Free Sharp LCD TV Bonus at Irwin Union Bank for a CD

Irwin Union Bank is offering either a Sharp 22-inch HD LCD TV or a Flip MinoHD Mini-Camcorder when you open an 11 month CD with a minimum deposit of $20,000.

This amazing offer is available nationally, but you can also get the bonus by opening a business checking account or money market account; however, you have to make a branch visit to get the bonus on those accounts. This promotion ends on August 31, 2009, so you might want to jump on this one.

The LCD TV is going on Amazon for $300 and it will be reported on your 1099 with a value between $250 and $275. The gift will be mailed to you with no shipping costs.

The rates on the certificate of deposit vary by zip code and range between 1.78 and 2.61% APY, so the rates are pretty competitive even when you don’t add on the free bonus gift.

To qualify for the promotion you must make a deposit of new money. The early withdrawal penalty is very steep for the promotion at 90 days’ interest plus $500. So basically, you better be damn sure you won’t need to withdraw this money within the next 11 months. You’ll receive your bonus gift within 30 days of opening your account.

The CD can be funded by ACH transfer and the rate locks in when you submit an application. The grace period at maturity is 10 days and you can close the CD through their secured email service which is convenient. At maturity you can receive the funds by ACH transfer back to your funding account.

If you’d like to open an account via a branch visit, Irwin Union Bank has branches in Arizona, California, Indiana, Kentucky, Michigan, Missouri, Nevada, New Mexico, Utah and Wisconsin.

Pretty much the only minus in this whole deal is the fact that Irwin Union Bank is not in great financial shape. It has a 1 out of 5 star rating at bankrate. It is FDIC insured so there’s no worry about losing your money, but the FDIC does not insure bonuses. The bonuses are sent out relatively quick however with only a 30 day waiting period so the only scenario in which you wouldn’t get a gift is if the bank collapsed within 30 days of you opening your account. An LCD is a very big draw and surely a lot of people will be taking part in this promotion.