Update (9/4/08): Looks like KeyBank has ended this promotion by now.  Who knows, maybe they’ll try again in the future.

KeyBank is giving away a free iPod Nano when you open an account!  About six months back Dawn and I got our spiffy iPod Nano this way and have been enjoying them ever since.  It tends to be a very limited offer that could end at any moment, so jump on it quick. 

KeyBankFreeIPod
(that’s a iPod Touch pictured next to the Nano, you get the Touch if you sign up for a fancy account)

It is completely free to sign up (at least for the iPod Nano 4GB 3rd gen).  When I did it there were a few key steps, here’s what I remember:

  1. Sign up online for a free checking account
  2. Fax a copy of your driver’s license
  3. Enable online banking
  4. Request a debit/check card for the account
  5. Transfer $50 into your new account

Of course, be sure to check on KeyBank’s web site for the details and specific steps they require for the free iPod.  It looks like they’ve actually updated the rules for this promotional period to get you a little more involved by needing to “make one debit card transaction plus a combination of two direct deposits or automated payments each of $100 or more”.  Though that should be easy, when I signed up, I just used an “Automated Bill Pay” from my current bank, but that was the last promotional period, so I’d recommend checking with them on what constitutes an “automated payment”.

 

iPod Nano 3G Silver Sign up During Business Hours
My #1 tip of advice, start the process and do all the steps during normal business hours, best by 1pm if you’re on the west coast.  You can do all the steps in one fail swoop (~20min) if it’s during business hours, because even though it’s all online, the banking system can create the account and each step of the way in real time only during business hours.  I did mine that way, then I did Dawn’s without thinking about it at ~4pm my time (PST) and since it wasn’t during ‘normal business hours’, I had to wait a day or two for the account to be created.

 

Some other notes…

  • Last time they ran this special for just a few weeks and I found out at the tail end, I have no idea how long this one’s been going on or when it will end, so sign up quick.
  • They require the $50 deposit to meet the iPod requirements.  After getting the iPod, you can simply transfer the $50 back out if you like.  (this time it looks like they also require two automated deposits of $100, which you can also transfer back out)
  • Dawn and I haven’t paid a dime since signing up.  It’s great.
  • It took about six weeks to receive the iPod, but from talking with KeyBank, it sounds like the earlier you sign up, the faster you get the iPod.   They had a big backlog at the end of the last promotion period and Dawn and I signed up in the last few days.
  • Yes, I am an Apple iPod fan.  I jumped on the iPod bandwagon long before the Microsoft Zune was released and I have yet to be given a Zune for free (like my iPods).
  • We received the 4GB Nano, but I sold mine on eBay and got an 8GB with the money +$50 at Target.
  • KeyBank is a big reputable bank, no it’s not a scam, there are many KeyBank locations around where we are in the Seattle area.
  • I believe you can sign up anywhere in the US, even if there isn’t a KeyBank anywhere around you (it’s all online anyway).  KeyBank actually has a nice, easy to use online system.
  • It doesn’t matter how many bank accounts you have elsewhere (or none at all).
  • We did notice on our credit report that there was a new account opened, but that’s it, no big deal.
  • It appears silver is the only color they send out, but hey, it’s free!!

Cheers and enjoy the free iPod!  ( if you sign up from reading this post, please leave a comment to let me know it was worth the time writing about it :) )