(FORTUNE Magazine) – Toasters, hell! Red-blooded bank depositors who can't abide sissy premiums can get a shotgun or a rifle when they buy CDs from Colorado's Bank of Boulder. Boulder's program picks up steam in late July, as customers start arming themselves for hunting seasons ahead.

The bank's most popular merchandise package -- the Hunter's Special -- is offered in lieu of interest to customers who deposit $3,148 in a nine-year CD. Included are a Weatherby Mark V Deluxe rifle, Pentax 10x50 rubber-armored binoculars and a 3-9x40 scope, two-piece Buehler mounts, Boyt leather sling, canvas field case, and Impact two-gun aluminum case. (Customers buy their own ammo.) Since the merchandise, at retail, currently costs about $2,300, the CD has an effective yield of 14.58%. That percentage isn't advertised in any company literature, however, since federal law prohibits banks from quoting merchandise value. Nevertheless, Bank president Steve Bosley, a hunter himself, estimates he has placed more than 12,000 rifles and shotguns with customers since the program started in 1976. Says he: "They get their hunting gear immediately and their full deposit back when the CD matures. We combine immediate gratification with long-term security.'' While the bank also offers merchandise like Rolex watches and fishing gear, the gun program has earned B of B special notoriety. "It distresses me,'' says Boulder resident Erin Russell, 34, a University of Michigan MBA who runs the Society for Earth Ethics, a Colorado animal rights and environmental group. "It sends a wrong message about Boulder. I've lived here since I was 9, and I can count on the fingers of one hand the people I know who hunt.'' Indeed, more than 90% of people who sign up for the program live in other states, including California, Texas, and New York.