Discover Bank announced today that it will allow penalty-free early withdrawals from 12-month certificates of deposit for new and renewing account holders who lose their jobs. As an added bonus, Discover is currently offering the best 12-month CD rate according to the BestCashCow rate tables.

Discover Bank is making this penalty-free offer on its most popular 12-month CD term at the same rate at which it would normally offer any CD for the same term.

If you're trying to make some headway by investing in your future, we don't want the fear of an unforeseen job loss to keep you from enjoying the higher interest rates our 12-month CDs offer,” said Steve Olszewski, vice president of deposit products at Discover Bank. “In these days when unemployment is at a 25-year high, our customers can be confident that they can access their money if they need it without paying penalties.

To be eligible, account holders must open or renew a 12-month CD with a minimum $2,500 balance between July 1 and Dec. 31, 2009. If the account holder involuntarily loses his or her job during the term of the CD, they will be allowed to make a partial withdrawal of the funds or close the account with a full return of their principal and any credited interest with no penalties. The program also applies to self-employed people under certain circumstances.

In addition to the 12-month CD, Discover Bank also offers CDs with terms from three months to 10 years, money markets, and IRA CDs. Discover Bank deposit accounts can be opened over via the phone or online.

About Discover Bank

Discover Bank is one of the 100 largest banks in the United States and an affiliate of Discover Financial Services (NYSE: DFS). Discover Bank offers certificates of deposit, money market deposit accounts and other consumer financial products and services. Founded in 1911, Discover Bank is FDIC-insured and chartered under the laws of the State of Delaware. The bank maintains a branch in Greenwood, Delaware, with deposit, finance and credit card operations in New Castle, Delaware.

Meridian Bank Texas is offering a Gridiron CD where the rate increases if either Texas Christian University (TCU) or the University of North Texas (UNT) win a football game or a bowl game. It's one of the most original or wackiest CD promotions I've ever seen. If you open a one year CD and a relationship account before Ausut 31, 2009, your rate can increase up to 145 basis points depending on how either team does. Right now, their one-year CD is paying 2% APY.

Here are some other details of the offer:

• This is a very local offer that must be opened in-branch. Meridian Bank Texas has two branches in Forth Worth and Denton.
• Minimum balance is $1,000, maximum is $100,000.
• The CD must be accompanied by a relationship account to ge the 10 bps bump for each win. Relationship accounts come with a daily balance of $2,500.
• For regular season victories, the interest rate bump will become effective on December 31, 2009. That means that your CD will only earn the enhanced interest for 6-8 months, depending on when you open it.
• For bowl victories, the bump will happen as of January 15, 2010.

I don't know how well either of these are projected to do, but if you follow them, this gives you a chance to have a little something wagered on the game.

See the best CD rates where you live here.

Irwin Union Bank is running a summer promotion where it is offering either a Sharp 22-inch HDTV LCD TV or a Flip MinoHD Mini-Camcorder for opening a personal 11-month CD with a minimum deposit of $20,000. The television is retailing for $300 on Amazon and the Camcorder is selling for approximately $200.

The offer is available nationally although the rates vary depending on geography. I checked the rates in Texas and Massachusetts and both were 2.01% APY. That's not bad as the top 12-month CD is currently paying 2.55% APY. It appears the offer will run until Irwin decides to end it as there was no end date on the information page.

A $300 gift is pretty hefty. As BestCashCow's bank bonus page shows, most bonuses are in the $50-$100 range. If you need a new television or mini-camcorder, this might be a deal to consider.

The CD can be opened online and funded via an ACH transfer. The rate locks when the application is submitted and the bonus will be sent 30 days after the account is opened and funded.

Safety and Soundness

Irwin Union Bank is actually chartered as two seperate banking entities: Irwin Union Bank and Trust, a state chartered bank under the laws of Indiana and Irwin Union Bank FSB, a Federally chartered bank. Deposits in either are FDIC insured and according to the site's FAQs, the bank will open the account at the bank that is "most convenient for you." You can call and specity which bank you'd prefer. Irwin Union Bank and Trust has 0 out of 5 stars at Bauer Financial (lowest) while Irwin Union FSB has 2 out of 4 stars (problematic).

Credit for the find goes to BankDeals.

See the best online 1-year CD rates where you live here.