bank current accounts - money for opening an account

Has anyone opened an account recently with Lloyds TSB where you get £50 paid into your new account and 4.00% if you pay in a minimum of £1000 every month and log onto the internet banking at least 3 times in 3 months?
It almost sounds to good to be true, are there any catches? ie, do you have to stay with the bank for a specified period of time or anything like that?