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- Early withdrawal penalty on Certificate of Deposit (CD) will be an amount equal to 91 days interest on the amount withdrawn plus $500 for costs associated with the promotional gift.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)
- 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
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
Other Bank Bonuses and CDs
