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Nationwide is handing out £175 for free to people who sign up to its latest switching initiative. The bank is paying customers who switch through its Current Account Switch Service.

Members have from September 18 to sign up and can receive other benefits from the bank, such as the £100 Fairer Share Payment.

Last year, Nationwide returned over £1 billion to eligible members through its £100 Fairer Share Payment and Big Nationwide Thank You payment, while this year it paid over £400 million through Fairer Share.

Britain’s biggest building society has seen a net 1.03 million customers join it since the Current Account Switch Service launched in 2013 – close to four times that of its nearest rival.

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