I did a different checking account promotion last year at Compass Bank. That one rewarded a $50 Best Buy gift card for opening a checking account with a minimum $50 deposit. I did receive the gift card without any problems. One negative is that I did received two hard credit inquiries at Transunion.
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. Note, the ATM refunds are not automatic. You have to mail in your receipts. Also note, they have a high $38 overdraft fee.
Compass Bank's savings accounts don't have much to offer in my opinion. The interest rates are very low and they have minimum balance requirements to avoid fees. The Basic Savings Account requires $500 minimum balance to avoid a $9 quarterly fee.
So if you keep $500 in the savings account to avoid the fees over one year, you'll lose out about $25 of interest that could have been earned if the money had been in another savings account earning 5%.
Another thing to note is that you must visit a local Compass bank to set up the automatic transfers. Compass Bank has branches in Alabama, Arizona, Colorado, Florida, New Mexico and Texas.
So this promo is not a great deal, but if you're looking for a free checking account with free checks, this is a decent deal.
Credit for finding this deal goes this Slick Deals thread.
Another checking account promo that's still available is a $200 bonus at Citibank. Please see this post for more info.