KeyBank is always running some really enticing promotions to attract new customers. They are once again offering a free iPod touch for opening a new qualifying checking account. One can read all about the promotion, as well as sign-up for a new checking account on the KeyBank website.

Here are some “key” terms to note:

– open a qualifying KeyBank checking account online and enter offer code ONTT0311 by June 24, 2011, and
– make at least 10 payments and/or purchases per month for 3 months after account opening, plus
– make 3 direct deposits each of $500 or more within 3 months of account opening.

In addition, the value of your gift will be reported on Form 1099-INT. So assuming you are in the 25% tax bracket, you might be paying anywhere from $51.25 to $73.75 in taxes depending on the reportable value KeyBank chooses, which could be anywhere from $205-295.

If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

Overall, it is pretty simple and easy to do to earn a “free” iPod touch.