Competing for your deposits

DEAR HARRY: I have a friend who says he just got $600 for opening five new bank accounts. This guy also opens new credit cards in return for additional miles for flying. I didn't believe him on the mileage, but he showed me that it can be done. Is there any truth to the statement regarding the banks? Can you give me some direction?

WHAT HARRY SAYS: Most ofcoursely! For a variety of reasons, banks currently are competing for additional deposits and new accounts. Many are doling out rewards in dollars. As you would expect, they have conditions. Some require at least one direct-deposit per month. Others require check-drawing agreements. They ordinarily will have time requirements such as maintaining the account for at least a year. Then there is the nuisance factor involved in the opening process. If you do go for any of these, be sure to read all the fine print so you know exactly what your end of the bargain entails.

Here are a few banks to consider, among many: Chase, PNC, Citi, First Republic, Santander, TD and many credit unions. At the end of the required period, you can seek out new transfers to earn more cash.