Irwin Union Bank is running a summer promotion where it is offering either a Sharp 22-inch HDTV LCD TV or a Flip MinoHD Mini-Camcorder for opening a personal 11-month CD with a minimum deposit of $20,000. The television is retailing for $300 on Amazon and the Camcorder is selling for approximately $200.
The offer is available nationally although the rates vary depending on geography. I checked the rates in Texas and Massachusetts and both were 2.01% APY. That's not bad as the top 12-month CD is currently paying 2.55% APY. It appears the offer will run until Irwin decides to end it as there was no end date on the information page.
A $300 gift is pretty hefty. As BestCashCow's bank bonus page shows, most bonuses are in the $50-$100 range. If you need a new television or mini-camcorder, this might be a deal to consider.
The CD can be opened online and funded via an ACH transfer. The rate locks when the application is submitted and the bonus will be sent 30 days after the account is opened and funded.
Safety and Soundness
Irwin Union Bank is actually chartered as two seperate banking entities: Irwin Union Bank and Trust, a state chartered bank under the laws of Indiana and Irwin Union Bank FSB, a Federally chartered bank. Deposits in either are FDIC insured and according to the site's FAQs, the bank will open the account at the bank that is "most convenient for you." You can call and specity which bank you'd prefer. Irwin Union Bank and Trust has 0 out of 5 stars at Bauer Financial (lowest) while Irwin Union FSB has 2 out of 4 stars (problematic).
Credit for the find goes to BankDeals.
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