If you want to make money by switching current accounts, you will have to act fast.

First Direct and Santander are pulling the plug on their respective £125 and £100 plus £30 Amazon vouchers cash back offers on February 12, while Halifax's £100 incentive will no longer be available after February 19.

But should you be rushing to switch your current account to take advantage of these offers? And if so, which of the current accounts with incentives offers the best value for you?

We have gone over each of the deals with a fine-toothed comb to ensure that you make the right decision.

What do the different deals offer?

Towards the end of last year, MoneySupermarket joined forces with First Direct to reward its users with an exclusive offer of £125 cashback - available to anyone switching to the bank's 1st Account, which requires funding of at least £1,500 a month.

The overdraft terms of the account are relatively attractive with an arranged overdraft rate of 15.9% as well as a £250 overdraft buffer to protect against penalty charges.

Account holders also have access to a Regular Saver account paying a massive 8%. In fact, First Direct is so confident that you will like the account that it is offering a further £100 to anyone who decides to switch away after the first six months.

However, it may not be a good choice for those who spend most of their time in credit as no interest is paid on account balances.

If that is the case, you may be better off with the Halifax Reward Current Account, which gives customers paying in at least £1,000 a year a bonus of £5 a month, and is one of the accounts offering a switching incentive of £100 - paid on the day the account is opened - until February 19.

The overdraft charges on the account are daily fees of £1 for arranged credit of up to £2,500; £2 for arranged credit beyond that amount and £5 for unauthorised debts.

The Santander Preferred Current Account is also a good option for those who spend most of their time in credit - for the first year at least. Its features include credit interest of 5% on balances of up to £2,500 for the first 12 months, as well as a switching incentive of at least £100 cashback, plus £30 worth of Amazon vouchers (exclusively for MoneySupermarket users) until February 12.

If you are an existing Santander mortgage customer who has, or can, deposit at least £10,000 in a Santander savings account as well, then you could even get £300, plus the vouchers.

You must, however, pay in at least £1,000 a month to qualify, while the bank recently increased its overdraft charges.

The account still offers a free overdraft of up to £2,500, depending on circumstances, for the first 12 months. But after that time, customers with arranged overdrafts over and above the new £12 buffer zone will now pay £1 (up from 50p) a day, capped at a maximum of £10 a month. The in-credit interest rate also plunges to a much less attractive 1% after the first year.

How do you go about switching?

If you want to switch your current account, then the first step is to approach the bank or building society that you want to move to.

It will then contact your existing account provider before sending you a list of regular transactions such as direct debits and contacting the companies concerned if you want them transferring to the new account.

In many cases, it will even inform your employer of the account change.

Kevin Mountford, MoneySupermarket's head of banking, said: "Many people are put off switching by the perception that it can be a complex process.

"But the reality is that nowadays switching is fairly easy, with many banks having dedicated switching teams."

The main reason for this is that current account providers are keen to have your business - hence all the switching incentives available.

It therefore makes sense that they will do their best to ensure that the move goes as smoothly as possible.

Potential pitfalls

However, if the companies to which you pay direct debits or standing orders, for example, fail to respond to the new bank's notification, you may find that one or more payments continue to be taken from your old account.

Consequently, it is sensible to leave a sum of money in that account for a month or so to ensure that you do not incur charges should this happen.

What will be the best deals left on the market?

While the Halifax switching incentive is a limited offer that will finish on February 19, the offers available from First Direct and Santander will continue - just in slightly diminished forms.

The First Direct incentive will return to the lower level of £100, while those taking out the Santander account will no longer get the Amazon vouchers.

However, that will not change the fact that these market-leading accounts both offer great value for money for different types of customers, it will just make them that little bit less appealing.

If, however, you miss the incentive deadlines or are looking for something else from your account, then it is also worth taking a look at Nationwide's Flexaccount.

Its main advantage is that it offers exclusive access to its market-leading Visa debit card, which gives you low-cost overseas spending (foreign withdrawals cost just £1 a time) and 0.5% cashback on all UK sterling purchases.

As long as you pay in at least £750 a month, it also offers a three-month interest-free overdraft and free European travel insurance, making it even more attractive for those who travel a lot.

It's also worth noting that FlexAccount customers will qualify for Nationwide's Select credit card which is market-leading for balance transfers and purchase. For more details read Les Roberts' Focus On: NEW purchase credit card offering 0% for 18 months.

Downsides to the account include that it offers no in-credit interest and charges a whopping 18.9% on arranged overdrafts after the first three months.

Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct