Open a bank account in China and get an iPhone 6!

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 in this case, the interest is in the form of the iPhone 6.  Next day delivery is guaranteed whilst buying the product conventionally normally means a delay of 7-10 days.
 
I have written extensively about the importance of brands in China. But is the Chinese consumer really prepared to sacrifice long term capital growth for short term brand association?
 
The results of this promotion will provide a fascinating insight into the Chinese consumer. My friends and colleagues are largely unimpressed but I suspect for some, this is an exciting opportunity to become an early adopter with all the prestige that brings.