CIBC 5.75% for 4 months | CIBC | Discussion forum

Title is incorrect. The current promotion of 5.75% includes the bonus interest rate of 0.5% [Special Interest rate includes both Regular + Bonus interest, with a balance limitation of $1,000,000 on Bonus interest.] https://www.cibc.com/en/interest-rates/personal-bank-account-rates.html

COIN said
Looks like available if one doesn't currently have an eAdvantage account.

Definitely. Only if one is opening one's first eAdvantage account:

† This offer is only available to clients opening their first CIBC eAdvantage® Savings Account (“eSA”). Eligible eSAs will earn a special annual interest rate (the “Special Interest Rate”) on balances up to $1,000,000 for 120 days from the date the eSA is opened (“Special Rate Period”). …

Anyone knows what date CIBC pays interests? I opened an account in April but haven't seen the interest payment.

Hmm said

Within 5-7 business days from the beginning of the month.  

Thanks. The interests are in my account now.

Regular interest of the CIBC eAdvantage Savings Account posts on the second business day of the next month:

¹ Regular interest is calculated daily at the current rate on each day’s full closing balance and paid on the last business day of the month. Your entire account balance earns the rate applicable to the tier your daily closing balance falls within. This interest cannot be withdrawn and will not be printed at branch terminals or bank machines or made available through CIBC Telephone or Online Banking, until the second business day of the following month. …

I am surprised to see the "smart interest" payment in my account today, so I have "interest", "bonus interest" and "smart interest" payments. In my case (Balance $25,000 to $99,999.99), the total interest rate is 6.25%.

Hmm said

The smart interest is supposed to be paid out with 7 days of the beginning of the month.

I am curious, where did you find the breakdown? I am looking at this link: https://www.cibc.com/en/interest-rates/personal-bank-account-rates.html

As far as I know, we earn a special 5.75% for new accounts and an additional 0.5% smart interest if we qualify.

However,I did the math earlier and my numbers are not the same as CIBC (ignoring the smart interest calculation) by about 0.2% lower. I don't know how they're calculating but with Manulife my spreadsheet interest amount is spot-on.  

I calculated the interest rate for each category according to the amount of interest paid.

I have multi year GIC's at CIBC, EQ and Motive.

EQ pays yearly and this year will pay a leap year amount (366 days)
Motive pays monthly and this year will pay a leap year amount (366 days)

CIBC pays monthly and will not include the leap year (365 days) in its calculation so the amount is exactly the same as last years amount.
Actually, CIBC calculates the total yearly interest by multiplying the interest rate times the GIC amount and divides by 12 to get monthly payout, because each monthly payout is identical.

https://www.cibc.com/en/interest-rates/personal-bank-account-rates.html

The offer rate for opening your 1st eAdvantage account is currently 5.25% for 4 months.

Regular rate afterwards is 0.3%, comparable to Tangerine, without the lotteries.