GiftsforBanking 5-Year CD Earns 2.75% APY And You Get A Gift


Deal Summary: 3-year CD Gifts (2.50% APY) and 5-year CD Gifts (2.75% APY), gifts for $25k+, $50k+, and $100k+ deposits.

Availability: Nationwide (internet bank)’s (GfB) 3- and 5-year CD Gifts are another two NTS (New To Summary) CDs that were added to this week’s CD Rates Summary. The 3-year’s 2.50% APY has been in effect since late March, while the 5-year has been offering a 2.75% APY for nearly a year. The minimum opening deposit is $25k, with no stated balance cap.

For those unfamiliar with GfB, you can actually receive a gift when opening a CD, and we’re not talking a toaster. GfB has at least 15 gifts to choose from for each of three deposit levels: $25k+, $50k+, and $100k+. A few of the gifts available for a 3-year CD with a $25k-$49k deposit include,

  • Broil King Keg Grill, $899 on Amazon
  • HP Probook 650 15.6” Notebook, $1,038 on Amazon
  • Maytag 7.4 cu ft Gas Dryer, $1,299 on Amazon
  • One downside to the gift program is that the Bank determines the gift’s value that will be used when issuing the 1099-INT. Chances are the reported value is likely to be higher than what you would pay, had you purchased it on your own. A higher value reported on the 1099-INT could increase your tax liability. Before you decide to accept a gift, learn the value will be reporting, allowing you to make an informed decision.

    GiB’s website has an FAQs page that provides a lot of information, including the procedure for selecting and receiving a gift.

    As stated on the Terms and Conditions page, the Early Withdrawal Penalty (EWP) reads as follows:

    If your account has an original maturity between three years and less than seven years:

    The fee we may impose will equal one year’s simple interest on the amount withdrawn subject to penalty. Plus the retail value of the gift received, applicable sales tax and shipping fees.

    The retail value of the gift added to a year's simple interest could result in a hefty EWP. For example, a Sony 75-inch 4k Ultra HDTV offered for a $100k+ deposit is listed on Amazon for $2,498. Sometimes a free gift carries a hidden cost. Caveat emptor.

    Availability is a special value added program offered by, which is an online division of New York-based Flushing Bank.

    Opening a CD must be done through an online application on’s website.

    You are now being transferred to the GiftsforBanking account application page within the® site. is a special value added program offered by is an online division of Flushing Bank, a New York-based FDIC insured financial institution established in 1929.

    Bank Overview

    As one of the online divisions of Flushing Bank, operates under the Bank’s FDIC Certificate and shares its financial history. Bank has an overall health grade of "A" at, with a Texas Ratio of 2.44% (excellent) based on June 30, 2019 data. In the past year, the Bank has increased its total deposits by $421.02 million, an excellent annual growth rate of 9.86%. Please refer to our financial overview of Flushing Bank (FDIC Certificate # 58564) for more details.

    Flushing Bank was established in 1929 as the Flushing Savings Bank in the Borough of Queens, New York. After 80 years of growth in size and scope, the Bank was renamed in 2010. With assets in excess of $6.9 billion, it is New York State’s 15th largest bank and the 177th largest bank in the nation.

    How the CDs Compare

    When compared to similar length-of-term CDs tracked by that are available nationwide and require a minimum deposit of at least $20k,’s 5-year CD Gifts APY currently ranks fourth.

    When compared to similar length-of-term CDs tracked by that are available nationwide and require a minimum deposit of at least $20k,’s 3-year CD Gifts APY currently ranks third.

    The above rates are accurate as of 9/13/2019.

    To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.

    Related Pages: 5-year CD rates, nationwide deals, Internet banks

      |     |   Comment #1
    I took advantage of a similar offer two years ago when the rate offered was about 1.8%, not bad at the time. The gifts themselves are top quality: I got a Samsung TV along with an Apple TV system for my $25K investment. There were nicer gifts included at $50K and $100K levels but weren’t what I needed at the time.  Rates obviously went up (so while my 1.8% wasn’t horrible it was obviously no longer competitive) but I never regretted the decision. Their valuation of the gifts was reasonable and included in the first year’s interest.
      |     |   Comment #12
    seems like a good deal i just opened an account. i mean what do you have to lose except high interest rate risk
      |     |   Comment #2
    I think most of us here would prefer a higher rate. We can buy our own gifts.
    Has anyone asked if they would give a higher rate?  Probably not.
      |     |   Comment #3
    #2 - I've sometimes tried to negotiate rates with other FIs, but I've never dealt with GiftsForBanking so far. (With others I've only been successful a couple times - these were with local FIs who eventually matched national rates.)

    Specifically, I suspect because GiftsForBanking seems structured around specific gifts for specific CD deposit levels, they would NOT be amenable to negotiating rates. But I don't know for sure, and there's really no downside to asking them that question.

    However, on their offer the mid-level HP laptop (for a $25K CD) seems interesting, even considering the 1099, especially since we just had one go kaput.

    I'd also appreciate feedback about other DA users' past experiences with this bank, and its offers.
      |     |   Comment #4
    Several years ago I tried opening up a CD with them. It turned into a farce and I never got it opened. The issue was that I had moved and my drivers license address didn't match my current. I don't know about other states but in CA where I live, they don't issue a new license every time you move. You just notify the DMV so they know where to send the renewal, etc. Well this was a no go for these guys. Offered to send whatever evidence of my current address. Nada. The people I dealt with seemed clueless. Maybe they have changed?
      |     |   Comment #5
    i will give them a gift just give me 4% on 5 year cd.
      |     |   Comment #7
    They should offer reduced mortgage loans. Unlikely to be taxed
    Trump is best POTUS since Reagan
      |     |   Comment #8
    My annoyance with such gift deals as this is that the financial institution assigns a value to the gift, reports that amount of money to the IRS, and then you pay tax on whatever the FI has reported. Too often the gift can be bought at discount for much less than the reported amount. You end up paying tax on an inflated value tor the gift, not merely on the amount of money your gift actually would cost if you went out and bought it yourself, at a discount.
      |     |   Comment #9
    The next thing you will post is the “gift” amount you claim will trigger an audit
    Trump is best POTUS since Reagan
      |     |   Comment #10
    In reality I believe the financial institutions are required to report, to the IRS, the list price of any such gift they might award. This is 2019. Wise shoppers never pay list price for anything they buy. But of course more tax is forced to be paid when list prices are used in reporting. This is really unfair to the awardees, and it costs us taxpayers money.
      |     |   Comment #11
    I bought several laptops (not top of the line, but former corporate leased models) for around $100 each. Being taxed at 10% of the MSRP for the laptop makes the "free" laptop equivalent to costing you around $100. Anyhow, I do not need another "not so free" laptop since I have a large number of backups. Back in the days when I got a free color TV, VHS VCR, and Video camera for opening an account, I was not given a 1099INT for the MSRP for those items.
      |     |   Comment #14
    would you please indicate where you have bought/shopped for ~$100 laptops and whether you were happy with the purchase.
      |     |   Comment #15
    Happy to answer your question. Note that with my information, YMMV because there is a lot of junk and fake sellers online, so you have to do your due diligence. I have never bought a computer as brand new. I only received one desktop computer brand new as a result of completing an application to enroll in a program to receive an "advertisement" installed system where ads were sent to you automatically when you used the computer. This is a similar concept as OTA TV stations with commercials. After less than a year (around the time of the dot com implosion), the company shut down and just left the computer with the customers with no further requirements. Anyhow, back to your question, I bought over ten laptops (note they are Intel 2nd, 3rd, 4th generation CPUs) that date back to 2010 when they were first released (Dell, HP, Lenovo brands). I got them on ebay which I have been shopping since 1999. There are many computer parts buyers who service models no longer needed by businesses or individuals. There are many listings for many different configurations, so you have to do your research to know that you are buying. There are also many not so good deals on the website. The inventory keeps changing from day to day, so you sometimes have to act quick to get a good priced model. As for the dozens of models that I have purchased over the years, I have never had any major issue with any of them. Only one model did stop powering up after being used for several years. I bought a 486 CPU system (Windows 3.1) from the 1990s that still powers up. The current Intel CPU is the tenth generation, so very hard to get a "state of the art" system for a low price. But, you can get a better deal than from the traditional computer stores and HP, Dell, Lenovo direct buy websites, in my opinion. I recently bought a used HP laptop 3rd generation CPU with SSD drive and Office 2016 installed for $135. A brand new state of the art model with similar software would cost over $1000. Note that there are some people who would not go this route and be willing to pay more due to the risk of getting a dud. Offers Competitive 2-Year CD
    Deal Summary: 2-year CD Gifts, 1.85% APY, gifts for $25k+, $50k+, and $100k+ deposits.

    Availability: Nationwide (internet bank) (GfB) is currently offering 1.85% APY on its 24-month CD Gifts, making it the top-rated nationally available 2-year CD offered by a bank. The minimum deposit is $25k, with no stated balance cap.

    For those unfamiliar with GfB, you can actually receive a gift when opening a CD, and we’re not talking a toaster. GfB has at least 18 gifts to choose from for each of three deposit...

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    • iPod touch 32GB
    • iLuv Vibe Plus docking alarm clock with bed shaker
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