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CIBC: 2.40% interest for 120 days when you open your first eAdvantage Savings Account
August 1, 2020
6:47 am
HISAhopper
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Loonie said
The 2.4% offer appears to have been replaced by a 2.1% offer for new sign-ups.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  

I am planning to move more money to CIBC e-savings so would the new drop to 2.10% not affect accounts already opened before Aug 1st?
@Loonie, "for new sign-up" I assume our e-savings account opened before Aug 1st still earn 2.4% for 120days.
I am looking for the fine print how the bonus rate was calculated, will send an email to the rep who opened my account with this question before I move more money in.

yeah, no interest amount reported on my eAdvantage savings either.

edit: the fine print says "regular interest rate may change at any time..." but nothing says about bonus interest rate....

August 1, 2020
10:12 am
Alexandra
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HISAhopper said

I am planning to move more money to CIBC e-savings so would the new drop to 2.10% not affect accounts already opened before Aug 1st?
@Loonie, "for new sign-up" I assume our e-savings account opened before Aug 1st still earn 2.4% for 120days.
I am looking for the fine print how the bonus rate was calculated, will send an email to the rep who opened my account with this question before I move more money in.

yeah, no interest amount reported on my eAdvantage savings either.

edit: the fine print says "regular interest rate may change at any time..." but nothing says about bonus interest rate....  

There is your bonus interest and your e-account interest. On June 10th they advertised 2.4% interest. At that time when I signed up, the bonus interest was actually 2.2% and the regular e-account interest was .2%. So total of 2.4%. Currently if you look up CIBC e-account interest it is at .10%, so now I'll be getting 2.2% bonus interest plus .1% e-account interest for a total of 2.3%.
As I said I signed up on 10th June and both the interests showed up separately paid on the 30th of June. It will probably take a few days before it shows up on your e-savings account, but it should be dated 31 July.

August 1, 2020
4:06 pm
Loonie
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Alexandra said

I signed up on 10th June and both the interests showed up separately paid on the 30th of June. It will probably take a few days before it shows up on your e-savings account, but it should be dated 31 July.  

Alexandra, did you receive an interest credit for July 31 yet?

August 1, 2020
4:25 pm
Alexandra
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Loonie said

Alexandra, did you receive an interest credit for July 31 yet?  

No, I haven't yet. It will probably show up on Tuesday. But the interest date will show 31July20. (I think). I will let you know as soon as it is posted to my account.

August 1, 2020
4:26 pm
HISAhopper
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Alexandra said

There is your bonus interest and your e-account interest. On June 10th they advertised 2.4% interest. At that time when I signed up, the bonus interest was actually 2.2% and the regular e-account interest was .2%. So total of 2.4%. Currently if you look up CIBC e-account interest it is at .10%, so now I'll be getting 2.2% bonus interest plus .1% e-account interest for a total of 2.3%.
As I said I signed up on 10th June and both the interests showed up separately paid on the 30th of June. It will probably take a few days before it shows up on your e-savings account, but it should be dated 31 July.  

Thanks for confirming. That is what I think. If I remember correctly Tang had clear example like yours above in their terms and conditions for promotions with 2 components of interest rates where if the base rate goes down the total rate will go down, or if the bonus rate goes down in the new promo the total rate for previous sign-ups remains unchanged.
I don't want to 2nd guess as I would move large sum of money to this account and really want to see the similar wording like yours above from CIBC.

August 4, 2020
4:08 am
Loonie
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7am Eastern Time, Tues Aug 4: Interest for July still not posted.

August 4, 2020
9:33 am
Alexandra
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Hi Loonie:

Same here so I phoned them. The interest will be posted at the end of the day today.

Last month my interest was calculated and posted for 30 June. It didn't show up in my account til 3 July 2020.

Anyway the rep looked into my account and said it will for sure be posted at the end of the day today.

August 4, 2020
11:22 am
Loonie
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Thanks for checking, Alexandra. I think you have saved me the trouble.

I must say, I am surprised that one of the biggest banks in the country can't get their act together to deposit the interest on time like everybody else. It makes them seem like a rinky-dink operation.

August 4, 2020
12:22 pm
MG
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Loonie said
I am surprised that one of the biggest banks in the country can't get their act together to deposit the interest on time like everybody else.

I think we may have been spoiled by online banks. This is typical of large banks. BMO also has not posted July interest. They likely run the program on the first business day of the month (which is today).

August 4, 2020
2:33 pm
Loonie
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It's well past time they caught up, then, don't you think? This CIBC account is advertised as an e-account.

5:35 pm on Bay St., and no sightings yet.

August 4, 2020
2:43 pm
Alexandra
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Yes, my RBC bank savings account showed the deposit right away. I think it was around 18 cents!!

I am going to ask them if they will still give the 2.25% maybe sometime next month even though I am an "old" customer. If they will, I will transfer my savings account with Tangerine (if I don't get a good offer at end of Sept) or with CIBC if I don't get a further offer from them after Oct.

Right now though, what I do is just transfer funds to Oaken from CIBC or Tangerine, then deposit into my RBC account when I need it from them. I just have my Mastercard with them and that is about it. RBC is the closest physical bank to me so I just keep them for that. Once in a blue moon you can get something from them.

August 4, 2020
2:50 pm
julio
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“Interest is alway credited on the second business day in a month”. That will be tomorrow, on 05-Aug-2020.

August 4, 2020
3:43 pm
Alexandra
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my RBC interest was put into my account and dated today, Aug 3rd.

My high interest Tangerine account was put in 31st of July for regular interest & Promotional rate on 1st of Aug. And the interest showed up on those dates.

Last month my CIBC interest showed up in my bank on the 3rd of July but was calculated on (the actual posted date) 30 June.

August 4, 2020
4:48 pm
AltaRed
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MG said

Loonie said
I am surprised that one of the biggest banks in the country can't get their act together to deposit the interest on time like everybody else.

I think we may have been spoiled by online banks. This is typical of large banks. BMO also has not posted July interest. They likely run the program on the first business day of the month (which is today).  

Agreed BMO posts interest on the 2nd business day, but is credited back to the end of the month. They also seem to take until the 7th of the month to make their e-statement available for download AND they also still only issue paper T5 tax slips. The big banks have a ways to go to match the likes of EQ Bank. It is likely their systems that are archaic, perhaps still mainframe based on Fortran IV with Watfor and no one any longer knows how to program a change. Perhaps still card decks for code changes too....

August 4, 2020
5:15 pm
HISAhopper
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Looking ahead at the end of 120 days I need to take out around $90K from the CIBC eAdvantage account, can I do it by pulling from Tang/EQ link? If so, what is the limit per day? ( heard of 50K but can't confirm).
Anyone has done/known about EFT from this account, please chime in.
Thanks

August 4, 2020
6:42 pm
Alexandra
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HISAhopper:

I use a lot of on-line banks/credit unions etc. With Peoples,Tangerine,Motive,Motus,EQ, Achieva and others, my only link is to my CIBC chequing account. But with Oaken I have three bank links. One to Tangerine, one to CIBC and the other to RBC . In other words I can withdraw or send funds to and from Oaken from or to those three banks.

If I wanted to send funds from my CIBC e-account to tangerine I would transfer those funds (immediate transfer) from my e-account to my CIBC chequing account. That is the link account with Tangerine. Then I would go to the Tangerine site and transfer in funds from CIBC. I just use a regular transfer and it takes two days to show up at Tangerine.

If I wanted funds to go to EQ.....I would use the same procedure.
Remember, if you transfer anything direct from your e-savings to another institutions there will be a fee charged. So, put in your chequing or other savings account that you have linked with these other banks first.

August 4, 2020
7:21 pm
HISAhopper
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Alexandra said
HISAhopper:
I use a lot of on-line . ..............................................................
.............. So, put in your chequing or other savings account that you have linked with these other banks first.  

I am avoiding open a CIBC chequing account (only at the last resort) waiting to take advantage of it next year.
As you wrote "...put in your chequing or other savings account.." meaning I can transfer money from CIBC eAdvantage savings to CIBC bonus savings account first without $5 fee (as it is a transaction between personal accounts and the CIBC bonus savings account allows 1 transaction free per month) then pull the money out to an external account. This was an idea posted from other site, could you or others care to comment on this?
From CIBC fine print:
"A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC personal bank account(s) and to your CIBC Personal Line(s) of Credit (except same-day transfers done over-the-counter in CIBC Banking Centres which will be treated as a transaction), and transfers to your CIBC Credit Card account(s)"

August 4, 2020
7:49 pm
Loonie
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I believe you'll get dinged $5 per withdrawal by CIBC, no matter the method. Apart from that, I don't know. The smoothest way to avoid these difficulties is to have a CIBC chequing account through which you can funnel the money, but I would imagine it would be impossible to get a no cost chequing account at this point in time. I have one that is grandfathered, so it works OK for me. You can definitely do the links through chequing.

August 4, 2020
7:59 pm
Loonie
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Sorry. I hadn't seen HISAhopper's last post when I replied earlier.
Yes, a transfer to any kind of personal savings account should work, provided there is no fee for transferring out from it to external.

Meanwhile, back at the ranch...
it's 11:02 pm on Bay St and I still have no interest for July.

August 4, 2020
8:00 pm
Alexandra
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I keep forgetting about that Loonie. I have had a chequing account with CIBC since I was 22 years old. I have never paid fees with it. So yes, we are both grandfather protected. The same goes for my RBC account although have only had that one for about 12 years.

I'll never give those accounts up, lol.

I don't think there is a limit on my CIBC account for transfer outs.

There is with Tangerine though.

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