This sounds too good to be true. In Europe, we are used to cashback deals. The push for bank switching is a primary strategic activity and a small cash sum is invariably used as a tactical incentive.
Ping An Bank in China is taking that principle to a whole new level.
If a customer deposits 37,000 YUAN in a 3 year capital protected product they receive a free iPhone 6 and if they invest 45,300 YUAN, they can opt for the iPhone 6 Plus.
The model is that the customer receives their interest before product maturity and…
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