Just recently, BBVA Compass and SmartyPig formed a partnership, and BBVA Compass seems to be taking full advantage of it. They just posted a new promo on SmatyPig’s main website, and this promo has to do with a $150 bonus for every checking account opened at BBVA Compass. This isn’t a bad deal at all of you’re looking for some immediate freebies just to enroll an account.

Just in case you want the word from the horse’s mouth, you can also check the promotion page. We’ve found out, though, that you don’t get your $150 right away. As in other checking account bonuses, you get the $150 bonus in parts when you:

• Enroll a Buy to Order Checking Account through the net
• Apply for a Direct Deposit account from your payroll, which earns you $75
• Enroll your account to the checking accounts Online Bill Pay, which earns you $25 a month, for three months. According to the fine print, you also have to pay at least five bills for each month to earn your bonus.

Unless you’re iffy about being strapped down to these terms, this can actually be considered the best checking rewards account, at least in the areas where the bank has branches. Unlike their partner SmartyPig, Compass Bank isn’t offering its account nationwide. This particular checking account is only available in states where the bank has branches. So far, this includes TX, NM, FL, CO, CA, AZ, and AL.

This offer might end soon according to the CSR. Take note that this is being offered exclusively to households which are applying for the checking account for the first time. The BBVA is a pretty stable financial institution, which is federally insured under FDIC Certificate # 19048.