Review of GiftsforBanking.com CD Special - iPad Valentine Bundle
GiftsforBanking.com is offering another special gift package for opening a CD. The CD rates are much lower than what they were offering last November. These rates and package details are currently listed at GiftsforBanking.com front page. It's scheduled to end on 11:59 PM EST on 2/14/2011.
- 2 year CD with a 1.00% APY ($50K minimum)
- 3 year CD with a 1.25% APY ($25K minimum)
You can get at least 0.75% more on similar CD terms at other banks. So how much will the lower interest rate cost you over the 2 or 3 years?
- $750 for the 2-year CD
- $563 for the 3-year CD
Here's what they list for the iPad Valentine Camera Bundle:
- 32GB Apple® iPad
- Nikon Coolpix® L22 Camera (red)
- ful Brooklyn 2-in-1 iPad Backpack
- $75 Apple Gift Card
- $25 iTunes® Gift Card
I called the bank and asked about the value that would be reported on the 1099. I was told it's $1,100 which seems high to me. If you are told of a different value, please leave a comment. Also note, there are other gifts to choose from. This is just their special package.
I was also told that the CD rate locks at the date of the application, and you have 14 days to fund the CD. Several readers have reported a slow CD opening process and poor customer service. I have more details in my previous GiftsforBanking.com CD review. Several readers shared their experiences with opening these CDs in the comments of that post. There are also more comments in this forum thread and in the GiftsforBanking.com reviews section.
GiftsforBanking.com is part of iGObanking.com which is a division of Flushing Savings Bank, FSB, a New York bank with $4.25 billion in assets and 16 branches. The bank's overall health score at DepositAccounts.com is 3 out of 5 with a Texas Ratio of 24.36% (above average) based on September 2010 data. It has been a FDIC member since 1943 (FDIC Certificate # 16049).
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