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CIBC new account promo: 2.75% interest for 120 days when you open your first eAdvantage Savings Account
November 27, 2019
1:13 pm
ak91
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https://www.cibc.com/en/special-offers/fall-savings-promotion.html

The link above explain the offer details

I learn a lot about special offers from this site so returning the favour for others.

Thanks
A helpful CIBC employee

December 14, 2019
6:29 am
MapleOne
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Mind you my Simplii is also earning 2.8% at the moment but they are very sneaky. (probably the same at CIBC)

I moved my funds out of my simplii account over about a month ago but they go back two full months and whatever you had in there at that time does not get the interest. So for me the first 200k only get 1.1% before it jumps to 2.8% thereafter. I told them no deal because no such games at motive. Motive will always be my backup account when special offers end because they are most consistent with their rates.

December 16, 2019
12:40 pm
ak91
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AAh I see what you mean.. well the CIBC is a new account offer so doesnt apply to existing eSA accounts. So as long as you open your first eSA, you should qualify

December 16, 2019
1:01 pm
Bill
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I've had this account for a while and I got this offer a while back, can't recall if it was sent to my email or was there when I signed in, or maybe both.

December 16, 2019
1:09 pm
GR
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Just a reminder that CIBC and Simplii deposits are CDIC insured up to $100,000 total combined for both, not for each separate FI, as Simplii is part of CIBC.

December 17, 2019
9:35 am
Alexandra
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Also remember Motive is part of
Canadian Western Bank so for CIDC purposes it is the combination of both as well

May 7, 2020
10:45 am
fairwindw1
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Be aware, CIBC is cheating its customers by false advertising.

I signed up this offer 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 7, 2020
11:29 am
Doug
British Columbia, Canada
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fairwindw1 said
Be aware, CIBC is cheating its customers by false advertising.

I signed up this offer 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  

I agree that it's a bit sneaky, all banks will adjust their base rate with BoC policy interest rate declines, but some banks will make corresponding upward adjustments in the promotional rate to offset the decline (or downward adjustments when the BoC raises rates, such as Tangerine). Nevertheless, as long as you are earning the promotional interest, even if reduced by the BoC rate declines, they are still adhering to the terms of the offer. sf-cool

FWIW, I am enjoying my ~9.0% annual dividend yield on my CIBC common shares, based on my rough adjusted cost base of ~$65.00 per share. On the current market value, it is about 7.2%. 😉

Cheers,
Doug

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