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Competitive 11-Month CD and a $300 Bonus Gift at Irwin Union Bank - Nationally Available

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Irwin Union Bank has a promotion in which you can receive either a Sharp 22-inch HDTV LCD TV or a Flip MinoHD Mini-Camcorder for opening a personal 11-month CD with a minimum deposit of $20,000.

The promotion used to have other account options including personal checking and money market accounts. But this morning they removed these as eligible accounts. Now, the CD is the only personal account that's eligible for the bonus.

When I called today, I was told that people in any state can apply online for this personal CD. A business checking account and money market account are still eligible, but these require a branch visit. The promo is scheduled to run through August 31, 2009. But as we learned today, they're free to change the terms at anytime.

The best gift appears to be the TV which is selling at Amazon for about $300. The Camcorder is selling for $200. According to the CSR, the value of the gift reported on the 1099 will be between $250 and $275. The CSR also said that they'll mail you the gift free of charge.

For certain areas the 11-month CD is very competitive even without the free gift. Rates vary by zip code. The best rate that I could find as of 6/17/09 is 2.61% APY for zip codes in Orange County, California. Below is a list of rates for several cities. Note, rates can vary considerably even within the same state. Also, the rates are subject to change daily until you submit the application. When you enter your zip code at the promo page, please leave a comment about what rate applies to your city.

11-Month CD rates as of 6/17/09

2.61% APY, Costa Mesa, CA (92626)
2.41% APY, Las Vegas, NV (89128)
2.35% APY, Albuquerque, NM (87109)
2.22% APY, Louisville, KY (40222)
2.21% APY, New York, NY (10001)
2.21% APY, Miami, FL (33111)
2.21% APY, San Francisco, CA (94101)
2.21% APY, San Diego, CA (92101)
2.09% APY, Phoenix, AZ (85016)
2.07% APY, Columbus, IN (47202)
2.01% APY, Chicago, IL (60606)
2.01% APY, Dallas, TX (75205)
2.17% APY, Reno, NV (89521)
2.16% APY, Saint Louis, MO (63105)
1.90% APY, Sacramento, CA (95833)
1.83% APY, Kalamazoo, MI (49008)
1.78% APY, Salt Lake, UT (84101)

Important promotion details listed in the small print of the promo page includes:
  • New money deposits only
  • Early withdrawal penalty on Certificate of Deposit (CD) will be an amount equal to 91 days interest on the amount withdrawn plus $500 for costs associated with the promotional gift.
  • The TV or camcorder gift will be provided to the client within 30 days of qualifying account opening
  • Irwin Union Bank may report to the IRS the value of any gift and any applicable taxes are the responsibility of the recipient ($250-$275 according to CSR)
There are not many details about the CDs listed on the website. Below are some details I received from the CSR:
  • CD can be funded with an ACH transfer from an existing bank account
  • Rate locks at the time when the application is submitted
  • Beneficiaries are allowed
  • Grace period at maturity is 10 days
  • They accept instructions to close the CD via their secure email service
  • At maturity, you can receive the funds via an ACH transfer back to the original account used to fund the CD
For those who prefer to open at a branch, Irwin Union Bank branches are located in Arizona, California, Indiana, Kentucky, Michigan, Missouri, Nevada, New Mexico, Utah and Wisconsin.

Credit for this find goes to Fatwallet member mail9139 who posted it in this FW thread.

The bank has been FDIC insured since 1934 (FDIC Certificate # 10100). Note, there are actually two Irwin Union Banks with different charters. The one with Certificate # 10100 is Irwin Union Bank & Trust Company. The other one is Irwin Union Bank, F.S.B. (FDIC Certificate # 57068). Both are part of the bank holding company, Irwin Financial Corporation.

The bank has been hurt by its home equity loans in western states, and it's not in the best financial shape. Its financial ratings for safety and soundness are weak:
  • Irwin Union Bank and Trust (IN, NV, MI, UT): 0 star (lowest) at BauerFinancial and 2 stars (below peer group) at Bankrate.com
  • Irwin Union Bank. FSB (AZ, CA, IN, KY, MO, NV, NM, WI): 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com
Please note that FDIC insurance does not guarantee bonuses. Some readers lost their sign-up bonuses when NetBank was closed by regulators and NetBank accounts were acquired by ING Direct.

Other Bank Bonuses and CDs

Related Pages: CD rates

Related Posts

Comments
39 Comments.
Comment #1 by Karawynn (anonymous) posted on
Karawynn
2.01% APY, Seattle, WA (98101)

1
Comment #2 by Anonymous posted on
Anonymous
Is this safe? will there be a hard pull?

1
Comment #3 by Anonymous posted on
Anonymous
2.01% APY, New Haven,CT

1
Comment #4 by Anonymous posted on
Anonymous
2.01% in Cincinnati, Ohio 45242

1
Comment #5 by Anonymous posted on
Anonymous
2.01% APY Anacortes, WA

Do the math on this one by comparing the total interest on a $20k 2.5% 11 month CD vs. 2.01% and your net cost for this Sharp 22" HDTV is $90 -- before taxes of course. Not too bad of a deal.

On Amazon it sells for $299.

Sounds like these guys do a credit pull. Can't tell if it is a hard or soft pull. But, since I have a credit score 800+, not a big deal if it is a hard pull:

From FAQ:

Irwin Union Bank verifies identification and submits new account applications to a Credit Bureau background check. By applying for a new account, each account applicant consents to Irwin Union Bank obtaining a credit report and verifying his or her background information. Irwin Union Bank reserves the right to not open an account that has inconsistencies found in the information provided on the account application, from the background check, or if substantial derogatory information exists in a credit investigation.

1
Comment #6 by Anonymous posted on
Anonymous
2.01% APY Urbana, IL. 61801

1
Comment #7 by Anonymous posted on
Anonymous
2.21 APY, Denver, CO

1
Comment #8 by Anonymous posted on
Anonymous
2.01 % El Paso, Tx 79912

1
Comment #9 by Anonymous posted on
Anonymous
Brilliant. One neat way to get around the FDIC restrictions on interest rates for banks that are less than well capitalized ... have a bonus gift instead!

1
Comment #10 by Anonymous posted on
Anonymous
This bank was built in the "breadbasket" (Columbus IN) and has almost destroyed itself expanding into the western states... Zip code rates ?? Near Zombie Status in my book...

1
Comment #11 by Anonymous posted on
Anonymous
Here in NE TX, the APY is 2.01. If you add the cost of the TV (low balled at $285), the APY would be 3.57.

I applied last night (soon after the post appeared) and again this AM....both times the transaction could not be completed. For some odd reason, my address (the same one I've used for 3 1/2 years on 30+ CD's....at least half via the net) triggered some sort of security mismatch issue. They have been helpful (have been in contact with me twice this AM) in trying to sort this out, so we'll see.

The girl said this has become a popular CD (yeah, bank guy!), and I asked if they had run out of the TV's. She laughed and said they have had to re-order them. I have looked on numerous retail sites, and it appears that almost all of them are out of stock. I don't know how this will affect them being able to deliver on their promise of "provided to the client within 30 days of qualifying account opening".

1
Comment #12 by Anonymous posted on
Anonymous
"Here in NE TX, the APY is 2.01. If you add the cost of the TV (low balled at $285), the APY would be 3.57."

That applies only at the base deposit of $20K.

1
Comment #13 by Anonymous posted on
Anonymous
Philadelphia 2.01%

1
Comment #15 by Anonymous posted on
Anonymous
I applied yesterday pm, after reading the post from Banking Guy.
2.21% in Central CA.
The online application went smoothly and I received an e-mail telling me, the signiture card would be mailed at once. (took about 10 minutes)
$20K 11 Mo CD, 2.21% APY, decent rate+ FREE TV.

1
Comment #16 by Kevin (anonymous) posted on
Kevin
How come there is no information on the MMIA? If I were to go into a branch to open it, I wonder how much they say I would have to deposit to be eligible for the TV. It clearly states 20k for the CD.

1
Comment #17 by Anonymous posted on
Anonymous
MMIA = $10,000.00 @ 0.94 %

Go to
https://www.irwinunion.com/iub/summer_promo/index.jsp

and click on the Business tab.

1
Comment #18 by Anonymous posted on
Anonymous
Oops...scratch that MMIA interest rate...that's for NE TX.

Also, fyi...the minimum for the checking account is $5K.

1
Comment #19 by Anonymous posted on
Anonymous
NE TX here, giving Irwin Union Bank, and the very courteous and helpful Debbie, high marks all the way around.

Unlike a couple of other recent CD attempts that left a whole lot to be desired, after an initial hang-up having to do with an address question, this outfit worked with me (actually, they did the work) and contacted me throughout the day assuring me they were trying to resolve the situation (mine was not any big deposit....just a few dollars above the CD $20K minimum).

I just got off the phone with Debbie, and we completed the application via ACH funding from another account.

Without prompting, she added that they would be sending me all the necessary materials, the details for setting up my online account, and that my HD TV would be shipped to me either via UPS or FedEx within 30 days of account opening.

I am quite pleased with their operation, and hope their financial troubles are resolved...they are worth doing business with IMO. Plus, I have been waiting to buy a new 22" HD TV!

Bank Guy, and the FatWallet source; thank you!

1
Comment #20 by Anonymous posted on
Anonymous
Just completed online for CD 20K 11 month 2.01% in TX.

However it did not give a choice for whick free gift? Did I miss something?in

1
Comment #21 by Anonymous posted on
Anonymous
"Did I miss something?"


Call this number tomorrow:
1-866-604-7946

1
Comment #22 by Anonymous posted on
Anonymous
The application process appears to do a credit report pull because their system did not approve my online application (I applied with someone who has no loan or credit card history), so the Experian, Trans Union, or Equifax report would not be available. The online CSR said that she could do nothing further since their system controls what is approved. Anyway, after doing the math, the free TV is not that good of a deal for my situation. If I applied on my own (which should be no problem), then I would have to pay out 1/3 to income taxes and also pay 1/3 of the reported value of the TV. For a $20,000 deposit, that comes out to around $200 in additional income taxes. For that price, I could buy a TV online and put the money into a higher yielding savings account instead. The TV offer is better if it was truly free.

1
Comment #23 by Jeff (anonymous) posted on
Jeff
Has anyone received their online ID and password via snail mail? I'm +10 business days since I opened my CD and they pulled the money via ACH the next day. I've received nothing from Irwin except for one junk mail about getting a debit card with a pic on it.

1
Comment #24 by Anonymous posted on
Anonymous
Same thing here, Jeff.

1
Comment #25 by Anonymous posted on
Anonymous
Same thing.....I plan on contacting them on Monday....I'll post when I do.

1
Comment #26 by Jeff (anonymous) posted on
Jeff
I received my welcome kit in the mail today (including a receipt for the CD). Letter says that ID and password will be another 5-7 days.

1
Comment #27 by Anonymous posted on
Anonymous
They haven't responded to an e-mail I sent over the weekend, but my intro pack arrived today as well.

I inquired in my e-mail about the arrival date of the gift (the Sharp HDTV they seem to be promoting appears to not be available yet anywhere), so I hope to get that info soon.

1
Comment #28 by Anonymous posted on
Anonymous
Subject: Substitution of TV Model

Here's an e-mail I got today from Irwin:

Thank you for opening a new account with Irwin Union Bank in conjunction with our HD Summer Deposit Promotion. Due to the popularity of this offer, the demand for the 22” Sharp TV has exceeded the supply available from the manufacturer. An LG brand 22” High Definition LCD TV (gloss black frame/Model number 22LF10) is being offered to you as an upgraded substitution. While the price difference between the two models is $30.00 more for the LG TV, you will receive the LG model as your new account opening free gift. The LG model also offers a higher resolution picture. Irwin Union Bank will report an amount of $280.00 to the IRS for your LG TV. We wanted to inform you of this difference in gift value. If for any reason you choose to decline this upgraded substitution of TV models, please reply to this message by 12:00 pm EST on Monday, July 13, 2009. Otherwise, we will send your new LG brand 22” HD TV on that same day via UPS delivery.


Thank you again for your business and we look forward to serving you with your financial needs. Enjoy your new TV!

___________________________________

I'm not at all surprised by this and actually expected it. You cannot find the model they were promoting anywhere on the web. I spoke with a rep on Tuesday, and she said they would be shipping the TV's out next week, so I would guess they didn't have much choice.

I did a quick search and it seems to run about the same price as the Sharp ($299), and though it is available, I didn't find any reviews on it.

1
Comment #29 by Jeff (anonymous) posted on
Jeff
I received my 22" Sharp yesterday via UPS.

1
Comment #30 by Anonymous posted on
Anonymous
Wow, I guess they grabbed every Sharp they could and there weren't any more to be had. You also received yours a week before I was told they'd even be shipping them out. Is it the 22SB27UT? If so, how do you like it? The LG looks to be a fine substitute, with the only drawback (if it is one) is that where the Sharp is spec'd at 720p, 1080i; the LG is 720p, 480i/p.

Richard

1
Comment #31 by stella (anonymous) posted on
stella
I told my Dad about this CD and he opened one up on July 2nd. We still haven't recieved any paperwork or signature card. He called Irwin Union the day before yesterday and the CSR apologized and said that they had run out of TV's, we should have recieved a camcorder by now (even though we wanted the TV of course) and that we should have already recieved paperwork. My dad told her this was not acceptable, and she took his number to see if she could reach him the next day. Yesterday he called again and spoke to another CSR who said they did in fact run out of TV's, but that they are going to ship one out to us immediately as well as the paperwork for the CD that we never got. She was very nice and even said that if he was not satisfied she was willing to close his account with no penalty, and he could keep this month's interest. That's more gracious than I've ever heard of a bank CSR being... anyway, we hope to get our TV and paperwork soon, cause it's been three weeks already.

1
Comment #32 by Anonymous posted on
Anonymous
Yeah, this outfit has done a pretty good job. They were running a bit behind (actually, everything was still within the time parameters they said, just towards the end), and made sure I was kept in the loop.

I received phone calls from Debbie checking on status, and also e-mails from the supervisor, keeping me apprised of details.

TV arrived Tues 7-21, and unless the bank goes bust, I'm considering this one of the more positive experiences I've come across in a long time.

1
Comment #33 by pfstock (anonymous) posted on
pfstock
What is the total time from when you start the application until you receive the HD TV set?

1
Comment #34 by Anonymous posted on
Anonymous
"What is the total time from when you start the application until you receive the HD TV set?"


They state that it takes about a month after the application is accepted, and mine was just about that time frame.

1
Comment #35 by Jeff (anonymous) posted on
Jeff
Has anyone received their userid and password via snail mail? Three weeks since I received my welcome kit; I assume they're busy but this is a little annoying.

1
Comment #36 by Anonymous posted on
Anonymous
I just checked this out today, the link in this article just redirects to their home page, and I don't see the promotion listed anywhere. I'd seen the page before but was in the process of mulling it over, guess I waited too long.

1
Comment #37 by Anonymous posted on
Anonymous
I just wanted to let you know I opened the CD. The CSR were very pleasant and helpful - although somewhat overwhelmed by the new customers. They had to substitute an LG 22 inch ,which is now mentioned on the website. And there were delivery delays (2 weeks). But after they got organized, the email communications were very good and the TV arrived is fine condition. And I did everything by mail/email since there are no branches nearby.

1
Comment #38 by Anonymous posted on
Anonymous
My total time from account opening to TV set was 7 weeks.

As far as online account by snail mail. I still have not received any online id. I did got my account info by snail mail within 10 days but no online id.

So I printed out and faxed the online banking application to them with the account number.

1
Comment #39 by pfstock (anonymous) posted on
pfstock
The original post said that the promo was scheduled to run through August 31, 2009. But it looks like Irwin decided to end the promotion early. If you're still interested, you might try calling the bank directly. My guess is that it can't hurt to ask.

I opened my account about 2 weeks ago, so I think that I made it in under the wire. But, I still haven't received my Online ID or any other paperwork.

1
Comment #40 by Anonymous posted on
Anonymous
Open my account on June 18 and I just received my TV on July 31. It's the LG. Had to call them a few weeks back to get my online banking account #,password mail to me.

1