Tampa Bay Bank Giving Away New Benz with 5 Year CD – Really!

May 13, 2012 No Comments »

"free car with bank deposit"Ok, so we’ll get to the catch right away – you need to open the deposit with $1 million.

The former “Community Bank” of Tampa Bay, Florida, is now rebranding themselves as “C1 Bank” and have issued this promotional offer as a grand-opening bonus….and to get themselves a little media attention.

The deal may not be all it’s cracked up to be though.

When you break down the annual percentage yield for this 5 year deposit it actually sits slightly below the national average at just 1.20% APY. On a 5 year CD, this comes out to a total of $61,294.04 in earnings on a $1 million deposit over the 60 month period – just enough for your pick of a Mercedes-Benz SLK350, SLK350, E350, ML350, or E350 Convertible.

You can actually choose any model of Benz that you’d like but if it exceeds the $61k mark (for precisely $1 million deposits) you’ll be stuck paying the difference. Also, don’t expect to be able to take the cash rather than the car either. C1 Bank has already inked the deal with Crown Eurocars in St. Petersburg, so you’ll need to sell it yourself if you’d rather have the cash (undoubtedly undercutting your earnings even further!).

This offer is available to residents in the state of Florida only! Stop by one of C1 Bank’s 19 locations with your Florida state issued ID to learn more about this offer.

Our take:

Dont look at this as anything other than a 5 year jumbo CD yielding just 1.20% APY. The fact that you can’t get the cash, or even your choice of auto-maker for that matter, make this offer seem like a lot of smoke and mirrors with little actual value.

To put the offer in further perspective, the current national average on 5 year deposits sits at 1.50% APY while the highest yielding 5 year CDs from our database sit well above the 1.20% mark at 1.80% APY.

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