We were forwarded a pretty sweet CD rate promotion from BankVibe.com reader John this week. Apparently a website called GiftsforBanking – powered by iGoBanking – is giving away a range of gifts for opening a new bank CD with them online. Once funded, you’ll get a catalog of gifts to choose from depending on your deposit amount. The deposit amount is broken up into the following increments: $5k to $10k, $10k to $25k, $25k to $50k, $50k-$100k, and $100k to $250k.
The gifts range from a $25 iTunes gift certificate to a 32GB Apply iPad, but the CD rates accompanying the promotion are nothing to get excited about.
Current CD Rates from GiftsforBanking:
(rates accurate as of Feb 2011)
- 2 year CD going for 1.00% APY plus gift
- 3 year CD going for 1.25% APY plus gift
- 5 year CD going for 1.75% APY plus gift
(The current national average for bank CD rates – 6 mo CDs yielding 1.10% APY and 5 year CDs yielding 2.27% APY)
How Do I Get My Gift?
After you have opened and funded your account, you will receive an email with a personalized link to this catalog containing all the gifts you are viewing today. You will be requested to choose your gift and fill out the required shipping information.
Terms and Conditions:
- Annual Percentage Yields (APYs) are in effect as of 01/20/2011.
- There is a substantial penalty for early withdrawals, including the value of the gift chosen.
- The value of all gifts will be considered as interest on your account for tax purposes in the first year the account is opened.
- A 1099-INT statement for the gift amount (including applicable sales tax and delivery costs) will be issued.
- Additional expenses may be incurred for delivery of gifts outside the Tri-State area.
- Please allow up to eight weeks for delivery of gifts.
- Photos of gifts may not be exact model.
- GiftsforBanking.com reserves the right to make gift substitutions of comparable value and assumes no liability for any defects in, or consequential damages relating to gift items.
- The warranty is the sole responsibility of the manufacturer.