We're halfway through May, and if you're anything like most people, you've probably been too distracted by lockdown deliveries and homeschooling chaos to check whether your money is actually earning anything.
But here's the thing: now is when you should be doing a proper financial health check. Not because you want to, but because interest rates are falling fast, savings accounts are becoming less generous, and the offers available in May won't be there in August.
This spring, your savings might be working against you rather than for you. Let's fix that.
Why Spring Matters for Your Savings
It's May 2020, and we're in strange economic times. The base rate has been slashed, inflation is jumping around, and banks are quietly pulling their best savings accounts off the shelves.
If you've been sitting with your money in a regular savings account for the past six months earning 0.5% interest, you're actually losing money in real terms. That's not a strategy—that's a slow fade.
Spring is the perfect moment to:
- Review what your current accounts and savings are actually earning
- Lock in better rates before they disappear completely
- Pick up bank switching bonuses while they're still generous (we're seeing offers up to £1,500 right now)
- Set yourself up with a regular saver account before summer, when banks trim their rates
It takes about an hour of work. You could earn £100 to £250 just from switching. Why wouldn't you?
The Spring Savings Audit
Start here. Open your banking app and write down:
Your current account interest rate: Most current accounts are paying nothing, or maybe 0.1%. That's not a health check—that's a dead account.
Your savings account rate: If it's below 1.5%, you're behind. In May 2020, there are absolutely accounts paying better than that.
Your regular saver account rate: If you don't have one, you're missing out. Regular savers are paying 4-5% right now on deposits of £50-£200 per month. That's genuinely hard to find in this environment.
How long you've been with your current bank: If it's been more than 18 months and you haven't switched, you've probably left £500+ on the table from bonuses alone.
Now pull up our live offers page. compare bank bonuses what you're earning to what's available.
If there's a gap, you've just found your spring project.
Three Quick Wins This Month
Win #1: Bank Switching Bonuses (£100–£250)
We're in a sweet spot for switching right now. Banks are competing on bonuses in a way they haven't for a while.
You could move to a new bank, get a switching bonus of £150–£250, and end up with a better interest rate on your current account too. The switch itself is protected by the Current Account Switch Service—it takes 7 working days, and the bank handles everything.
Here's the reality: if you haven't switched in the past 18 months, you're statistically leaving hundreds of pounds on the table.
The catch? Some bonus offers require a minimum deposit or a certain number of direct debit guides. Check before you apply. Our switching guide walks you through the terms.
Win #2: Regular Saver Accounts (3–5% on up to £200/month)
If you're sitting on cash and can commit to saving £50–£200 a month, a regular saver account is where your spring money should go.
These accounts lock in a fixed rate and give you a guaranteed return that beats almost anything else right now. They're not flashy, but they work.
The trade-off is that you can't touch the money without losing interest—but that's exactly why they work so well. You're paying yourself first, and the bank is rewarding you for the discipline.
Win #3: 0% Credit Cards for Stoozing (1–2% on spending you were going to do anyway)
This one's counterintuitive, but if you're usually paying off your credit card in full, a 0% card could turn your May spending into earning.
Here's how it works: you put your spending on a 0% card, stick the money that would have gone to the credit card company into a high-interest savings account, and earn the interest. When the 0% period ends, you pay off the card in full.
You're not spending more. You're just earning interest on money you were spending anyway.
It sounds dodgy, but it's completely legitimate, and thousands of people do it. We've written a full guide on how stoozing works if you want the detail.
The Bigger Picture: Why Interest Rates Matter
You might be wondering why we're being so aggressive about this in May. Aren't things supposed to improve later?
The answer is no—probably not.
Interest rates are on a downward trend. The Bank of England base rate is already at 0.1%, and it's likely to stay there. Banks are using that as an excuse to drop savings rates further. In the next few months, you'll see offers get worse, not better.
If you find a regular saver account paying 4% in May, that's your interest rate for the rest of the year. Locking it in now means you've secured it before rates drop further.
That's not pessimism. That's reality.
A Spring Financial Health Check in Five Steps
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List your current accounts and rates. Write down what you're actually earning.
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Visit our offers page and compare. See what's available to you right now.
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Use our eligibility checker. Some offers have employment, income, or credit score requirements. Check before you apply.
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Calculate your potential gain. If you found an account paying 2% instead of 0%, how much would that earn you on your savings over a year? That's your real number.
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Make one change this week. Either switch banks, open a regular saver, or set up a 0% card. Just pick one and do it.
Most people will earn £100–£250 from switching. Some will earn more by combining bank switching, regular savers, and stoozing together.
The time to act is now, while the offers are still generous. In August, you'll wish you'd done this in May.
Common Questions
Can I switch banks if I'm in overdraft? You can usually still switch, but some banks have minimum balance requirements for their best offers. Check the terms before applying. If overdraft is the issue, focus on getting that cleared first—that'll have a bigger impact on your finances than switching anyway.
Do I need to close my old account when I switch? No. The Switch Service moves your payments across for you, but you keep both accounts. Close the old one once you're sure everything's working on the new one (usually after a month). That gives you time to catch any missed payments.
What if I've just switched? Am I locked in? No. There's no penalty for switching again after 12 months. Some people do multiple switches a year to keep earning bonuses. Just make sure you understand the cooling-off checker period rules for each bank—usually you need to wait 12 months before you can switch out and keep the bonus.
Can I use a 0% card if I'm not sure I can pay it off? Honestly? No. Stoozing only works if you're disciplined. If you're not guaranteed to have the money to pay off the card when the 0% period ends, you'll get hit with interest and it'll cost you. Only do this if you're confident you can clear it.
Should I put all my money in regular savers? Regular savers lock your money away (usually for 12 months), so only commit what you can afford to lose access to for a year. Most people use them alongside a standard savings account for flexibility. The combination works well: regular saver for committed monthly savings, instant access for emergencies.
Ready to act? Start with our switching guide to understand the process, then check our offers page to see what's available to you today. A spring financial health check isn't glamorous, but it could put £100–£500 in your pocket by summer.