High street banking giant Nationwide is giving £175 to customers in January - as well as a host of other perks.

The building society is one of four big name banks and building societies which is still offering money to customers to get them to switch their accounts.

Bank customers are among the most loyal in any industry, with most people sticking with the first bank account they ever opened through most of their adult life.

But with switches being quick and painless in just seven days or less, and all direct debits being transferred over, it's actually really easy to change banks.

is offering customers £175 to switch from your current account to its FlexDirect account.

Not only do you get paid £175, you also get 5% interest on balances up to £1,500, as well as 1% cashback for 12 months, a 6.5% regular savings account and a free £50 overdraft.

If you max out the regular saver, that's another £85 interest on top of the £175 cash for a total of £260, plus the £50 overdraft for £310 in total.

The £175 switching bonus is available to anyone who hasn't had a Nationwide account or received cash from Nationwide since August 18, 2021.

To get the bonus cash, open the account online or via the app, or switch an account from a different bank (and move across two direct debits as well within 28 days), and make sure you pay in £1,000 within 31 days of the switch and buy at least one thing on a debit card.

Those who meet all the criteria will be paid £175 within 10 days, meaning you will get the money in January.

First Direct is also offering £175 to customers switching banks, while Santander is offering £150 and the Co-op is offering £75.

The deals could disappear at any time so those looking for a quick New Year cash boost to help heal their financial Christmas hangover are best advised to act quickly.

advises: "To qualify for switch bonuses you must complete a full switch of an old account using Current Account Switching Service (CASS) - you do this through the new bank you're switching to.

"Its switch guarantee commits to automatically moving across all payments, Direct Debits and standing orders to the new account, and closes the old one. It's also worth downloading a few years' statements from your old bank before switching - in case you need them in the future."