After some more digging, it looks like this is a promotion. I checked three sites (related to the same company but with slightly different info by the way) to find this out. So, probably not a good choice. 
Yea I'm always cautious of those type of promotions. They have to be at least $100 to make it worth my while (a la the savings account bonuses at Chase, Discover, Citi, and HSBC, and previously the 5% interest at NetSpend and Brinks). I used to have accounts that required 12 POS transactions, online statements, and direct deposit (Sacramento Credit Union, Tri Counties Bank, and Umpqua Bank) that offered 2-4% interest. I would make 12 ~$1 transactions on my phone, tv, or internet bill. These accounts worked out great for awhile. However, the interest rates and balance limits kept getting lowered. Eventually, the accounts were no longer offered or not worth the effort. That's why I switched over to Chase for my normal checking and Ally Bank for savings. I keep around $5k in my checking account (after all bills are paid using future-dated transactions to monitor the working balance) and push all excess into my savings account. As my savings account has been growing due to house down payment savings, I've began chasing checking and savings account bonuses.
