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Nationwide has announced it will pay out new £175 bonus payments.

The cash will be handed out to new customers who join the building society from a rival bank.

It's the latest major high street name to launch a cash-switching deal in a bid to lure in new customers.

READ MORE: Nationwide, Lloyds, NatWest and Santander customers can claim £175

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They have been shown to work, drawing in tens of thousands for Nationwide of new customers last year eager to get their hands on the free cash.

And finance experts say the offers are worth considering as they are an easy way to make some extra money.

For those concerned moving banks will be a hassle, they add it has never been easier to move over direct debits

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