The summer deals continue!

If you haven’t yet picked up an iPhone 5, but have been eyeing Apple’s flagship smartphone for some time now, Walmart is swooping in with one of the better iPhone 5 deals around. Starting yesterday, the retailer has officially slashed prices on Apple’s 16GB iPhone 5 from $190 to $130 – a $60 savings.

It’s not quite as good a deal as the Best Buy promotion we reported earlier this month, where the retailer was handing out free 16GB iPhone 5 smartphones as part of a trade-in promotion for one’s older iPhone 4 or iPhone 4S. The success of the single-day promotion(Opens in a new window) prompted Best Buy to rekindle the discount for the time period between June 21 and June 30 — a working iPhone 4 or 4S nets a user a credit of up to $150 for the trade-in and, combined with a $50 instant rebate for the 16GB iPhone 5, makes the iPhone (essentially) free.

Of course, a few strings come attached to all of these deals. For both Walmart’s and Best Buy’s price cuts or promotions, those looking to take advantage of the reduced prices will have to sign up for the typical two-year service agreement with AT&T, Verizon, or Sprint. Additionally, Walmart’s prices aren’t available online – you’ll have to physically walk into a retail store to score the price cut.

If the iPhone 5 isn’t exactly your cup of tea, Walmart has also knocked a bit off the price off the iPhone 4S, dropping it from $90 to $40 – just under half the original cost of the device. The same rules apply for two-year service agreements, so don’t be expecting to just waltz in and out of the retail store sans contract in hand.

And if, for whatever reason, you happen to live in that one percent of the country that isn’t served by a Best Buy or Walmart, you can also take advantage of a smartphone promotion(Opens in a new window) that AT&T’s currently running. Buy any smartphone between $0.99 and $199.99 and you’ll get half off the cost of the device (with a standard two-year service agreement, of course).

AT&T’s deal drops the price of the 16GB iPhone 5 to a cool $100 – not as good as Best Buy’s deal, but it’s better than Walmart’s. Again, though, there’s another catch: If you don’t elect to make use of AT&T’s deal online, and instead try to get half-off at an AT&T retail store, you’ll have to trade in your current smartphone to score the cheaper prices for your new device.