Update: This Key Promotion has ended. Refer to this discussion for new iPod touch promotions.
- Open a Free Student Checking Account with Debit Card
- Open a No Annual Fee Credit Card
- enroll in Free Online Banking and Online Statements
All package requirements must be met by 9/26/08. The value of the iPod nano will be reported on Form 1099-INT.
Only high school and college students are eligible for this checking account. Minimum opening deposit is $50. The early closure fee is $25 if closed within 180 days of account opening. The checking account has no monthly maintenance fees and minimum balance requirements.
You can apply at a KeyBank branch or online. However, based on the online application, it appears you have to live in a state where they have branches. This includes the following states: AK, CO, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.
Key Bank seems to do an iPod deal each summer. I've reported on ones in July 2007 and in July 2006.
According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR last year.
KeyBank has been FDIC insured since 1956 (FDIC Certificate # 17534).