iGOBanking is now offering some pretty decent gifts along with their competetitive CD rates to open a CD. They have just launched a new website called giftsforbanking.com that showcases the gifts they provide. The type of gift you'll receive depends on the amount of money you deposit into the cd as well as its term.
I took a look at some of the gifts and they weren't bad. There are still many consumer electronic products, harkening back to the days when banks gave away toasters and televisions to get your money. But there are also some nice trips. If you deposit $100,000 for 5-years some of the gifts include a luxury trip to Hawaii, a getaway to Aruba, or an entertainment system with a 47" plasma screen and a Bose sound system. Lesser amounts and terms get smaller gifts but they're not bad. A $25,000 investment in a 2-year cd provides choices of 26" HDTV or a Trek mountain bike among other comparable options.
Their CD rates aren't bad either. Until last week, their 5-year CD was at the top of the BestCashCow rate tables. The rate has since dropped but it is still competitive. Other terms are also competitive. This is not a bank trying to compensate for bad rates by providing some gift packages. The rates stand on their own.
If you close the CD before the maturity, you will need to refund the bank the cost of the gift along with any relevant shipping charges.You'll also have to pay an early withdrawal penalty. The gift will be reported as income and you'll receive a 1099.
The gifts themselves are provided by a third-party. This is common but it will require that your name and mailing address be sent to the third party so that they can fulfill the offer.
Thanks to Ellen for letting us know about this offer.
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