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CIBC: 2.40% interest for 120 days when you open your first eAdvantage Savings Account
July 14, 2020
4:50 am
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Previous offer was 2.50% total

CIBC bonus of 2.30% with the E-Advantage Savings account is still active this morning July 14, 2020.

So you will be getting .10% plus bonus of 2.30% for a total of 2.40%

July 14, 2020
2:35 pm
rhvic
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Thanks Good. I applied for an account this morning - even having to stoop to CIBC is now reasonable, just to get 2.4% for 120 days. I'm sure that will be the duration of my deposit there, since after that time the interest rate drops to the nearly nothing amount the big banks usually pay.

July 14, 2020
3:16 pm
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Good rate and safe from a big Bank.
A comment on this site said that the offer was getting cut out on July 7,20. that was wrong.

Also CIBC has targeted offers sometimes also after.

Tangerine and HSBC bank or giving 2.25%. HSBC is a large safe bank also.Call Centre told me that they are the 7th largest bank in the world.

After this runs out Tangerine or Simplli will have a offer.

July 14, 2020
4:14 pm
Vatox
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$5 fee for withdrawal is not cool!

July 15, 2020
4:24 am
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Agree with you.

The banks have to charge fees to pay for all their fixed costs. Everyone tries to avoid paying them as much as possible.

The little places do not have the deposit base.Therefore have little to no fees.

To pay $5.00 a few times is okay with the higher interest rate you are receiving. Otherwise if do not pay it do not open up the account.

July 15, 2020
1:14 pm
Vatox
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It’s not okay IMO because it’s an e-savings account. It’s not related to operational costs of brick and mortar branches. I want it free or I’ll stick with EQ which is free.

They are trying to subsidize their costs with this offer and that’s wrong.

July 15, 2020
1:49 pm
Vatox
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When was the last time you paid a $5 fee when a GIC matured? That’s what this offer is. And you have to go through the opening process as well. I’m not touching it and I’m happy to not support the big banks.

July 15, 2020
2:07 pm
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That is your choice. I would not go near EQ. Had account closed it years ago. Sooner deal with a Big BANK. I do not pay the fee because have a chequing account with CIBC.

Obviously you are not making a large deposit. If you were the $5.00 fee or bank draft fee of 9.50 at some places would not matter.Over 5 months you would be way ahead.

I have the top chequing accounts so do not pay for credit cards,bank drafts ,cheques or safety deposit box.

When I get a offer from Simplli or Tangerine of course go their.I'm getting 2.25% with Tangerine also currently.

Bank of Nova Scotia has a good offer also tell end of August.They will charge you a bank draft fee or transaction fee also when taking out your money unless you have a top chequing account.Their rate is 2.15%.

I have some accounts with the smaller places I found out about of this site , that I'am closing the end of the month.Had real high rates .But their sites are slow .Sure they gave me free interact ,but it took over 30 minutes to receive it.

Get what you pay for.

July 16, 2020
11:28 am
Oscar
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This offer seems to have been removed. Interesting web page though as they have a picture of what appears to be a homeless family sitting in front of a puddle eating sandwiches. Probably due to the $5/ transaction fees.
https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-high-interest-savings-account.html

July 23, 2020
4:51 am
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Would not be surprised to see the 2.40% rate go down to 2.35%.Another place I have lowered their high interest Account from 1.80% to 1.75% as of today.

Good offer from CIBC

July 23, 2020
6:24 pm
Oscar
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Good said
Would not be surprised to see the 2.40% rate go down to 2.35%.Another place I have lowered their high interest Account from 1.80% to 1.75% as of today.

Good offer from CIBC  

Can you post a link to the offer ? In my previous post I provide the link that shows the rate at 0.10% with the homeless family and it's still a good link. I don't see the bonus interest offer.

July 24, 2020
12:29 am
JenE
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July 24, 2020
4:50 am
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CIBC offer is still open. Guess they will keep it tell the end of the month at least.

July 24, 2020
2:07 pm
rhvic
Victoria, BC
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I'm finally getting this account set up, as my new debit card arrived by mail today thus allowing me to finally register and find out what my new account number is, etc.

I have been told by an agent on the phone that ANY withdrawal I make from this account will cost $5! And Interac withdrawals are limited to $3,000 per day? And they also cost $5? If this is true, then this is not a very attractive account (it isn't anyway, once the bonus interest expires). Hopefully I can just push/pull funds by EFT from an external account. Has anyone does this yet?

July 24, 2020
2:42 pm
Loonie
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There were basically the same issues with the recent RBC offer at 2.25%. I think you will likely get dinged $5 for an EFT.
I think these kinds of accounts are only good to park significant amount for a few months.
Your note above says you ooe=oened the account on July 14. I imagine the clock started ticking on your 120 days at that point, not when you got the debit card.

I am thinking of using this offer because I have a no-fee CIBC chequing account (free to seniors, but that may have been discontinued for new customers) and I believe you can link the two of them for free, so I can siphon out money through the chequing account where EFTs are free.

July 24, 2020
3:20 pm
BillieBob
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rhvic said
I have been told by an agent on the phone that ANY withdrawal I make from this account will cost $5! And Interac withdrawals are limited to $3,000 per day? And they also cost $5? If this is true, then this is not a very attractive account (it isn't anyway, once the bonus interest expires). Hopefully I can just push/pull funds by EFT from an external account. Has anyone does this yet?  

Yes, it is true you will be charged $5. My everyday banking is done at CIBC. A couple of years ago, I made the mistake of pulling funds twice in one month from my e-savings account via Hubert and was charged $5 each time before I realized it. To avoid fees, you have to transfer funds to your chequing account, either online or at an ATM, before pulling. Lesson learned.

July 24, 2020
4:02 pm
rhvic
Victoria, BC
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Loonie said

Your note above says you opened the account on July 14. I imagine the clock started ticking on your 120 days at that point, not when you got the debit card.

I am thinking of using this offer because I have a no-fee CIBC chequing account (free to seniors, but that may have been discontinued for new customers) and I believe you can link the two of them for free, so I can siphon out money through the chequing account where EFTs are free.  

Yes Loonie, the 120 days started the day I opened the account, but of course I had no way to deposit anything to the new account for the first 10 days or more. They tell me the rate is good till November 13.

Another thing I find odd is that they have no easy way of linking to Simplii accounts, even though CIBC owns that FI as well.

July 24, 2020
4:12 pm
Oscar
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JenE said
Oscar:

https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-high-interest-savings-account.html

Scroll down and you’ll see it on the left.  

Thanks Jen but that's the same link I posted , interest rate = 0.10% , no bonus rate here. That's why I think it's over .

July 24, 2020
4:49 pm
Loonie
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It's there, Oscar. The page is cluttered. Keep reading.

July 24, 2020
6:44 pm
JenE
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Oscar, Click on the link I gave you, then scroll down to the second big, white box on the left and you’ll see:

“Bonus rate
2.40%†
You could earn a bonus rate when you open your first CIBC eAdvantage® Savings Account. Apply in 5 minutes!
† Limits apply.
Learn more“

If that doesn’t work for you, you can go into a branch and open the account and get the bonus rate. Good luck!

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