We just got tipped off on a very nice offer coming from Irwin Union Bank this morning by BankVibe reader Brad. After digging into this promotion a little further I have noticed that a few other blogs and financial websites are giving credit to this CD promotion as well. Here is what it involves…
From now until August 31, 2009 you can get a 22 inch HD LCD TV or an HD camcorder when you open a 11 month CD with a minimum deposit of $20,000. I have been told that this offer is available nationally but you will need to make a branch visit at some point to cash in on this sign-up bonus.
Irwin Union Bank does not offer one flat rate for this 11 month CD. You must first type in your zip code, then they will provide you with your local rate. After trying about a few dozen zip codes on the east coast, central US and west coast I found their 11 month CD rates to range between 1.75% APY and 2.60% APY.
After typing in “22 inch LCD HDTV prices” into Google I found that Amazon and Circuit City are selling it for $300.00. Remember that $300 is 1.50% of $20,000, so essentially whatever rate you receive from Irwin Union Bank add 1.50% to this rate and that is what you are basically getting.
Compare this promotion with other certificate of deposit promotions from our archives.
Our take: This is a decent promotion by Irwin bank if you happen to also be in the market for a new TV. For those that are interested in the television, you may want to skim through our top deposit rates for 12 month terms from our database. Interest rates in general are going to continue to fall. The FED has made it clear that they dont intend to raise rates again until at least 2014.