The bonus requires that you open the checking account with a minimum deposit of $50 within 30 days of registering for the offer. You must not have had a Compass personal checking account in the last 12 months. It's limited to one $50 gift card per household.
Compass Bank's Free Checking Account has several nice perks including free checks, refunds of ATM charges by other banks, no minimum balance requirements and no direct deposit requirements. According to the CSR, they don't do a hard credit pull, just a soft pull along with a TeleCheck report.
In addition to the $50 Gift Card bonus, Compass Bank also has a $25 refer-a-friend progam. When you refer a new client and they open a new personal checking account by December 31, 2006, you'll both receive a $25 card for purchasing gasoline. Here's the promotional page.
It doesn't look like you can be eligible for both the $25 gas card and the $50 Best Buy gift card since both have small print that states that it can't be combined with any other special offers. However, once you open the checking account, you should be eligible to refer friends and collect $25 referral bonuses. Your friends may not be too happy if they learn that you neglected to inform them about the $50 bonus.
Although you can apply online for a new Compass Checking account, you will still need to go to your local branch to complete the account opening process. Compass Bank has branches in Alabama, Arizona, Colorado, Florida, New Mexico and Texas.
Compass Bank is currently offering a decent 11-month CD that is currently paying 5.40% APY with a $5K minimum. This had been 5.50% APY just a week ago.