Banks giving away free iTunes songs with checking accounts
Have you heard about banks and credit unions that offer free iTunes songs instead of paying interest? If you haven’t you should run the numbers because the free songs can actually add to a good rate of return.
Assuming you or someone in your family downloads songs, shows, games or other media from iTunes from every month anyway, let’s take a look at an example.
Say you keep $1,000 in your checking account balance. Your bank or credit union pays you 0.50% interest (we are actually being generous there). After a year you have an extra $5 in earned interest in your account. On the other hand if you sign up for a bank or credit union that is giving away $5 a month in iTunes downloads (offers vary), you could earn $60 a year in free downloads if you meet the monthly requirements. This comes out to a 6% return. So tell us again where can you earn 6% and stay FDIC-insured?
The caveats are that the deals tend to be local, you have to change banks, you must go online with your banking and every month you have to meet the other requirements to earn the free iTunes downloads. But for a 6% return and free music, it’s pretty tempting.
Banks and credit unions offering free iTunes downloads today
Yates Center National Bank (Kansas) link
Girard National Bank (Kansas) link
City Bank (Texas) link
Financial Federal Credit Union (California) link
Hancock Bank (Kentucky) link
Piedmont Community Bank (Georgia) link
Macon-Atlanta State Bank (Missouri) link
Sacramento Credit Union (California) link