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CIBC targeted esavings account 4.25%
August 16, 2022
4:41 pm
Moneyman2
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Was offered up to 4.25% monthly interest up until January 2023 on my esavings account. The breakdown is:

1.00% Regular interest, earned all of the time
0.75% Smart Interest when you invest at least $200 to this account monthly
2.50% Bonus interest on any new money deposited
Total 4.25%

Not too shabby. Don't have to lock it in, accessible at anytime if needed. 5 months. Removing from my Duca 3.25% account, then might lock in after September 7th BofC interest rate hike. Good luck

August 17, 2022
3:54 am
bhuc
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Note , Bonus interest rate 2.50% is for new e savings accounts only.

Additionally, receive bonus interest for the first 4 months when you open your first account (up to a balance limit of $1,000,000).

August 17, 2022
6:51 am
co
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May I ask how you found about the offer? Email? Online banking? Thanks.

Edit: Here are the terms and conditions online:

† This is a combined bonus, regular and Smart annual interest rate offer. The offer only applies to clients opening their first CIBC eAdvantage® Savings Account (“eSA”). Eligible eSAs will earn bonus interest (“Bonus Interest”) for 120 days from the date the eSA is opened, in addition to regular (“Regular Interest”) and Smart Interest (each month in which you save at least $200 across all your account(s) with the same account holders). Bonus Interest is calculated daily at the current rate on each day’s full closing balance (up to a balance limit of $1,000,000) and paid monthly. Regular Interest is calculated daily at the current rate on each day’s full closing balance and paid monthly. Smart Interest is calculated daily at the current Smart Interest rate on each day’s full closing balance (up to a balance limit of $200,000 across all accounts with the same account holders and paid between the first 5 to 7 business days of the following month. Bonus Interest, Regular Interest and Smart Interest rates quoted are annual. Interest rates may change at any time without prior notice. For current rates, ask at any CIBC Banking Centre or go to http://www.cibc.com. Other conditions apply. For full offer details, review the Terms and Conditions (PDF, 100 KB) Opens in a new window. or visit a CIBC Banking Centre.

1 Smart Interest is a bonus interest reward earned on the total account balance in your CIBC eAdvantage Savings Account(s), up to a maximum aggregate balance limit of $200,000 (“Smart Balance Maximum”), each month in which you save at least $200 (excluding interest earned) across all your account(s) with the same account holders (“Smart Balance Growth”). Smart Interest is calculated daily at the current Smart Interest rate on each day’s full closing balance (up to the Smart Balance Maximum) and paid between the first 5 to 7 business days of the following month. Smart Interest rate quoted is an annual rate. Smart Interest, the Smart Balance Maximum and the Smart Balance Growth amount may change at any time without prior notice. Other conditions apply. Review the full Terms and Conditions available at cibc.com/smartsavings.

August 17, 2022
5:41 pm
Moneyman2
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I've had my esavings account for years. It is not for new accounts. This offer, anyways. And it's until the end of January 2023 which is over 5 months. Spoke with investment advisor at CIBC today, so I know this is correct. Thanks

August 17, 2022
6:15 pm
JohnnyCash
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Moneyman2 said
I've had my esavings account for years. It is not for new accounts. This offer, anyways. And it's until the end of January 2023 which is over 5 months. Spoke with investment advisor at CIBC today, so I know this is correct. Thanks  

Then why do the T&Cs stated in the post above yours indicate otherwise? I'm aware there were existing e-Savings clients that were selectively targeted for the offer.

August 17, 2022
6:44 pm
Moneyman2
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Thanks for not trusting me.

Screenshot_20220817-215340_Banking.jpg

August 17, 2022
7:15 pm
co
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Moneyman2 said
Thanks for not trusting me.

Screenshot_20220817-215340_Banking.jpg  

Thanks so much for sharing. To be clear I copied the T&C to save other people a click. No disrespect meant.

Back to the main topic: so existing account holders should log into phone banking through the app to check it out?

August 17, 2022
9:18 pm
MG
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I have had an e advantage account for years and the interest rate has been pitiable for a long time. I recently got offered the 4% and plan to move funds over. I see that new accounts are being offered 4.25% on the CIBC website.

August 18, 2022
6:58 am
COIN
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MG said
I have had an e advantage account for years and the interest rate has been pitiable for a long time. I recently got offered the 4% and plan to move funds over. I see that new accounts are being offered 4.25% on the CIBC website.  

Same here. 4%, I don't see 4.25%.

August 18, 2022
9:57 am
MG
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COIN said
Same here. 4%, I don't see 4.25%.  

Just type in cibc.com. The offer is on the home page.

August 18, 2022
10:47 am
Norman1
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The 4¼% offer there is for those opening their "first CIBC eAdvantage® Savings Account".

There is another 4¼% offer that is for targeted existing eAdvantage account holders.

It sounds like there is a third offer: 4% for targeted existing eAdvantage account holders.

August 18, 2022
11:35 am
FastJonny
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Norman1 said
The 4¼% offer there is for those opening their "first CIBC eAdvantage® Savings Account".

There is another 4¼% offer that is for targeted existing eAdvantage account holders.

It sounds like there is a third offer: 4% for targeted existing eAdvantage account holders.  

And here I thought CIBC had all it's 'sillyness' in Simplii. Maybe multiple, targeted (and possibly convoluted) offers make more money....

August 18, 2022
11:58 am
bhuc
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I just had a chat with my CIBC financial rep and she told me there is no targeted offer for me even though I have and e-advantage account. If there are targeted offers I am not part of that target group.
She did however say she is going to investigate further on my behalf.
I'm not holding my breath hoping I will get this promo !sf-wink

August 18, 2022
2:06 pm
COIN
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"It sounds like there is a third offer: 4% for targeted existing eAdvantage account holders."
It looks like I got the 3rd offer (i.e. 4%).

August 18, 2022
4:49 pm
Moneyman2
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I just logged onto my cibc banking app one day and the offer was there. I though is was again for new clients. I read the fine print and contacted my CIBC financial advisor. They originally said they did not see the offer attached to my account. As I was on the phone with them, I logged in and it came right up. They asked me to screen shot this offer and email it to them. They needed to confirm with their back office. I said, I really don't care what the back office says, the offer is here. They can't offer and not follow through. I would have removed ever nickel I have with them if they reneged. GL

August 18, 2022
5:55 pm
COIN
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"I just logged onto my cibc banking app one day and the offer was there."

Yes, same here. I logged into my CIBC account a few minutes ago and the offer was right there. (It was for 4% and not 4.25%.) The offer is also in the offer section.

Question: Do I have to explicitly accept the offer, or is it automatic?

August 18, 2022
6:07 pm
COIN
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CIBC made this unnecessarily complicated.

So, do I get 4% up to $200,00 and only 3.25% up to $1million?

So, if I deposit $1million of new money, I will get 3.25% on the $1million?

August 19, 2022
12:26 pm
RetirEd
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Let's all just make a habit of telling the institutions to stick their "targeted" offers where the gerbil went.
RetirEd

RetirEd

August 23, 2022
7:17 am
COIN
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Long story short, I think the 4% applies only to the first $200,000 of "new money", as long as at least $200 is deposited every month. Any excess above $200,000 will earn less than 4%. Also, the 4% might not be guaranteed if the regular rate drops.

August 26, 2022
4:51 pm
Money
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Why is it that it seems people are getting so much from the CIBC edvantage savings account, but those who have the account make very little. With over $100,000 in my account in Jan 31 2022 interest was $4.45 and Feb 28 2022 interest was $4.02. If you don't believe me l can show my monthly statement. Really good deal!

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