This promotion has ended.
Key Bank is giving away a free iPod Nano  if you open up one of their checking accounts between now and Sept. 9th 2006 and either having a direct deposit or open up a Keybank credit card by Oct. 31st, 2006. You will need to keep the account open for at least 180 days or you’ll be charged a $25 account closure fee but otherwise the Key Express Free Checking has no minimum balance requirement and no maintenance charge. Sounds like a good offer to me… don’t sleep on it! (The only catch is that you need to live in an area Key Bank serves)
There are only ramifications of this offer: 1) You’ll likely get a hit on your credit when you apply to the credit card, otherwise it seems pretty benign to me; 2) You’ll get a 1099-INT and the retail price of an iPod Nano is $149.99  so you’ll have to pay taxes on that.
Details of the Offer: You must open a Key Express Free Checking (this is the basic banking account in NY), Key Advantage Checking or a Key Privilege Checking account between July 23, 2006, and September 9, 2006, and have a direct deposit transaction or obtain a KeyBank credit card by October 31, 2006, and you will receive your iPod within 60 days of meeting the requirements. Offer available to individuals without an existing checking account at KeyBank. Employees of KeyBank, its affiliates and subsidiaries are not eligible for this offer. Limit one free iPod nano per individual. Free iPod nano offer valid until September 9, 2006, or while supplies last. The value of the iPod nano will be reported on Form 1099-INT. iPod® nano is a registered trademark of Apple Computer, Inc. All rights reserved. Apple is not a participant of this promotion.
Tip of the hat to Jonathan  for finding this one.