I agree, the phrase "1/4% loan rate discount" does not trigger anything. Are you saying they can choose one of those specials for the life of the account or per year? I don't know how you would track that.
We offer all 3 of those last items as a part of our club account except we do $100 off mortgage closing. We also offer a 1/4% CD rate bonus. These items are available as long as the customer has the account. They can have all of them any time they want. I would think any time a customer gets a mortgage loan you would want to give them $50 off, not just once. Just a thought.
It helps cross-sell checking accounts because when someone is taking out an auto loan, home loan, or CD, the bank employee can say "I can give you a rate discount if you'll move your checking account to our bank."
FWIW, I have done 1/4% loan discount coupons and my experience has been that no one gets very excited about them. It just doens't compete with what the car dealers are doing and it is hard for people to mentally quantify.
I always put "subject to standard credit approval" and "automatic debit from your checking required" on the coupon.