Florida’s C1 Bank, formerly Community Bank, is offering customers a new Mercedes-Benz for opening a CD, though there is one major catch.
To be eligible for one of the Mercedes-Benzes C1 is offering, either a SLK350, E350 Sedan, E350 Convertible or ML350 SUV, customers will need to open a new five-year CD with a deposit of $1 million.
The cars will be offered to any willing customers as pre-paid interest.
As C1 Bank CEO Trevor Burgess explains, “In this interest rate environment where the five year CD has an APY (annual percentage yield) of 1.20 percent it is thrilling to change the game with the instant gratification of a spectacular Mercedes-Benz that our client will own including tax, title, and license."
The pre-calculated interest works out to be $61,294.00 based on the 1.20 percent APY over five years, which C1 will allow customers to use for the purchase of one of the four mentioned Mercedes models from local car dealer Crown Eurocars. Interestingly, C1 thinks its deal may prove so popular that it is limiting it two Mercedes-Benzes per household.
While there are probably much better ways to invest $1 million, getting a new Mercedes-Benz isn’t such a bad return in our book.