Gifts for Banking - are they worth it?

Today I reviewed some of the gifts that were offered by iGoBanking (giftsforbanking.com) for opening long term CDs. Here is some interesting analysis....

Analyzing 10,000 invested for 2 years @ 1.0% APY

Rate offered for a 2 year CD on 02/09/2011: 1.0% APY. The various gifts and their approximate fair value are:
1. Dinner and a Movie Date Night for 3 Months   (worth approximately $170)
2. Ralph Lauren® Bath Robes and Champagne Flutes (worth approximately $125)
3. Bushnell® Stadium Kit & $100 NFL SHOP.com (worth approximately $150)
4. Lois Hill® Earrings & Champagne Celebration  (worth approximately $170)
The costliest gift offered with this 2 year CD is worth approximately $170. When this amount is factored into the CD rate of 1.0%, it increases the composite rate of the CD to 1.8% APY. This rate in slightly better than the highest rate offered by Alliant Credit Union (1.7% APY 2 Yr CD)

Analyzing 10,000 invested for 3 years @ 1.25% APY

1. Dinner and a Movie Date Night for 9 Months (worth approximately $345)
2. $250 BedandBreakfast.com Certificate & Luggage Set (worth approximately $325)
3. Ultimate Sports Fan Package (worth approximately $300)
4. Fresh Flowers & Pave Heart Diamond (worth approximately $250)
The costliest gift offered with this 3 year CD is worth approximately $345. When this amount is factored into the CD rate of 1.25%, it increases the composite rate of the CD to 2.4% APY. This rate in slightly better than the highest rate offered by Melrose Credit Union (2.17% APY 3 Yr CD)

Analyzing 10,000 invested for 5 years @ 1.75% APY

1. David Yurman® Classic 7mm Cable Bracelet (worth approximately $500)
2. Cleveland® CG16 and Irons with Pro Fitting (worth approximately $650)
3. Wine Fridge & 6 Months to Rich Reds Wine Club (worth approximately $500)
The costliest gift offered with this 5 year CD is worth approximately $650. When this amount is factored into the CD rate of 1.75%, it increases the composite rate of the CD to 3.8% APY. This rate in much better than the highest rate offered by Connexus CU (3.0% APY 5 Yr CD)

citibank Review

Basic Information:
3900 Paradise Road, Suite 127
Las Vegas, Nevada 89109
Phone: 212-559-1000
Fax: 212-793-3946			Products	Promotions	Cards
FDIC #:	7213		Charter:	National
stock:	NYSE:C		Market Cap:	$149 billion
website:	www.citibank.com		CEO:	Mr. Vikram S. Pandit
Citibank, National Association was established on June 16, 1812 and has been FDIC insured since January 1, 1934. Citibank, National Association has 1326 Domestic Branches (Offices) located in 16 state(s) and 281 Foreign Offices. Citibank is one of the largest full service banks in the world offering an unparalleled range of products and services.
Products:
	APY	Min	Notes
Savings:	0.45%	$25,000	need to maintain min. balance to avoid fees
MMA:	0.10%	$1,000	tiered interest rates
Cheking:	0.10%	$500	citigold interest checking, min. $50,000 relationship.
9 Month CD	0.35%	$500
12 Month CD	0..45%	$500
18 Month CD	0.60%	$500
2 Year CD	0.60%	$500
3 Year CD	1.01%	$500
4 Year CD	1.15%	$500
5 Year CD	1.25%	$500
Assets and Liabilities
Date Recorded				9/30/2010	9/30/2009
Total employees (full-time equivalent)				169001	165,783
Total assets				$1,209,221,000	$1,186,754,000
Cash and due from depository institutions				$158,727,000	$228,098,000
Interest-bearing balances				$137,194,000	$207,082,000
Securities				$264,867,000	$180,038,000
Federal funds sold & reverse repurchase agreements				$40,526,000	$16,396,000
Net loans & leases				$468,781,000	$493,795,000
Loan loss allowance				$20,006,000	$23,299,000
Trading account assets				$164,408,000	$162,930,000
Bank premises and fixed assets				$4,453,000	$4,782,000
Other real estate owned				$1,429,000	$568,000
Goodwill and other intangibles				$15,522,000	$18,220,000
All other assets				$90,508,000	$81,927,000
Life insurance assets				$4,381,000	$4,283,000
Total liabilities and capital				$1,209,221,000	$1,186,754,000
Total liabilities				$1,081,893,000	$1,071,035,000
Total deposits				$797,351,000	$785,801,000
Interest-bearing deposits				$677,224,000	$665,973,000
Deposits held in domestic offices				$256,400,000	$269,228,000
% insured				$0	$0
Federal funds purchased & repurchase agreements				$12,622,000	$15,940,000
Trading liabilities				$66,922,000	$56,532,000
Other borrowed funds				$146,509,000	$151,967,000
Subordinated debt				$4,005,000	$6,555,000
All other liabilities				$54,484,000	$54,240,000
Total equity capital				$127,328,000	$115,719,000
Total bank equity capital				$126,259,000	$114,617,000
Perpetual preferred stock				$0	$0
Common stock				$751,000	$751,000
Surplus				$109,166,000	$105,293,000
Undivided profits				$16,342,000	$8,573,000
Noncontrolling interests in consolidated subsidiaries				$1,069,000	$1,102,000
Memoranda:
Noncurrent loans and leases				$26,310,000	$35,266,000
Noncurrent loans that are wholly or partially guaranteed by the U.S. government				$6,541,000	$17,641,000
Income earned, not collected on loans				$6,453,000	$6,684,000
Earning assets				$1,002,064,000	$988,966,000
Long-term assets (5+ years)				$173,520,000	$186,156,000
Average Assets, year-to-date				$1,174,888,250	$1,180,688,750
Average Assets, quarterly				$1,183,549,000	$1,176,077,000
Volatile liabilities				$653,250,000	$647,736,000
Insider loans				$18,000	$27,000
FHLB advances				$29,951,000	$49,100,000
Loans and leases held for sale				$12,178,000	$9,465,000
Unused loan commitments				$316,944,000	$388,534,000
Tier 1 (core) risk-based capital				$104,477,000	$95,840,000
Tier 2 risk-based capital				$13,383,000	$14,979,000
Total risk weighted assets				$713,470,000	$632,314,000
Total unused commitments				$317,131,000	$388,657,000
Restructured Loans and leases				$12,026,000	$6,458,000
Derivatives				$52,097,665,000	$36,164,014,000
Acquisition
CITIGROUP JAPAN INVESTMENTS LLC (3609114)  2007-07-05  The acquired institution sold its assets to the acquiring institution.
CITIBANK (WEST) BANCORP INC. (3158452)  2006-10-01  The acquired institution sold its assets to the acquiring institution.
CITIBANK (WEST) HOLDINGS INC. (3158395)  2006-10-01  The acquired institution sold its assets to the acquiring institution.
CITICORP (1042351)  2005-08-01  The acquired institution sold its assets to the acquiring institution.
CITIGROUP HOLDINGS COMPANY (2879844)  2005-08-01  The acquired institution sold its assets to the acquiring institution.
TRAVELERS CORPORATION (1246092)  1993-12-31  The acquired institution sold its assets to the acquiring institution.

Bank of America Review

Basic Information:
101 S Tryon St
Charlotte, North Carolina 28202
Phone: 212-270-6000
Fax: 212-270-1648			Products	Promotions	Cards
FDIC #:	3510		Charter:	National
stock:	NYSE:BAC		Market Cap:	$149 billion
website:	www.bankofamerica.com		CEO:	Mr. Brian T. Moynihan
Bank of America, National Association has been FDIC insured since January 1, 1934.  It was established on October 17, 1904.  Bank of America, National Association has 6218 Domestic Branches (Offices) located in 36 state(s) and 228 Foreign Offices. Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Products:
	APY	Min	Notes
Savings:			Earn upto $250 in "Keep the change" program
MMA:	0.30%	$10,000	Tiered variable interest rates
Cheking:
9 Month CD	0.35%	$5,000	penalty-free access to your money
12 Month CD	1.00%
18 Month CD	1.00%
2 Year CD	1.00%
3 Year CD	1.00%
4 Year CD	1.31%
5 Year CD	1.21%
7 Yead CD	1.21%
Assets and Liabilities
Date Recorded				9/30/2010	9/30/2009
Total employees (full-time equivalent)				180996	179,505
Total assets				$1,489,197,995	$1,460,147,344
Cash and due from depository institutions				$126,727,738	$148,120,382
Interest-bearing balances				$107,087,368	$125,895,798
Securities				$311,747,776	$222,696,833
Federal funds sold & reverse repurchase agreements				$62,911,122	$66,976,198
Net loans & leases				$699,996,335	$716,656,428
Loan loss allowance				$24,636,635	$22,923,760
Trading account assets				$68,382,218	$77,887,004
Bank premises and fixed assets				$11,120,128	$11,462,298
Other real estate owned				$3,414,861	$1,638,087
Goodwill and other intangibles				$71,098,164	$77,105,012
All other assets				$133,799,653	$137,605,102
Life insurance assets				$18,114,491	$17,587,702
Total liabilities and capital				$1,489,197,995	$1,460,147,344
Total liabilities				$1,318,787,496	$1,296,941,861
Total deposits				$1,021,723,993	$1,002,708,983
Interest-bearing deposits				$739,832,964	$748,149,321
Deposits held in domestic offices				$820,503,805	$807,177,514
% insured				$0	$0
Federal funds purchased & repurchase agreements				$109,811,942	$97,251,578
Trading liabilities				$38,925,822	$31,848,361
Other borrowed funds				$90,848,278	$110,301,869
Subordinated debt				$25,374,737	$25,117,950
All other liabilities				$32,102,724	$29,713,120
Total equity capital				$170,410,499	$163,205,483
Total bank equity capital				$169,982,097	$162,795,645
Perpetual preferred stock				$0	$0
Common stock				$3,020,043	$3,020,043
Surplus				$140,421,781	$136,915,919
Undivided profits				$26,540,273	$22,859,683
Noncontrolling interests in consolidated subsidiaries				$428,402	$409,838
Memoranda:
Noncurrent loans and leases				$57,412,143	$42,903,891
Noncurrent loans that are wholly or partially guaranteed by the U.S. government				$17,438,007	$1,528,617
Income earned, not collected on loans				$4,358,266	$4,070,074
Earning assets				$1,220,359,113	$1,175,480,067
Long-term assets (5+ years)				$508,899,288	$396,217,849
Average Assets, year-to-date				$1,492,424,904	$1,560,724,910
Average Assets, quarterly				$1,504,077,919	$1,488,850,388
Volatile liabilities				$453,031,107	$503,375,977
Insider loans				$1,474	$1,201
FHLB advances				$31,482,000	$43,799,000
Loans and leases held for sale				$25,463,935	$31,001,324
Unused loan commitments				$784,544,945	$434,504,396
Tier 1 (core) risk-based capital				$115,678,883	$109,551,387
Tier 2 risk-based capital				3762980300%	3790592400%
Total risk weighted assets				$1,048,636,686	$1,074,048,227
Total unused commitments				$784,544,945	$434,504,396
Restructured Loans and leases				$6,541,403	$3,832,428
Derivatives				$50,852,516,370	$40,383,181,031
History
1968-11-04 NCNB CORPORATION located at CHARLOTTE, NC was established as a Domestic Entity Other.
1970-12-31 NCNB CORPORATION changed from Domestic Entity Other to Bank Holding Company.
1992-01-01 NCNB CORPORATION was renamed to NATIONSBANK CORPORATION and moved to 100 NORTH TRYON STREET CHARLOTTE, NC.
1998-09-30 NATIONSBANK CORPORATION was renamed to BANKAMERICA CORPORATION.
1999-04-28 BANKAMERICA CORPORATION was renamed to BANK OF AMERICA CORPORATION.
2000-03-13 BANK OF AMERICA CORPORATION changed from Bank Holding Company to Financial Holding Company - Domestic.
Acquisition
MBNA CORPORATION (1871159)  2006-01-01  The acquired institution sold its assets to the acquiring institution.
FLEETBOSTON FINANCIAL CORPORATION (1113514)  2004-04-01  The acquired institution sold its assets to the acquiring institution.
NATIONSCREDIT CORPORATION (2372064)  1999-01-01  The acquired institution sold its assets to the acquiring institution.
BANKAMERICA CORPORATION (1026016)  1998-09-30  The acquired institution sold its assets to the acquiring institution.
BANK SOUTH CORPORATION (1079638)  1996-01-09  The acquired institution sold its assets to the acquiring institution.
NATIONS FINANCIAL HOLDINGS CORPORATION (2122054)  1995-12-31  The acquired institution sold its assets to the acquiring institution.
C&S/SOVRAN CORPORATION (1831715)  1993-12-01  The acquired institution sold its assets to the acquiring institution.
NATIONSBANK TEXAS CORPORATION (1250802)  1993-12-01  The acquired institution sold its assets to the acquiring institution.
MNC FINANCIAL, INC. (1073364)  1993-10-01  The acquired institution sold its assets to the acquiring institution.
NCNB FINANCIAL SERVICES INC (762979)  1988-03-08  The acquired institution sold its assets to the acquiring institution.