Boxing Day gives us a perfect moment to pause, reflect, and look ahead. So let's talk money — specifically, what you've earned through strategic banking in 2022, and how to set yourself up even better for 2023.
It's been quite a year. Interest rates have climbed steadily, the cost-of-living crisis has squeezed household budgets, and banks have quietly made some decent switches and savings offers to tempt us. If you've been paying attention, you've likely earned something meaningful. Let's work out how much, and where the real opportunities lie ahead.
How Much Did You Actually Earn in 2022?
The honest answer? It depends entirely on what you've done. But let's break down the realistic scenarios:
If you've done a couple of bank switches: You're probably looking at £400–£800 in bonuses alone. At the start of 2022, most current account switches offered around £150–£200. By December, with interest rate hikes driving competition, we've seen offers like the £200 bonuses available through Gocompare bank bonuses. If you've switched twice in a year (perfectly normal), that's roughly £400 without lifting another finger.
If you've been stoozing: Here's where 2022 got interesting. Early in the year, you could grab a 0% purchase card with 20+ months interest-free. If you put £5,000 on that card and kept it in a savings account at even a modest 0.5%, you'd earn roughly £50 over the promotional period. Not mind-blowing individually, but add multiple cards? You're looking at £200–£500.
By autumn though, with interest rates rising (the Bank of England base rate hit 3.5% in December), regular savings accounts suddenly became more attractive. A 3% instant-access account earning you interest on your main stoozing funds? That changes the maths entirely.
If you've stacked all three: Bank switching bonuses + stoozing + regular savers = this is where people have genuinely earned £1,000–£2,000+. Some of you might be higher. The key is consistency throughout the year, not panic-switching in December.
The point isn't that everyone's earned thousands (you haven't, necessarily). The point is: have you earned something, and are you optimising for 2023?
What Changed This Year (And What's Changing Next)
2022 was the year interest rates stopped being a joke. At the start of the year, finding a savings account above 1% was a win. By December, you could get 3.5%+ on easy-access accounts without blinking. That's a massive shift.
Here's what that means for your strategy:
Regular savers became genuine earners. Banks like Chase and others have been offering promotional rates on regular saver accounts — often 3% or more if you're disciplined. In a cost-of-living crisis, that's real money. If you've managed to save £250/month into one of these accounts, you've earned interest that actually matters.
0% cards became less dominant. They're still valuable — don't get me wrong — but when a savings account is earning 3%, stoozing on a 0% card earning 0.5% in the bank is less attractive than it was when savings paid nothing. That said, if you can earn 3% in savings AND avoid spending by keeping money on a 0% card? Still worth it. You're just choosing your battles more carefully.
ISAs quietly became brilliant. The tax-free allowance of £20,000 means that if you've maximised a cash ISA this year, you've sheltered interest earnings from tax. For higher-rate taxpayers, that's real money back in your pocket.
Bank switching stayed consistent. The offers didn't explode, but they've remained stable. £150–£200 is standard. The cooling-off checker period rules still apply, and they're just as annoying as ever.
The 2023 Setup: What You Should Do Now
Here's the practical bit. If you haven't already, now's the time to make moves that'll give you a head start on 2023:
Move 1: Plan Your Switches Now (But Time Them Smartly)
If you switched in, say, September or October 2022, your cooling-off period likely ends in late January or February 2023. That means you can switch again in February or March — perfectly timed to catch new Q1 offers banks might launch, and set up for the new tax year in April.
Check your cooling-off dates with our switching guide. Knowing your exact dates lets you plan the next switch without guessing. A £200 switch bonus every three months isn't "get rich quick" — it's £800/year for literally moving money around.
Move 2: Maximise Your ISA Before April 5th
The tax year ends April 5th, 2023. If you haven't already, now's when you should be getting money into a cash ISA to shelter next year's interest from tax. With rates at 3%+, every pound in an ISA saves you tax on the interest earned — roughly 40p per £100 earned if you're a higher-rate taxpayer.
Better still: if you have a partner, they can do the same. That's £40,000 combined tax-free ISA allowance. Don't leave that on the table.
Move 3: Stack Your Regular Savers
If you have a job and receive regular income, a regular saver account is genuinely brilliant right now. Most require monthly deposits (typically £50–£250), and they lock you in for the year. The interest rates are often 3% or higher. That's actually competitive with inflation.
Set up two or three with different banks. Deposit the maximum each month. In 12 months, you'll have earned meaningful interest without taking any risk.
Move 4: Get Your Stoozing House in Order
If you've got 0% cards expiring in early 2023, start thinking about what happens next. Can you clear the balance? Can you move it to another 0% card? Or will you just pay it off and be done with stoozing for a while?
Don't panic. Just be intentional. Stoozing works best when it's planned, not when you're surprised by interest kicking in.
What About the Cost-of-Living Crisis?
Real talk: for many people, 2022 has been genuinely hard. Higher bills, higher prices, and the feeling that no amount of strategic banking can quite keep up with inflation.
That's fair. Bank switching bonuses and savings interest aren't a substitute for proper income. But they're also not nothing. If a £200 switch bonus helps you get through January, or if that extra 3% on savings means you reach an emergency fund goal, that's worth something.
The other thing: strategic banking becomes more important when money is tight, not less. Every bit of extra interest, every bonus, every avoided fee — it all stacks. That's the whole point of stacking switching, stoozing, and savers.
Common Questions
Can I switch banks multiple times in a year? Yes, completely. There's no limit on how many times you can switch (legally), though most banks have cooling-off periods of 30–60 days between switches on the same person. So realistically, you can do 3–4 switches per year without overlapping issues. Check the eligibility checker to see what offers you qualify for before applying.
Do I have to do direct debit guides to get a switch bonus? Most modern switch bonuses require at least one direct debit set up (or sometimes a salary payment) within a certain timeframe. It's annoying but standard. You don't have to keep the direct debit forever — many people set up a small, cheap one (like a charity donation) just to tick the box.
What's the tax situation on bank switch bonuses and savings interest? Switch bonuses aren't taxed — they count as gifts, not income. Savings interest is taxed, but you get a personal savings allowance (around £1,000 for basic-rate taxpayers). Anything above that is taxed at your marginal rate. ISAs shelter all of this from tax, which is why they're brilliant.
Will interest rates keep rising into 2023? No one knows for certain, but the odds are we've hit peak rates for this cycle. Most economists expect rates to plateau or even start falling through 2023. That means: lock in current high rates on fixed-rate savings while you can, but don't panic about regular savers becoming uncompetitive.
Can I get a better interest rate by switching banks? Often, yes. Banks frequently offer better rates to new customers than existing ones. You don't have to switch your main account to get a higher-rate savings account with another bank — many people keep a main account in one place and scatter "savings pots" across several banks to chase the best rates.
Looking Ahead to 2023
2022 taught us something important: strategic banking works. It doesn't solve everything, but it does stack up. Whether you earned £500 or £5,000 from switching, stoozing, and saving, you earned more than you would have by parking money in a current account paying nothing.
2023 is set up to be even more interesting. Interest rates are higher. Banks are competing harder for current account customers. ISA allowances reset in April. And the cooling-off period rules remain perfectly exploitable if you know what you're doing.
Start now. Check your current offers on our live offers page. Learn how stoozing actually works at /how-it-works. Plan your switches for January and February. Max out your ISA before April 5th.
The best time to plan a financial strategy was last year. The second-best time is right now.
Happy Boxing Day. Let's make 2023 count.