High street building society Nationwide is sending £175 to new customers for a welcome boost in time for Christmas.

Bank switching is big business right now, with both banks and building societies offering cash bribes to try to lure customers from rivals.

Current account holders tend to be the most stubborn around, with research showing most people have had their bank account longer than they’ve been in a relationship.

But those who are willing to break up with their bank and switch to Nationwide can get an instant £175 payment in time for Christmas.

To qualify for the cash boost, you need to switch a non-Nationwide account with at least two active Direct Debits.

Your non-Nationwide account will be closed when you switch as part of the automatic bank transfer service, and then you need to complete the switch within 28 days.

Within 31 days, you must pay in £1,000 into the account, pay for something at least once using your debit card, and then you’ll be sent the £175 directly into your bank account which is free to spend how you wish.

Nationwide said: “You can get £175 by switching to a FlexPlus, FlexDirect or FlexAccount.

“If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £175 if you log in to our internet bank. You'll still need to meet the other qualifying criteria for the offer.”

FlexDirect and FlexAccount both offer no monthly fee, while Flex Direct also offers a linked 1 percent cashback on daily spending and 5 percent interest savings account.

FlexPlus costs £13 a month, increasing to £18 from December, so isn’t as good a bet, but does include worldwide travel insurance, phone insurance and UK and EU breakdown cover, so could work out cheaper for you if you need those products and can cancel them elsewhere instead.

If you already have a Nationwide account and don’t qualify for this offer, Lloyds, Santander, Co-op and Natwest are all also offering bank switching bonuses of between £75 and £200 this month.