Yup, absolutey it works. I've bought them off eBay before and gotten these bonuses.
I'd look around for a $300 checking + $200 savings, and then just do the checking. The savings usually requires a $10k or $15k deposit for 90 days, and your money is better spent chasing better account bonuses.
It's not a hard pull for the bank accounts. I don't know if it's a soft pull or a ChexSystems inquiry, but it doesn't really matter much so long as it's not a hard pull on your credit report.