This bank deal has expired. Please visit our bank deals & bonuses page for the current deals.

Irwin Union Bank is giving away a free 22″ HDTV or a free Flip Mini HD for opening a CD with them and depositing $20,000.

The certificate is a 11 month CD, with a rate that depends where you live. The deal appears to be valid nationwide. We tested a few zip codes and it looks like it ranges from 1.78% to 2.61%, which is a pretty decent CD rate for a 1 year term.

Both the Sharp 22″ flat screen LCDTV and Flip HD camcorder costs about $300. If you don’t want the bank gift you can always ebay or craigslist the gift, though you’ll probably get less than retail for it.

You need to deposit at least $20,000 to qualify. The TV is sent to your home 30 days after the account is opened. Irwin Union Bank will pay all shipping charges.

Of course with such a great gift, there’s a catch – if you withdraw your money before the 11 months is up, you’ll get hit with a penalty equal to 91 days of interest and $500 deducted from your initial deposit to pay for the gift.

Besides the CD, you can also open a money market account or a business checkng account to qualify for the bonus. Minimum balance to open Summer business checking account and obtain gift is $5,000. Minimum balance to open Summer MMIA and obtain gift is $10,000.

Irwin Union Bank has branches in Arizona, California, Nevada, New Mexico, Ohio, Utah, Kentucky, Michigan, and Missouri. It’s FDIC insured.

If anyone decides to try out this deal be sure to post your experience here!