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CIBC: 2.40% interest for 120 days when you open your first eAdvantage Savings Account
July 28, 2020
3:32 pm
HISAhopper
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davidgeorge said
I opened an eAdvantage Savings Account, but nowhere I can find the 2.40% interest rate and promotion ending date in my account.

cibc.JPG  

I opened it in branch today, the rep said and also showed the promo sheet that eAdvantage savings will get 2.4% and the duration 120 days. I guess the promo still good and assuming it is applied for yours as well. You can check the interest at the beginning of next month.

July 28, 2020
3:46 pm
HISAhopper
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Loonie said
You're welcome. The appointment gets you past the security person so you don't have to stand in line.
The guy we were supposed to meet with was still busy with a previous client, but, because we'd gotten that far into the branch, someone else dealt with us instead.  

I am planning to move all money from Meridian TFSA savings account to a Meridian regular savings account and close the TFSA account. All money will eventually go to CIBC eAdvantage savings.
@Loonie, do you happen to know whether there is fee for a withdrawal from Meridian TFSA saving account? or can anyone confirm?
Thanks

July 28, 2020
7:27 pm
Loonie
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Sorry; I dont know. I suspect not.
There IS a fee for a transfer out. I think it's $50.

July 29, 2020
1:47 am
Loonie
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the fellow I deal with wrote down the rate and the date when the 120 days will be up on his business card at my request. I guess it's a kind of evidence.

July 29, 2020
4:40 am
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HISAhopper said

I am planning to move all money from Meridian TFSA savings account to a Meridian regular savings account and close the TFSA account. All money will eventually go to CIBC eAdvantage savings.
@Loonie, do you happen to know whether there is fee for a withdrawal from Meridian TFSA saving account? or can anyone confirm?
Thanks  

Sad that you can not read anything on your own. Every place has all the information on their site.Either very old therefore explains it .Or very young.

Wrote this in a polite way.

July 29, 2020
4:45 am
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Forgot to add if you previously had the account in the past ,you will not be getting the bonus rate.

Once again read the terms and conditions of the offer.

That is why the site is good because reading off other peoples experiences you find out quicker what places to differently avoid.

Wrote this in a polite way.

July 29, 2020
5:59 am
HISAhopper
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Loonie said
Sorry; I dont know. I suspect not.
There IS a fee for a transfer out. I think it's $50.  

Yeah definitely there is transfer fee out. But I don't remember there mentioned any fee about complete withdrawal and closing the account.
They paid for the transfer fee for me 1.5 years ago when I transferred in.
On another note, the fund I deposited to CIBC eAdvantage account yesterday is not on hold, a bit of a surprise, not sure why, maybe it was a courtesy for a credit check.

July 29, 2020
6:15 am
Loonie
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I think I cashed in an RSP or RIF there a couple of years ago and I think there was no fee for that.

Whether or not your money was held might depend on how it got there in the first place. Cheque or transfer-in? or...

July 29, 2020
6:58 am
Norman1
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Meridian Personal Accounts and Services mentions a $75 fee for an RRSP/RRIF/TFSA transfer out.

I don't see any indication of what the fee would be for an RRSP/RRIF/TFSA withdrawal.

July 29, 2020
7:18 am
Peter
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Good said

Sad that you can not read anything on your own. Every place has all the information on their site.Either very old therefore explains it .Or very young.

Wrote this in a polite way.  

Your comment is not polite at all. Please review our forum rules, especially #1 and #2.

July 29, 2020
7:39 am
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[comment removed by admin]

July 29, 2020
8:43 am
HISAhopper
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Loonie said
I think I cashed in an RSP or RIF there a couple of years ago and I think there was no fee for that.

Whether or not your money was held might depend on how it got there in the first place. Cheque or transfer-in? or...  

It was a cheque (confused now if I remembered the fund from a cheque was on hold for 5 days at other FI's)

July 29, 2020
10:28 am
Norman1
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Hold policies depend on the financial institution and the customer.

Some financial institutions will have a blanket 5-day hold policy on all cheque deposits. I've seen some that will customize the hold policy for each customer. Customers who are creditworthy would get a hold policy like "5-days hold on cheques, with the first $10,000 available immediately". sf-smile

July 29, 2020
11:17 am
HISAhopper
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Norman1 said
Meridian Personal Accounts and Services mentions a $75 fee for an RRSP/RRIF/TFSA transfer out.

I don't see any indication of what the fee would be for an RRSP/RRIF/TFSA withdrawal.  

Thanks Norman1 for the info.
Ah, it's not one size fit all for cheque on hold.

July 29, 2020
2:05 pm
Londonguy
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Norman1 said
Hold policies depend on the financial institution and the customer.

Some financial institutions will have a blanket 5-day hold policy on all cheque deposits. I've seen some that will customize the hold policy for each customer. Customers who are creditworthy would get a hold policy like "5-days hold on cheques, with the first $10,000 available immediately". sf-smile  

I can confirm that, as I've had the benefit of a no-holds flag on my CIBC accounts for about 30 years now. They don't even put a hold on my mobile deposits. And FWIW it's little things like that which have kept me doing business with them, albeit not exclusively

July 30, 2020
9:13 am
Alexandra
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Londonguy said

I can confirm that, as I've had the benefit of a no-holds flag on my CIBC accounts for about 30 years now. They don't even put a hold on my mobile deposits. And FWIW it's little things like that which have kept me doing business with them, albeit not exclusively  

Ditto here for CIBC. Years ago when I got a demand loan I think my rep put a flag on my account for there to be no holds at all on my accounts. So, if I put a large cheque in my account I can transfer that amount out right away to say Oaken. And then Oaken will give me their posted rated at the time of transfer.

August 1, 2020
1:46 am
davidgeorge
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I see July monthly interets paid to my EQ, DUCA, ManuLife savings accounts already, but not CIBC, so I still don't know if I get 2.4% interest for my CIBC eAdvantage Savings Account. When will CIBC pay monthly interest?

August 1, 2020
2:08 am
Loonie
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I too have several savings accounts, all of which have paid out interest for July, even if only a penny or two. But not a single digit from CIBC eAdvantage.

Are the wheels that grind out the interest over at CIBC so rusty from disuse that they can't quite get moving? Or was there a "gotcha" clause that escaped my attention?

The money I deposited had no holds, so that cannot be the issue.

August 1, 2020
3:50 am
Loonie
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The 2.4% offer appears to have been replaced by a 2.1% offer for new sign-ups.
https://www.cibc.com/en/special-offers/fall-savings-promotion.html

August 1, 2020
4:42 am
Loonie
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After re-examining the fine print, I note that while it says the interest will be paid "monthly", it doesn't specify that it will be paid at the end of the month.sf-surprised Is this the problem?

I have a CIBC chequing account which pays no interest at all but the statements are always dated the 19th of the month. It doesn't make any sense to me, but perhaps this is the problem with the savings account now? Perhaps the interest payment is going to be a surprise, and we are to check our accounts daily in anticipation?

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