[EXPIRED] CIBC: 2.50% interest for 120 days when you open your first eAdvantage Savings Account | CIBC | Discussion forum

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[EXPIRED] CIBC: 2.50% interest for 120 days when you open your first eAdvantage Savings Account
May 26, 2020
10:45 am
ak91
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May 26, 2020
6:08 pm
pooreva
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If I read it correctly, the only way to AVOID any fee is to already have CIBC account (chequing for example) and to transfer funds from/to that chequing account. Everything else is fee eligible.
Meaning, if you have chequing account, open this eAdvantage account, move money to/from it, get 2.5% interest on balance at the end of day and do not do anything special for the next 120 days. Then close this account and you are free to go to next offer...
Am I correct?

May 26, 2020
6:20 pm
pooreva
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And look at 'fantastic offers' this bank has:
CIBC Bonus Savings Account - Build your savings for short- or long-term goals.
Interest is 0.05%. Do they think average Canadian is brainless moronic idiot? How can you build ANY saving with interest of 0.05%??????? You would need 100 MILLIONS to earn $50,000/year.

May 31, 2020
12:48 pm
fairwindw1
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Be aware, CIBC is cheating its customers by false advertising.
I signed up a 2.75% similar offer before with $340,000, only to find the actual rate is only less than 2%!
When I called, the rep told me the so called 2.75% for 120 days is only 1.7x% bonus rate plus a base rate, and they dropped the base rate once you sign up.
so much for 120 days!
I know banks play tricks on consumers all the time but this is going too far.
sf-yell
I am reporting this to FRFI, so beware if you sign up this offer
https://itools-ioutils.fcac-acfc.gc.ca/CHP-PTP/Complain-Outilder-1-eng.aspx?Id=2697bbdf-eb46-49c0-a7bf-1fe3cbfec1c2

May 31, 2020
4:37 pm
cruzinalong
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fairwindw1 said
Be aware, CIBC is cheating its customers by false advertising.
I signed up a 2.75% similar offer before with $340,000, only to find the actual rate is only less than 2%!
When I called, the rep told me the so called 2.75% for 120 days is only 1.7x% bonus rate plus a base rate, and they dropped the base rate once you sign up.
so much for 120 days!
I know banks play tricks on consumers all the time but this is going too far.
sf-yell
I am reporting this to FRFI, so beware if you sign up this offer
https://itools-ioutils.fcac-acfc.gc.ca/CHP-PTP/Complain-Outilder-1-eng.aspx?Id=2697bbdf-eb46-49c0-a7bf-1fe3cbfec1c2  

Read the fine print before applying. I consider many of the deals are not worth the time or bother. I am happy where I bank. I am not enticed by these deals that attract new customers. Some just want your information and profile. A friend said that as well.

June 12, 2020
5:59 pm
randy
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yet another bank/credit union promo that has proven to be a colossal waste of time for me. completed their online acct application to then be told that I had to call my nearest branch. Followed the marching orders and left a msg and no huge surprise received no call back, the big banks blow! sf-yell

June 12, 2020
6:05 pm
AltaRed
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Lots of the promos are based on a base rate subject to change plus a bonus rate.

Think Simplii (old PCF) was similar. So is Scotia's Momentum Plus I believe as is BMO's Savings Builder, the latter of which I use.

None of this is buried in fine print.

June 12, 2020
6:11 pm
cruzinalong
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randy said
yet another bank/credit union promo that has proven to be a colossal waste of time for me. completed their online acct application to then be told that I had to call my nearest branch. Followed the marching orders and left a msg and no huge surprise received no call back, the big banks blow! sf-yell  

I saw a promo at CIBC for savings account. I filled an online application. I was required to visit a branch. Not sure when. I waited until promo finished to activate account. Never put money in the account. Their specials on CC are much better.

June 14, 2020
10:21 am
Alexandra
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I called my CIBC rep the other day and he said he could still get me the 2.5% if I opened a savings account with them. He did everything over the phone for me. I signed the appropriate application papers on line and the entire thing was set up within a half hour.

Also, I have had a savings account with them before. Still got the offer.

It is only worth it really if you already have a chequing account with them. This way you can move funds in and out of the savings account through chequing without any fees being charged.

Right now the deal is actually 2.3% for 120 days plus whatever the going rate is for the savings account. Currently at .2%. I have checked and the .2% has been the rate for quite awhile.

I have found it is always best to phone a rep at the big banks to get the best rate. You can usually always get a better rate than their posted one.

July 2, 2020
3:56 pm
julio
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For those who are on the fence: On my today’s visit to a branch I was advised that the, yes - 2.50%, promo for 120 days is ending on the 3rd of July 2020. No fees. Deposit goes directly into the newly opened savings account via teller. Withdrawal, with no fees in mind, will be transferred from the said savings account into the newly opened checking account from which withdrawal is free. If that is so, I will know in 120 days.

July 2, 2020
4:29 pm
fairwindw1
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Keep in mind, if you don't have a checking account with them, any withdraw to another banks will incur a $5 fee per transaction, even if you pull the money from other bank!

July 4, 2020
12:01 am
freakonomist
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CIBC seems the best FI to go with for non-registered savings account based in early July 2020 with its promotion at 2.50% for 120 days, best short term option to park some funds with no locked in commitment at the moment in my opinion...

It is very sad however that Tangerine is not even willing to match such rate (2.50%) for comparable time frame for targeted clients, knowing that Tangerine currently advertises 2.50% for 5 months for ANY new customers... In addition, Tangerine has run several TV ads during the pandemic first wave peak offering 2.80% for several months (5 or 6 months) to ANY new customers again... It appears now that starting in July 2020, Tangerine has not offered more than 2.25% to any existing customer yet... And this offer is only applicable to non-registered savings account, it does not seem that Tangerine is offering any promotional offer applicable also to USD savings, TFSA savings, RRSP savings anymore... This is quite disappointing to me since I have seen other members on the forum posting that Tangerine offered them just in May or June 2020 2.50% for non-registered savings, USD savings, TFSA savings, RRSP savings until Sept 30 2020... And at such time (May or June 2020), rates were already slashed significantly globally...

Oh well, may the Tangerine algo Gods be with you for the next few quarters! Experience has shown across the years that Tangerine promotional offers have been very inconsistent / incoherent at many occasions...

July 7, 2020
11:07 am
Alexandra
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I see on my account today with CIBC special rate:

e-savings: .1%
Bonus e-savings rate 2.3%

So, now not 2.5% combined. Instead it is 2.4% combined.

July 7, 2020
1:34 pm
bird
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Tried opening this account remotely and was told it would be OK, just need to send an ID. Fair enough, Opened account, got a welcome email, sent passport and...another request for 3 verifications including a selfie with one of 3 poses (really?!) OK, done that - not good enough. Canadian passport was rejected as an ID(!), was told to send the page from my current bank's profile with account ## and other details that have nothing to do with ID check or cannot open account. I did not send and... got another welcome to the account with 0.1% interest - no mention of the promo...

As someone wrote here, this 2.5% rate expired July 3, but it was never mentioned to me neither on the phone or in email. Only when I raised the question the rep admitted it was true, but a new promo rate of 2.4% (sort of) is in effect now.

Do you need to provide your other bank's details just to open a basic savings account?! Can they do that?

July 8, 2020
11:34 am
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The rate is exactly like Alexandra wrote . I'm getting 2.40% now.

Good rate from a BIG Bank.

July 8, 2020
11:57 am
bird
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Be careful when you open an account: account OPENED is not the same as account ACTIVATED. They open an account the moment you apply, but do not let you use it until you submit all the paperwork and visits required then wait a few days until they activate it. Your promotional term, however starts the moment you click "send" on your application thus cutting 2 weeks or more from your promo term.

When I asked questions to specify exact dates, I got a generic confirmation that the account was opened a week ago and that another email would explain procedures to activate it - none was received. My questions left unanswered. Called FCAC and found out banks set up their own criteria and demands as there's no specific requirements from regulators. However, if banks demand - in writing - account ## from other banks then FCAC will look at it. My guess is banks know that and always paraphrase their demands, but are more candid over the phone...

July 8, 2020
12:36 pm
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Makes a big difference when you already have something with them a head of time.Like a credit card or chequing account.

Savings account is opened in a minute and active with the promotional rate.

July 13, 2020
6:50 pm
ak91
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the eadvantage savings account regular rate was reduced to 0.10%. Hence the overall offer promo is now 2.40%.

The 2.50% rate is not applicable anymore

July 14, 2020
4:38 am
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Alexandra said
I see on my account today with CIBC special rate:

e-savings: .1%
Bonus e-savings rate 2.3%

So, now not 2.5% combined. Instead it is 2.4% combined.  

If you read ASK 91 the rate was reduced to 2.40 on July 7,20.

Also the offer is not expired. Still being offered this morning .July 14,20

July 14, 2020
6:10 am
2of3aintbad
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Alexandra said
I see on my account today with CIBC special rate:

e-savings: .1%
Bonus e-savings rate 2.3%

So, now not 2.5% combined. Instead it is 2.4% combined.  

Exactly where do you see the .1 and 2.3 ?

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