CIBC 5.75% for 4 months | CIBC | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
CIBC 5.75% for 4 months
February 19, 2024
11:35 am
Lodown
Member
Members
Forum Posts: 204
Member Since:
January 10, 2017
sp_UserOfflineSmall Offline
February 19, 2024
12:09 pm
COIN
Member
Members
Forum Posts: 1112
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

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

April 16, 2024
11:20 pm
Hmm
Member
Members
Forum Posts: 122
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

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

April 17, 2024
7:23 am
Peter
Admin
Forum Posts: 1406
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Hmm said
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  

Fixed; thanks!

April 17, 2024
7:33 am
Norman1
Member
Members
Forum Posts: 6800
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

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”). …

April 17, 2024
7:40 am
AlainJF
Member
Members
Forum Posts: 184
Member Since:
January 16, 2017
sp_UserOfflineSmall Offline
May 1, 2024
5:55 am
davidgeorge
Member
Members
Forum Posts: 304
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

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

May 2, 2024
1:38 am
Hmm
Member
Members
Forum Posts: 122
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

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

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

May 2, 2024
12:39 pm
davidgeorge
Member
Members
Forum Posts: 304
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

Hmm said

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

Thanks. The interests are in my account now.

May 3, 2024
12:07 pm
Lodown
Member
Members
Forum Posts: 204
Member Since:
January 10, 2017
sp_UserOfflineSmall Offline

Hmm said
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

I am a little late, but I think the original title was fine. You are missing the extra .5%, on up to $200k, when adding at least $200 into the account each month. This is so called "Smart Interest".

May 3, 2024
10:11 pm
Norman1
Member
Members
Forum Posts: 6800
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

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. …

May 5, 2024
8:27 pm
Hmm
Member
Members
Forum Posts: 122
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

Lodown said
Hmm said
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

I am a little late, but I think the original title was fine. You are missing the extra .5%, on up to $200k, when adding at least $200 into the account each month. This is so called "Smart Interest".  

Might be, it's quite ambiguous. I'll have to wait for the smart interest. However, I feel FI shouldn't be allowed to get away with such ambiguity and lack of clarity especially given the mandate from the Feds to improve transparency and more: https://www.canada.ca/en/financial-consumer-agency/corporate/planning/annual-reports/annual-report-2022-2023.html

May 7, 2024
12:59 pm
davidgeorge
Member
Members
Forum Posts: 304
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

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%.

Screenshot-2024-05-07-155236.png

May 8, 2024
12:22 am
Hmm
Member
Members
Forum Posts: 122
Member Since:
May 21, 2016
sp_UserOfflineSmall Offline

davidgeorge said
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%.

Screenshot-2024-05-07-155236.png  

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.

May 8, 2024
12:47 pm
davidgeorge
Member
Members
Forum Posts: 304
Member Since:
May 20, 2016
sp_UserOfflineSmall Offline

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.

May 10, 2024
7:03 pm
Lodown
Member
Members
Forum Posts: 204
Member Since:
January 10, 2017
sp_UserOfflineSmall Offline

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.  

2024 is a leap year. some banks therefore use 366 days instead of 365. See if it makes a difference to your calcs.

May 11, 2024
6:25 am
bhuc
Toronto
Member
Members
Forum Posts: 139
Member Since:
October 5, 2017
sp_UserOfflineSmall Offline

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.

May 11, 2024
12:26 pm
Lodown
Member
Members
Forum Posts: 204
Member Since:
January 10, 2017
sp_UserOfflineSmall Offline

Daily Interest Formula CIBC is using ,paid to the last day of each month, is: 5.75%/366*[end of day balance]. A test over 1 month shows a difference between actual and calculated Interest to be -$0.44 in CIBC's favor.

Please write your comments in the forum.