Provident Bank is giving away $123 for new Provident Checking Account holders if you open before March 31st, this is the easy three step process:

• Step 1: Choose and open your checking account, plus order your FREE MasterMoney™ debit card.
• Step 2: Sign up for Direct Deposit.
• Step 3: Start using your new account and get $123.

Terms & Conditions:

* Provident Bank will award $123 to personal checking customers that open a new Totally Free, Regular, Interest or Platinum checking account between February 2 and March 31, 2009 that have direct deposit and an active Provident MasterMoney™ debit card by April 30, 2009. Customers that enroll in Provident Bank’s Power Points debit card rewards program by April 30, 2009 will receive 500 bonus points by May 31, 2009. Limit one per household. Employees and their families of Provident Bank and its subsidiaries are not eligible for this offer. Minimum opening deposit of $25 is required for all personal checking accounts. Checking account Annual Percentage Yields as of January 21, 2009: Interest: .10%; Platinum .25%. Yields may vary after account is opened and may vary by branch location. Fees can reduce earnings. The cash award will be deposited into qualifying personal checking accounts in good standing on or about May 31, 2009. The maximum award for this promotion is $123. Customers will be responsible for applicable taxes. Offer valid for limited time and cannot be combined with other promotional offers.

Bank Deals recently posted a hot new checking promotion from Provident Bank, it’s a $100 checking account bonus when you open a checking account by November 21st, 2008 and meet some other conditions. You will also need a direct deposit and a MasterMoney debit card by 12/31 and the money is yours. Your best bet is to use their Totally Free Checking – minimum deposit to open is $25 and there is no balance requirements or maintenance fees.

Provident Bank also runs Providentdirect, an online bank account that offers 3.75% APY, so you could pair it up with that.

Guess who has just joined the online high yield savings account market? The Provident Bank of Massachusetts has with Bank Provident Online, their new internet division offering 3.30% APY guaranteed until 2009 (which is only the next 5 months).

3.30% isn’t the highest rate, HSBC Direct offers 3.50% APY interest rate until August (with no mention of the rate afterwards), but they are covered by FDIC and DIF. DIF stands for Depositors Insurance Fund and it’s a private insurance fund that insures all deposits above the $100k FDIC limits.

Hat tip to Bank Deals for the find.