Nationwide to pay customers with at least £1,000 in account

Nationwide has told new customers it will pay them cash for signing up to one of its accounts. The building society will hand £175 to those who open an account, as long as they move at least £1,000 into it.

The offer is part of an effort to lure in new customers from rival banks. Those who move the sum into the new account should get the £175 cash boost by early November if they sign up now.

It's the latest cash-switching offer available from one of the big banks. A number of others are running similar deals, with households wanting to make some extra cash being advised to check them out.

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Changing banks can be an easy way to make some extra money. The Nationwide deal was among those highlighted by the team at Martin Lewis' Money Saving Expert (MSE).

They said it was good time for switchers at the moment due to the number of offers available from banks. Others include £200 from Lloyds, £180 from NatWest and £175 from First Direct. All have different conditions customers have to follow in order to get the money.

MSE said: "Free £180 just for switching account, but it mightn't be around long (luckily there are three others). NatWest Reward's free £180 is the latest to join the bank switching fray, meaning there are now four big upfront switch-bonus payers.

"This is especially useful to regular switchers as you usually need to be a new customer and not have had a switch bonus from them before to qualify. All pay out well before Christmas (provided you get your skates on to meet the switch criteria)."