Independent Bank is offering a $50 gift card for opening its free checking account. This special is not listed at the bank's website. It was advertised in the Sunday's Memphis newspaper. The ad is available online here. One thing to note is that the only apparent requirement for the bonus is new money to open the account. There is no mention of direct deposit. The free checking account requires an opening deposit of $100, but there are no minimums after account opening and no monthly fees.
In addition to the checking account bonus, the bank also has a decent CD promotion with a 5.25% APY 5-month CD.