The new promotion code is MVR4. More details and a scan of the offer is at this FW thread. From the thread, it appears the best way to open the account is by phone at the number listed in the scan (1-866-335-1229).
It should be noted that many people reported problems in receiving the bonus from the previous promotion as indicated by this FW thread. I also know a friend who has yet to receive the bonus after many calls. However, several people have reported success with this promotion.
The Citibank EZ Checking Account qualifies for this deal and has the lowest requirements to avoid fees. These include either maintaining a $1,500 combined average balance during the statement period, making 2 bill payments, or direct deposit. The $1,500 balance can be met with the e-Savings account which can be opened once you have a checking account. The e-Savings account currently pays 5.00% APY (see post).
If you don't have a Citi credit card, there are a few that you can get which offer cash back and a sign-up bonus. Refer to this FW thread.