E*Trade has a generous promotion for its checking accounts. By setting up a checking account, doing a couple of online bill payments, and establishing a monthly direct deposit over $1,000, one can reap a reward of $175. This deal sounds better than the $20 offer from VirtualBank, $75 offer from NetBank and $150 offer from CitiBank.

Of course, always read fine prints before you try it out. A minimal of $2,000 is required for Value Checking after six months (and $5,000 for Complete Checking) to avoid monthly charge. Also, E*Trade does not pay interest on the minimal amount, and pay much lower interest than competition.

The fine prints:

1. The $175 offer applies to E*TRADE Bank Complete and Value checking accounts. To receive the $75 checking account offer, you must open a new E*TRADE Bank checking account with an initial deposit of $1,000 or more in new funds. The $75 will be credited within 30 days of account funding and will be reported as interest income. Offer limited to one new account bonus per customer every six months. Offer expires 6/30/04.

2. The Complete Checking minimum balance requirement of $5,000 and the Value Checking minimum balance requirement of $2,000 are waived for the first six statement cycles. Afterwards, a monthly service fee of $15 for Complete Checking and $10 for Value Checking will be charged for accounts that do not meet these minimum balance requirements.

(This post is part of PFBlog Product Review series. Check out more reviews here.)