You've got about nine days left. After April 5, the current tax year disappears forever, taking your £20,000 ISA allowance with it. If you haven't made your final banking moves, here's what you need to know.
March is the forgotten month of banking strategy. Everyone talks about January's fresh starts and November's pre-Christmas pushes. But March? March is where last-minute savers, switched-on switchers, and anyone paying attention to their tax position makes their final moves. And if you've been sitting on the sidelines, there's still time to move.
What You Can Actually Do Right Now
The clock is ticking, but you're not out of options. Let me be clear about what's still possible in these final days.
Bank switching: If you start a switch today (March 27), the Faster Payments Service means money should arrive within a day or two. That's cutting it fine, but it's doable. Just know that the actual switching process often takes longer — most banks aim for five working days, but it can stretch to ten. So if you're switching for a bonus, you need to get moving now.
The current offers are respectable. Starling is offering £300 through uSwitch. Get is offering up to £150. NatWest, First Direct, and several others are at £150. Even TSB has a £25 offer if you're just looking for something quick.
Here's what matters: once you've switched, you've got 14 days to change your mind. That's the cooling-off checker period. But your switch bonus usually only counts once the cooling-off period expires. So if you switch today, your 14 days run through mid-April. Your bonus clears after April 5, technically in the next tax year.
Wait — does that matter? Not really. The bonus itself is often counted as a gift, not interest income. But check the T&Cs with your bank. Some bonuses are treated differently for tax purposes.
ISA allowance: This one's genuinely urgent. You can't carry over unused ISA allowance. If you've got £20,000 left to use (or £40,000 for a couple with a joint ISA), you've got nine days to move it somewhere tax-free. The good news is that money transfers quickly between accounts. If you've got cash sitting in a regular savings account, you can move it to an ISA today and it'll settle within 24 hours.
Where should it go? That depends on rates. Check our live offers page for the best instant-access ISAs right now. If you think rates are going to rise (many people did expect this in March 2022), a fixed-rate ISA might appeal, even if the initial rate is lower.
regular saverss: This is where most people miss out. Regular saver accounts often have much better interest rates than easy-access savings accounts. We're talking 1-2% AER on regular savers versus 0.25-0.5% on easy-access. That matters.
If your account accepts standing orders, you can set one up for early April and it'll trigger the interest in the new tax year. The rates you lock in now apply to money paid in April. It's a small edge, but it counts.
Stoozing: March is actually interesting for 0% credit cards. If you're currently running a stoozing balance (money you've borrowed at 0% and stashed in a savings account earning interest), the end of the tax year means your interest earnings finalize.
Here's what to check: if your 0% card is coming to the end of its interest-free period soon, you've got a decision. Either pay it off before the card starts charging interest, or move to a new card before your credit score takes a hit from utilisation. Moving to a new card in late March gives you another 12+ months of interest-free borrowing, depending on the card's terms.
The Numbers: What You Could Actually Earn
Let's get specific. Let's say you're a couple, and you've both got some moves to make.
Scenario one: Bank switches only
Person A switches to Starling (£300). Person B switches to NatWest (£150). Total: £450.
That's not fancy, but it's quick and it's real. The switches settle within a few days. You've both used the best available offers.
Scenario two: Switches plus ISA top-up
Same as above, but you've also realised you've still got £10,000 of ISA allowance to use. You move it to a fixed-rate ISA at 1.75% (realistic for March 2022 fixed-rate offers). That's £175 in interest over a year, tax-free.
Year total: £450 bonuses + £175 interest = £625.
Scenario three: Full toolkit
Person A switches (£300). Person B switches (£150). You've both topped up ISAs with £10,000 each at a fixed-rate ISA (1.75%). You set up regular savers paying £200/month starting April at 2% AER.
ISA interest: £10,000 × 1.75% × 1 year = £175 each = £350.
Regular saver interest over the year (assuming compound): roughly £24.
Bonuses: £450.
Year total: £824.
This isn't get-rich-quick money. It's not. But it's utterly reliable, completely legitimate, and available to most people.
The Cooling-Off Period Problem (And How to Use It)
Here's where people get confused. You've got 14 days to change your mind after switching. The bank usually doesn't pay your bonus until that 14 days is up.
Why this matters in March: If you switch today, the cooling-off period expires around April 10. Your bonus clears after that. Technically, it's in the new tax year (2022-23).
Should you worry? No. Bank switch bonuses are almost always treated as gifts for tax purposes, not interest income. The tax treatment doesn't change based on when the money arrives. But double-check your bank's terms if you're concerned.
What actually matters: Don't switch if you think you'll want to switch back. The whole point is to get your money into an account that works for you long-term. If you're just switching for the bonus, you're going to end up paying fees, missing interest, and losing money overall.
The Forgotten Tool: Direct Debits
Quick mention: some of the best switch bonuses require you to set up a direct debit guide. Utilities, phone bills, subscription services — whatever. The bank wants proof you're genuinely switching, not just gaming the bonus.
If you're starting a switch now and need to prove you've set up a direct debit, pick something cheap to justify. A £5/month subscription service works fine. You can cancel after a few months once the cooling-off period is over.
Common Questions
Can I still open a new account on March 27? Yes. Most banks process account openings within 24 hours. Getting paid a bonus quickly is another question — it might not arrive until mid-April.
What if my switch doesn't complete by April 5? The actual switching process doesn't need to complete by April 5. Your bonus is usually based on when you apply, not when the switch completes. So apply now.
Does stoozing interest get taxed in the tax year I earned it, or the year I withdraw it? Tax year you earn it. If you earned interest in March 2022, it's taxable in 2021-22, even if you don't touch the money until 2022-23.
Can I top up an ISA after April 5? No. ISA allowance is use-it-or-lose-it. After April 5, that £20,000 is gone. But you get a fresh allowance on April 6.
Is it worth switching just for the bonus? Only if you're genuinely moving to a better account. Chasers who switch every month lose money to fees and pay interest eventually. Switching is valuable when the account itself is better — better rates, better features, better service. The bonus is a bonus, not the point.
The truth is, March isn't too late. You've got days, not hours. Most of what actually works in banking happens in weeks, not minutes. If you're reading this today, you've still got time to:
- Apply for a switch and collect a bonus
- Top up your ISA allowance before it vanishes
- Set up a regular saver for April
- Move any 0% stoozing balance to a new card if your current deal is ending
Pick one or two of these. Do it today. Don't wait for April 5 to be a missed opportunity.
Check our switching guide for the full switching process, or if you're unsure whether you're eligible, try our eligibility checker. And for a full breakdown of how stoozing works and whether it's right for you, check our how stoozing works guide.
Common Questions
Can I do a bank switch in less than a week? The Faster Payments Service can move money within a day. But the actual switching process takes longer — typically 5-10 working days. If you start today, it might complete by early April. The bonus usually pays after the 14-day cooling-off period, regardless of when the switch completes.
What happens to my old account after switching? Banks are required to close it within 30 days, though they usually do it within a week. Any outstanding direct debits are moved to your new account automatically. Just check they've all moved correctly.
Can my partner and I both get the same bonus? Yes. Each person is a separate customer. You can both switch to Starling and both get £300 (or whatever the offer is). You can't get it twice yourself, but as a couple you can definitely stack bonuses.
Is a fixed-rate ISA or easy-access ISA better right now? That's up to you. Fixed rates in March 2022 are typically 1.5-1.8%. Easy-access rates are 0.5-0.75%. If you think rates are going to rise (and they were expected to in 2022), fixed-rate locks in your return. If you think you'll need the money, easy-access is safer.
Will switching affect my credit score? Yes, slightly. Each new account is a hard credit check, which shows up on your file. But a bank switch doesn't hurt as much as other types of credit. And if you're only doing one or two switches per year, it's not a major concern. Just don't do it 12 times a year.