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CIBC Comes up with an absurd offer
January 26, 2022
4:39 pm
rhvic
Victoria, BC
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I just got an offer from CIBC, that one can get an extra 0.25% "Smart Interest" on your savings account if you transfer in at least $200/month. This brings the total interest on the account to 0.30%, including their regular interest of 0.05%:

"We want to help you save and establish healthy savings habits. Starting February 1, 2022, on top of your current interest rate, you can get rewarded with 0.25% Smart Interest for making deposits and growing your balance by $200 or more each month.

Regular Interest 0.05% Earned on all your balances all the time

Smart Interest 0.25% Get rewarded with more on account balances up to $200,000 when you save at least $200 each month"

Hands up those who plan to take advantage of this momentous offer!

What an insult to one's intelligence.

January 26, 2022
4:44 pm
Dean
Valhalla Mountains, British Columbia
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.
Sadly, there are Lots of people out there who are unaware of the Much higher rates that are available ... and those are the 'Fish' that CIBC will catch with that offer.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

January 26, 2022
4:46 pm
Loonie
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They'll probably get some takers. Heck, it's a 500% raise, eh?sf-surprised

Thanks for the laugh, rhvic! sf-laugh

January 27, 2022
8:27 am
cgouimet
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Yes. Kinda bad.

But there are still a lot of older folks that only do face-to-face in-branch banking and don't have physical access to the better CU's. For them this is great ...

CGO
January 27, 2022
8:34 am
cgouimet
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BMO used to have their Savings Buider Account at 0.2% + 1.2% in months when you added $200+. But about 12-18 months ago (I think), this became 0.05% +0.3%.

CIBC just became competitive ... LOL ...

CGO
January 27, 2022
8:50 am
KamWest
Toronto
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My 79 year old mother got that email and did not fall for it

She keeps her interest bearing savings at Motus and only a small chequing at the big banks.

So I don't think all older folks will fall for it.

January 27, 2022
11:02 am
Loonie
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The people I see lined up in my local CIBC branch are almost always younger than I, and I'm only a few years younger than KamWest's mom.

January 27, 2022
11:26 am
Dean
Valhalla Mountains, British Columbia
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It's not just the 'Older Folks', folks ❗ sf-smile

The average person (regardless of age) only deals with the big, low interest paying Banks & CU's.

It's either because they are not aware of the much better options that we are aware of ... or they just can't be bothered, and elect to continue to go with the 'Convenience' of dealing with their present FI's.

Sad, but true.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

January 27, 2022
11:43 am
savemoresaveoften
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Loonie said
The people I see lined up in my local CIBC branch are almost always younger than I, and I'm only a few years younger than KamWest's mom.  

the people you see are the underground economy participants.....

January 27, 2022
12:47 pm
cgouimet
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savemoresaveoften said

the people you see are the underground economy participants.....  

I go once a quarter just to update my safety deposit box. I see older folks that don't want to use ATM's, people exchanging currencies, small retail operator/owners doing their daily cash deposits, some people I recognize as servers from local restaurants perhaps depositing tips and a number of folks I recognize as firemen and shift manufacturing worker running cash construction sidelines out of their F-150 King Ranch ...

CGO
January 27, 2022
2:56 pm
Dean
Valhalla Mountains, British Columbia
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I see that CIBC is also offering what they call 'Bonus Rate GICs', including a 5 Yr GIC @ 3.00%.

That 5 Yr GIC might be of interest !

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

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