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Old 12-16-2014, 04:10 PM
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Chinese Banks Luring Savings Deposits With

Forget the Toaster. Chinese Bank Offers Mercedes to Get Deposits - Bloomberg

The iPhone promotion, by Shenzhen-based Ping An Bank Co. in October at a branch in Beijing, offered a 128-gigabyte iPhone 6 Plus in lieu of interest payments for depositing 38,000 yuan ($6,135) for five years. For parking 903,000 yuan ($145K) for the same period, savers could pick one of four Mercedes-Benz models. A Mercedes A180, which costs 252,000 yuan, would give investors the equivalent of an annualized return of almost 7 percent, compared with the benchmark rate of 4 percent on five-year deposits.

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