NetBank offers 7.51% 1-year CD

I opened a NetBank account back in December to get the $75 bonus that they were offering for their checking accounts. I have since pulled my initial $1500 required to open the account and placed it in higher yield savings account sans $1. So I was just curious today and decided to go to the web site and see if I had missed any hidden fees (I didn't, but their are some closing and inactivity fees, the reason for the $1) and I noticed the "Your special offers" link on the side bar. "My special offer" is a $50 visa gift card for opening a 1-year CD with $2000 or more at an APY of 5.01%.

After a year the APY will pay you $100.20 if you add in the $50 Visa gift card that totals $150.20, for a total annual yield of 7.51%. I like that myself, so I'm going with it. If you have NetBank you may want to consider this if it's offered to you and if you don't have NetBank you might want to sign up for the checking account for a $75 bonus and see if the CD bonus is offered to you as well.

Here I've listed the disclosure from NetBank

*Annual Percentage Yield. The stated APY is accurate as of 03/07/2006 and may change before your account is funded. The rate and yield you receive are determined by the date we receive your deposit. Get a $50 Visa® Gift Card when you open and fund a 1-year (or longer) term Certificate of Deposit (CD) with a minimum balance of $2,000 for 30 consecutive days and a minimum term of 12 months. Funding must be money not currently on deposit with NetBank®. Service fees or penalties charged against the account may reduce earnings. Penalty fee for any early withdrawal of funds. CD must be funded within 120 days after opening the account or it will be closed. Offer good until March 31, 2006.

Customers who meet the qualifying criteria will be paid a $50 Visa® Gift Card, which will be mailed to the address provided by the account holder within 4 weeks of meeting the promotional requirements of opening the CD.

All offers are subject to all applicable laws and regulations and NetBank's Terms and Conditions. See the Fee Schedule and Truth-in-Savings disclosure for more information.