Dedicated to Deposits: Deals, Data, and Discussion

CD Gift Program and Competitive CD Rates at


iGObanking is a new reward program for CD buyers that offers a free gift with the purchase of an internet CD. The site's FAQ explains who's behind it:

GiftsforBanking, a value added program, is offered by the online division of Flushing Savings Bank, FSB. Flushing Savings Bank, FSB is an FDIC insured institution established in 1929. GiftsforBanking CDs are FDIC insured to the maximum allowable limits. offers three CD terms, and the rates are currently competitive as of 3/04/2010:

  • 2.05% APY 2-year CD
  • 2.49% APY 3-year CD
  • 3.15% APY 5-year CD

Minimum deposit is $5,000, and the free gift will depend on the size of your deposit. There are five balance tiers: $5K, $10K, $25K, $50K and $100K.

A couple of important things to note from FAQs:

  • They include the value of the gift on your 1099 (hopefully the reported value won't be inflated)
  • Early withdrawal penalty may include the value of the gift chosen, applicable sales tax and shipping fees

I've reviewed some of the gifts available for the different tiers. Here are a few that got my attention:

  • for 5 years and $25K: Sharp Aquos 40" LED LCD 1080p HDTV with 120 Hz Fin
  • for 5 years and $50K: Samsung 52" High Definition 240Hz 1080p
  • for 5 years and $100K: Canon Realis SX7 LCD Multimedia Projector

I did a quick check of the value of the Canon projector at Amazon, and you can get a new one for about $4K. So that would be about equal to an extra $800 for 5 years which comes out to be about an extra 0.80% for a $100K CD. Please leave a comment if you've found any good deals in the gifts they list.

Credit for this find goes to this FW thread.

I just did a new review of's CDs last month when they were offering 3.55% APY on a 5-year CD. This has gone down to 3.25% in the last week. I would guess these Gift CDs would have similar features and a similar application process as the's CDs.

My previous iGObanking reviews: is a division of Flushing Savings Bank, FSB, a New York bank with $4.1 billion in assets and 16 branches. Its ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Both ratings are based on 9/30/09 data. It has been a FDIC member since 1943 (FDIC Certificate # 16049).

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