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CIBC: 2.40% interest for 120 days when you open your first eAdvantage Savings Account
August 6, 2020
7:35 pm
Norman1
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Loonie said

Something in the back of my head is now suggesting that the fees are related to the number of transactions. I had a busy month, so that may account for the difference rather than an increase in the fees per se. Since I don't have to pay it, I don't usually pay much attention. Mine also gets reimbursed the same day.

That makes more sense.

The legacy CIBC Personal Chequing Account doesn't have a $29/monthly fee. However, transactions are $1.25 each. That's waived if a minimum daily closing balance of $1,500 is maintained during the month.

The $1.50/each Interac e-transfer fee is in addition and is not included in that waiver.

The legacy CIBC 60 Plus Advantage benefit would waive the $1.25/each transaction fee for seniors who don't maintain the $1,500 minimum daily closing balance. Again, the $1.50/each Interac e-transfer fee is not included in the benefit.

August 6, 2020
8:45 pm
Alexandra
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There are a myriad of accounts available at CIBC.

I have the CIBC Smart Account.

When you look that up this is basically what is says:
$4.95 up to 12 Transactions
$1.25 each additional transaction to a total of $14.95
Eliminate the fee if:
Your daily balance at end of each day is at least $3,000
Plus 1 direct deposit per mo.
or...2 pre authorized payments per month

But even though mine is called a Smart Account, for the past couple of years there has just been the $7.70 fee each month. The July statement went up to $8.95.
But they refund the entire amount back.

I don't have any of the conditions above applied to me because of the grandfather protection of a no fee seniors account.

So, I think they have been made to continue on with that monthly fee for those that had that original account, but they call it the Smart Account because the other account taken out years ago having a different name, no longer exists.

Am I confusing you yet..........

August 6, 2020
9:17 pm
Oscar
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Alexandra said
There are a myriad of accounts available at CIBC.

I have the CIBC Smart Account.

When you look that up this is basically what is says:
$4.95 up to 12 Transactions
$1.25 each additional transaction to a total of $14.95
Eliminate the fee if:
Your daily balance at end of each day is at least $3,000
Plus 1 direct deposit per mo.
or...2 pre authorized payments per month

But even though mine is called a Smart Account, for the past couple of years there has just been the $7.70 fee each month. The July statement went up to $8.95.
But they refund the entire amount back.

I don't have any of the conditions above applied to me because of the grandfather protection of a no fee seniors account.

So, I think they have been made to continue on with that monthly fee for those that had that original account, but they call it the Smart Account because the other account taken out years ago having a different name, no longer exists.

Am I confusing you yet..........  

Of course you are, it's all part of the design. I have paid fees many times because I was confused.sf-embarassed

August 7, 2020
1:58 am
Loonie
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I just didn't want my "confusion" to turn into a monthly "habit" at $1.50 a pop!

August 20, 2020
4:48 pm
ItGoDown
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Today I had a sit down, face to face (with masks) meeting at CIBC. I’m a new customer as of this week. I’ve never banked with CIBC. They offered the 120 day 2.1% on a HISA, plus a bonus 0.1%. So 2.2% for 120 days, then it goes down to practically nothing after the 120 days. They tried to sell me lots of other stuff. I’ll probably take it as my Tangerine 2.5% HISA ends at Sept 30.

September 16, 2020
5:33 am
davidgeorge
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Anybody who opened a 2.4% account (still within 120 day promotion period) knows what the rate now, 2.35%, 2.3% or lower?

September 16, 2020
9:39 am
Alexandra
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Currently the CIBC e-savings account interest rate is .05%, so if you were getting the promotional rate of 2.3% then the total interest is 2.3% + .05% = 2.35%.

At any time you can good CIBC e-savings rate and you will see their posted rate.

September 16, 2020
5:13 pm
julio
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I tried unsuccessfully find my promo rate through log-in, same result through call center, thus I am relying on the personal letter I requested and received at the time when I was opening the promo account. It bestowed me with 2.40% plus base (today 0.05) for 120 days until mid November 2020. I am lazy to calculate the interest myself as I had funds accumulating throughout August. I will calculate the interest myself for September.

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