Wachovia is offering a high money market rate: 4.75% APY for new customers of their High Performance Money Market account. The minimum balance required for this rate is $25,000. This promotion ends on July 3rd. However, if you’re looking for CD or savings rates look elsewhere, as their online savings rates and CD rates aren’t that high.
In addition to their money market promotion, Wachovia Bank is offering a $75 and $50 bonus if you open a free checking account with direct deposit:

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 Bank is FDIC insured up to $100,000, and has a 4 star (out of 5) rating on BankRate.com.