From the Wachovia Bank website:

Open your Free Checking account in California and deposit a minimum of $500 by June 24, 2007 and receive a $75 bonus. Then receive a $50 bonus when you set up Direct Deposit within 90 days. With Free Checking from Wachovia, there are no monthly service fees, and no minimum balance or direct deposit requirements.

Unfortunately, the $125 promotion is only available to residents of California (CA).

Wachovia is also offering a top money market rate of 4.75% APY for new High Performance Money Market customers with balances of at least $25,000. This promotion is available through July 3rd. However, the rates on their online savings and CDs are not that high; look elsewhere for better savings and CD rates.

Wachovia Bank is FDIC insured up to $100,000, and has a 4/5 star review on BankRate.com.