With the repeal of Reg Q in 2011, the prohibition on premiums in excess of $10 for non-interest bearing accounts also went away. Any cash or gift given in connection with opening, maintaining, adding to or renewing an account in excess of $10 is considered interest and must be reported on a 1099-INT, (If the customer gets to keep the piggy bank, it's retail value plus any shipping fees the bank pays must be included in the IRS reporting.)
See 1030.4(b)(7) The truth in savings disclosures must state:
The bonus being provided.
When the bonus will be provided.
The minimum balance to obtain the bonus.
The length of time funds must remain on deposit to obtain the bonus.
This information must also be included on any advertising that describes the bonus.