Read The Fine Print.

Have you ever opened a "Free Account" only to find out later that you have been charged? Always read the fine print. Many banks use promotional rates to bring in new customers, but there are strings attached. You get a good rate or a free account, but there are certain criteria that you must abide by. You may be required to open another companion account and keep a minimum balance. Direct deposit may be another. I remember opening Money Market accounts that had a fixed rate for 6 months, but required you to keep a minimum balance for 270 days. The rate, of course, returned to current market rates after the 6 months which was almost always lower and you paid a closing fee if you closed before the 270th day. So the great rate you received for the first 180 days is not so great once you average it out over the 270 days. There are other types of requirements as well. The list of things to look out for could include, direct deposit, additional accounts, regular usage, minimum or maximum balances and minimum time requirements. All this is acceptable if you are aware of it. Read the fine print on the flyers and ask lots of questions.