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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
Victoria, BC
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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
Victoria, BC
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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.

October 27, 2020
3:15 pm
rhvic
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As this promo is to end next month, has anybody tried contacting CIBC to see if they will offer a better rate than their miserable 0.05%? If they drop my rate to that level, then my money is leaving, even if I have to pay $5 a couple times to pull it out.

October 27, 2020
4:26 pm
topgun
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rhvic said
As this promo is to end next month, has anybody tried contacting CIBC to see if they will offer a better rate than their miserable 0.05%? If they drop my rate to that level, then my money is leaving, even if I have to pay $5 a couple times to pull it out.  

Last year I received an offer from Tangerine that had to be activated March 5, 2019 to March 31, 2019. Offer 2.75% until August 31, 2019. Regular rate 1.25% at the time. I received 18 cents promotional bonus interest at Tangerine April 1st (i.e. not Aprils Fool). How much new money did I add to get 18 cents? 18 cents * 12 months / .015 = $144. I was only able to find an additional average new money of $144 in March 2019. I was in the process of moving my savings to a HISA paying 2.4%. Which is better 2.75% at Tangerine or 2.4% in HISA somewhere else. At the end of August I would have to move my money out of Tangerine to my HISA. As it turned out I needed the money in July to make a purchase. Not worth waiting for an offer from Tangerine. Currently my HISA is 1.30%. I am happy with it and do not intend on changing.

Last year I received a CIBC promo to open an eAdvantage Savings Account. For some reason I needed to visit the branch to finalize the opening. I was busy with other activities so I did not visit branch. I eventually visited the branch and opened the account after promotion period ended. I NEVER put any money in account. Work out the details before considering some of these promotions. How long is it going to take of your time? What are you getting on your current savings account? How much spare money do you have to invest? Many people are committed for several months. Do you need to pay a monthly fee to have a CIBC checking account?

Having fun.

Have a Great Day

October 27, 2020
8:10 pm
Loonie
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No, I haven't received another offer from CIBC , nor have I contacted them.

As I already had a chequing account there and transfers are easy through the chequing account, it has worked well for me. I anticipated that the base rate would almost certainly drop to .05%, reducing the overall rate by .05, and CIBC did exactly that. It's convenient, but not convenient enough that I'll put up with .05%!

I'm kind of surprised no one has contacted me as I put a significant amount in there and would expect them to try to convert that to brokerage. Maybe they're hoping we'll just forget about it but it's hard to ignore a rate difference of 4600%.sf-surprised

November 19, 2020
8:22 pm
davidgeorge
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$5 transaction fee is waived if we transfer funds between CIBC accounts. Is a Simplii account considered a CIBC account in this regard?

November 20, 2020
2:08 am
topgun
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No. Transfer funds to CIBC checking. Then move funds wherever you want.

Have a Great Day

November 20, 2020
2:46 am
Loonie
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I've started getting GIC offers when I log in - at some abysmal rate that I can only laugh at. I think it was .65

November 20, 2020
9:35 am
rhvic
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Just curious - how soon after making a withdrawal from your CIBC Advantage account do you see the $5 transaction fee (which I am presuming they will charge)? I pulled out just over $100K using Hubert 8 days ago (when my promo rate ended), and have not yet seen a fee assessed. Or is the fee only charged if you use CIBC itself to initiate the transaction?

I did note today that CIBC did pay the extra promo interest deposit the day after my promo rate ended - they did not wait for the end of the month!

November 20, 2020
10:07 am
topgun
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Some fees are charged on the monthly statement. Monthly statements are created on different business days of month. Mine is the last day of month. Someone else said the 19th day of month.

Have a Great Day

November 20, 2020
11:36 am
julio
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I got the bonus on the day my promo ended.

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