really done anything complicated — you've filled in some forms and set up some standing orders.
Week 4 and beyond: The system runs itself
This is where the beauty of the approach becomes clear. After the initial setup, your monthly maintenance looks like this:
Five minutes: Check your stoozing savings balance is growing. Confirm the equivalent of your credit card spending has been transferred.
Five minutes: Glance at your regular saver to confirm the standing order went through.
Five minutes: Check whether your cooling-off period is approaching so you can plan the next switch.
Fifteen minutes a month. That's it. The system runs on direct debits and standing orders. You've automated the hard part.
Planning the next switch
Most banks impose a cooling-off period before you can switch away — typically 6-12 months, sometimes less. Mark the date in your calendar. When it arrives, start researching your next switch target. Each new switch potentially unlocks another regular saver, compounding your income streams.
Read more about how stoozing works to understand how the credit card piece fits into the longer-term picture.
When the regular saver matures
After 12 months, your regular saver pays out a lump sum — your deposits plus interest. You've got options:
- Reinvest into a new regular saver if you've switched banks and have access to a fresh one
- Add it to your stoozing pot to earn interest on a larger balance
- Take the cash if you need it — it's your money, after all
The smart move is usually reinvestment, because it keeps the flywheel spinning. Each payout funds the next round of deposits.
Managing the risks
Let's be honest about what can go wrong, because pretending this is entirely risk-free would be irresponsible.
The 0% expiry trap
The single biggest risk in this whole system. If you don't pay off your credit card before the 0% period ends, you'll be hit with interest at standard rates — often 20-35% APR. That will obliterate everything you've earned.
Set a calendar reminder for one month before the 0% period ends. On that date, pay the card off in full from your stoozing pot. No exceptions, no "I'll do it next week." This is the one thing you absolutely cannot be casual about.
Credit score impact
Each application — bank switch, credit card — leaves a hard search on your credit file. A few searches per year is perfectly normal and won't cause problems. But if you're planning a mortgage application in the next six months, pause new applications. Run the strategies you've already set up, but don't add new ones until after your mortgage completes.
Spending discipline
Stoozing only works if you don't spend more just because you have a credit card. The card replaces your debit card for the same purchases you'd make anyway. If having a credit card in your wallet makes you spend more, stoozing isn't for you — and there's no shame in skipping that piece and focusing on switching and regular savers instead.
Keeping track
With multiple accounts, cards, and maturity dates, things can get messy. A simple spreadsheet works brilliantly:
- Account name
- Type (switch / regular saver / stoozing pot / 0% card)
- Key date (switch bonus due / regular saver maturity / 0% expiry)
- Monthly action required
Update it once a month during your fifteen-minute check-in. Nothing fancy needed.
What this looks like after 12 months
A year from now — November 2021 — here's a realistic picture of where you could be:
- Two bank switches completed (with a third potentially lined up)
- One or two regular savers matured, with above-market interest earned
- A stoozing pot that's been growing for 12 months, even if the interest rate is modest right now
- A system that's running on autopilot, requiring minimal attention
- Total earnings in the range of several hundred pounds, depending on which offers you've taken
And if savings rates improve — which they will eventually — your stoozing returns will increase automatically because the infrastructure is already in place.
The point isn't to get rich from banking. The point is to extract every pound of value from accounts and products that exist specifically to be exploited this way. The banks budget for these bonuses as customer acquisition costs. If you don't claim them, that money simply stays in their marketing budget. You might as well take it.
Getting started right now
You're reading this during lockdown. You have time. You have wifi. You have everything you need to spend one afternoon setting up a system that pays you for the next 12 months and beyond.
Start here:
- Check your eligibility for current switch offers using the eligibility checker
- Browse the live offers page to see what's available right now
- Read the switching guide if this is your first switch
- Learn how stoozing works before applying for a 0% card
The hardest part is starting. Everything after that is just standing orders and calendar reminders.
Common Questions
Can I do this if I'm furloughed or on reduced income? Absolutely. Bank switching doesn't require a minimum income — though some accounts want a certain amount paid in each month, plenty don't. Regular savers have low minimums (often £25/month). Stoozing actually works with whatever you're spending — even if that's less than usual right now. Reduced income doesn't disqualify you from any of this.
What if I already switched banks earlier this year? Check whether your cooling-off period has passed. If it has, you can switch again. If not, focus on the other two strategies while you wait. Open a regular saver with your current bank if you haven't already, and get a 0% card to start stoozing. You don't need to do all three simultaneously from day one.
Do I need to pay tax on the earnings? Potentially, but probably not. Basic-rate taxpayers get a £1,000 Personal Savings Allowance for interest income. Bank switch bonuses are usually classified as miscellaneous income and fall under your £12,500 Personal Allowance. For most people running this system, the amounts won't trigger any tax liability. But if you're already earning significant savings interest, it's worth checking. We've covered the details in our tax guide.
Is my money safe? Yes. Bank deposits (including switch bonuses and regular savers) are covered by the Financial Services Compensation Scheme up to £85,000 per banking group. Your stoozing savings pot has the same protection. As long as you stay under the limit per institution — which is overwhelmingly likely — everything is protected.
What if I get rejected for a 0% credit card? Run the other two strategies without it. Bank switching and regular savers don't require a credit card. Meanwhile, build your credit score — register on the electoral roll, keep existing credit utilisation below 30%, and make sure all your accounts have consistent address details. Try again for a 0% card in six months. Even without stoozing, switching and regular savers alone can generate a meaningful amount each year.