May 2022’s bank account news & round-up

The latest news to help you get the most from your bank account.

Here’s my monthly update sharing changes for leading UK current accounts, as well as some of the relevant articles you might have missed on the blog.

May’s bank account update videos

For a more detailed update, watch these videos from my YouTube channel.

May’s current account news

Latest bank switching deals

Since last month’s update, a number of deals have ended and only one new offer announced. Virgin Money now offers 20,000 Virgin Points for switchers that can be used for wine, activities, flights and even sausage rolls… Here’s my full analysis.

One offer ending soon is the £125 for switching to Halifax’s Reward account whether you’re a new or existing customer. Here are all the details.

Ongoing deals with no set deadline (though they could go any time) are from Nationwide and First Direct.

You can switch multiple times (all at once or one after the other), just be aware of the impact on your credit score.

This month’s bank switch offers

• Barclays Premier – “£200” Avios switch bonus
• Co-op – £50 refer-a-friend offer
• First Direct – £150
• Halifax – £125 (ends 9 May)
• Nationwide – Up to £125 switch bonus
• Virgin Money – 20,000 Virgin Points

The best bank switch bonuses

Check out our list of all the bank switch offers you can get when opening a new current account

Santander reduces opening hours

Most months I’m telling you about bank branch closures, but this time it’s news that from the end of July 2022 Santander will close branches at 3pm Monday to Friday, and if open on a Saturday it’ll close at noon. You’ll be able to make later appointments in some branches if you do it in advance.

Linked savings improve (again)

Though this is my current account update, it’s worth noting that some of the best savings rates are reserved for those with current accounts. Following improvements from Natwest, Santander and Nationwide, it’s now the turn of First Direct to take the lead, with a 3.5% paying regular saver (more on this here).

Featured bank switch deal

Our top pick

Santander £200 switch offer + £25 Amazon Gift Card

Customer rating 3.7/5

• Switch bonus

  £200
• Offer ends

  Unknown
• Extra bonus

  £25 Amazon Gift Card

• FSCS Protected? Yes
• Switch bonus requirements Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch
• Deposit requirements Deposit £1,500 in the first 60 days from opening the account
• Direct debits transferred over Set up two Direct Debits before or after the switch from a selected list of household bills
• Existing customers? Can't have held any Santander current account on 1 January 2025
• Restrictions Can't have received a switching bonus from Santander already, offer limited to once per person
• Eligible accounts Open a new or hold an existing Everyday, Edge, Edge Up or Edge Explorer current account
• £25 Amazon Gift Card requirements To qualify for the gift card, you need to complete a full switch using CASS and make five debit card transactions by 31 December 2025

View Deal

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My top current accounts for May 2022

I always think it’s worth having more than one current account (find out why here) and here’s my run-down of the top accounts to have this month.

1. Best account for everyday banking – Starling (review)
2. Best account for everyday spending – Chase (review)
3. Best account for bills – Santander 123 Lite (review)
4. Best account for rewards – Halifax Reward (review)
5. Best account for 0% overdraft – Nationwide FlexDirect (12 months only) (review)