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C1 Bank Million Dollar CD Mercedes Benz Promotion

Do you have a million dollars? Do you want a Mercedes Benz? In conjunction with a name change from Community Bank to C1 Bank [3], anyone who deposits a million dollars into a five-year CD product will be able to choose from a 2012 SLK350 Roadster, 2012 E350 Sedan, 2012 ML350 SUV, as prepaid interest 2012 E350 Convertible. In a press release [4], one of the few I ever read, CEO Trevor Burgess announced a partnership with Crown Eurocars to offer a Mercedes Benz as prepaid interest on the million dollar five year certificate of deposit.

In the release, Burgess cites 1.20% APY as the current rate for five year CDs, we found that several banks had higher rates on our CD rates table [5], but none of them pay you the interest up front… in the form of a Mercedes Benz.

If you are considering it (who are you!?!?!?), the offer is valued through July 31st, 2012 and valid only for Florida residents with a limit of two per household. The calculated interest will be $61,294 and it will be applied towards the purchase of one of the four models listed, including sales tax, registration, tires, and other fees. There is a “significant” early withdrawal penalty and I’d expect to get a nice fat 1099-INT.

The really clever part of all this is that they offer the interest up front, I’ve never seen that before.

(Photo: tetsumo [6])