It seems iPod Nano is a very popular gift from banks. I have a post summarized the promotions that use iPod Nano as a sign-up bonus last year. This year I haven’t seen any promotion about offering free iPod Nano as a sign-up bonus. (Compass Bank is offering a free 2GB iPod Shuffle.) But, finally, Key Bank released this promotion again! Key Bank offered free iPod Nano for their new checking account customers in 2006 and 2007. This year, they offer a free 4GB iPod Nano when opening a new Free Student Checking Account. The retail value of this 4GB iPod Nano is about $150 in the market.

How to get the iPod Nano?

This year, they add more requirements. To get a free iPod Nano, you have to:

1. Open a Free Student Checking Account with Debit Card
2. Open a No Annual Fee Credit Card (Student Credit Card) with 1% cash back
3. Enroll in Free Online Banking and Online Statements

The first requirement is very easy. NO direct deposit is required. NO minimum balance is required. And this is no monthly maintenance fees associated with this account. There is a $50 minimum opening deposit.

Features of this Free Student Account:

• No monthly maintenance fee or minimum balance requirement
• No per-check fees or limits
• Free KeyBank Debit Card or KeyBank ATM card with no retail transaction fees
• Free use of any ATM, plus receive reimbursement, up to $6 per month, of ATM fees charged by other banks when you sign up for KeyBank’s Student Checking Package
• Free Online Banking which offers you 24-hour access to your accounts
• Free Key Bill Pay to pay your bills quickly and easily online

The second step is kind of risky. Although it’s a student credit card, you have to have enough credit references to let them approve your application. If you already have some credit cards and an active student, then this is not a problem. This key Bank student credit card actually is issued by Citi bank.

This offer is valid between 06/16/08 and 08/29/08. All of the requirements shoule be fulfilled by 09/26/08. And the value of the iPod Nano will be reported on Form 1099-INT.

Key Bank doean’t do a hard pull when you open a checking account there.

Key Bank is the 12th largest bank in the United States by total assets and headquartered in Cleveland, Ohio. I believe Key Bank will run the similar promotion next year during the same time.