A bank in the US is giving out free Mercedes cars to its customers — if they deposit at least $1 million.

The C1 Bank in Tampa Bay, Florida, is offering its wealthier clients the choice of an SLK 350, ML 350, E 350 sedan or E 350 cabriolet (all 2012 models) as pre-paid interest on a 5-year $1 million Certificate of Deposit account. The bank is also kind enough to cover all on-road costs associated with the cars, so there's no rego or stamp duty to worry about.

"C1 Bank is offering its clients the ability to drive off in their own brand new Mercedes-Benz just for moving their money to C1 Bank," C1 Bank CEO Trevor Burgess said in a media release.

"In this interest rate environment where the five year CD has an APY of 1.20 percent it is thrilling to change the game with the instant gratification of a spectacular Mercedes-Benz that our client will own including tax, title, and license."

Don't expect to get a brand new Merc with every million you give the bank though. C1 says that the offer is limited to two cars per household.

Other bad news is that the account doesn't accrue any interest — so when the term is up all you get back is the initial $1 million. And if you withdraw early a termination fee of $3,000 plus the cost of the car is charged.

The cars will be supplied by local Mercedes dealership Crown Eurocars, whose CEO Larry Casto is "extremely excited" about being part of the program.

The offer runs until 21 July 2012.