I first reported on this promotion in January. In March Compass was offering a $50 gift card sign-up bonus that didn't require the automatic transfers and the one year wait. I did this $50 promotion last year and received the gift card without any problems. One negative is that I did received two hard credit inquiries by Transunion.
The free checking account no longer includes free checks. There is still no minimum balance or direct deposit requirements. Also, ATMs are still free with unlimited rebates of other banks' ATM fees. However, the rebates are not automatic. You have to mail in your receipts.
Compass Bank's savings accounts don't have much to offer in my opinion. The interest rates are very low and you have to be careful of monthly fees. According to the Compass website for Texas, the basic savings account requires $500 minimum balance to avoid a $9 quarterly fee.
Compass Bank also has a decent CD promotion. In most states it's offering a 5.25% APY 8-month CD with a minimum deposit of $5,000.
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.
Compass Bank is FDIC insured (FDIC Certificate # 19048).