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eAdvantage new feature - Smart Interest
May 2, 2022
5:34 pm
hwyc
GTA
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Looks like CIBC added a new feature (since Feb 2022 ?) called Smart Interest to eAdvantage Savings.

Smart Interest is a bonus interest rewarded when you save $200 or more in a month (not including interest earned). You can get this bonus interest in addition to Regular Interest on your CIBC eAdvantage Savings Account.

You’ll get Smart Interest on your total account balances, up to $200,000. If you have more than one CIBC eAdvantage Savings Account with the same account holder(s), you'll get Smart Interest when you save $200 across all of those accounts. Only one account will be designated to receive Smart Interest.

As of today, regular interest is 0.35% & smart interest is 0.25%

May 2, 2022
6:25 pm
Dean
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.
. . . 0.35% + .025% = 0.60%. That's not bad for a Big Bank SA ❗

But it still doesn't compare to these

I also have a Big Bank SA (with TD). But except for the very rare special occasion, I don't keep much more than a $1 in it.

With all the HISA we have access to (see link above), what would be the reason for keeping significant amounts in a Big Bank SA these days ❓

    Dean

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

May 3, 2022
4:31 am
savemoresaveoften
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I keep a few grand in big5 checking acct which is my main acct for paying bills etc. happy to say they don’t make money off me

May 3, 2022
5:54 am
cgouimet
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hwyc said
Looks like CIBC added a new feature (since Feb 2022 ?) called Smart Interest to eAdvantage Savings.

Smart Interest is a bonus interest rewarded when you save $200 or more in a month (not including interest earned). You can get this bonus interest in addition to Regular Interest on your CIBC eAdvantage Savings Account.

You’ll get Smart Interest on your total account balances, up to $200,000. If you have more than one CIBC eAdvantage Savings Account with the same account holder(s), you'll get Smart Interest when you save $200 across all of those accounts. Only one account will be designated to receive Smart Interest.

As of today, regular interest is 0.35% & smart interest is 0.25%  

BMO have had this for years on their Savings Builder Account. At one point, we were getting 0.2% as a base plus 1.4% in months when the balance grew by $200 or more. Max balance of $250k. Today, the rates are 0.1% + 0.7%.

We keep $1.10 there now ...

CGO
May 3, 2022
3:56 pm
dougjp
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Just another angle to try and fool the unwashed masses and grab a few bucks at uncompetitive rates.

Marketing 101.

There is no attraction whatsoever for people who have the ability to, as a close friend once described it, rub two neurons together in the brain and make something happen. sf-surprised

" We may never pass this way again " - Seals & Crofts

May 3, 2022
4:46 pm
bhuc
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Smart Interest is a bonus interest rewarded when you save $200 or more in a month (not including interest earned). You can get this bonus interest in addition to Regular Interest on your CIBC eAdvantage Savings Account.

You’ll get Smart Interest on your total account balances, up to $200,000. If you
As of today, regular interest is 0.35% & smart interest is 0.25%

And if you open a new eAdvantage savings account you get a 2.0% bonus interest for 120 days for a total of 2.6%.
This is exactly what I'm doing while I wait for GIC rates to go to 4.5% or better !

And if need be when thats finished I might get my spouse to open an eAdvantage account and get another 120 days, thats if Tang hasn't got some promo on the go.

May 3, 2022
9:55 pm
Loonie
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200K is a low ceiling for big bank. Make sure that the interest doesn't put you over 200K.

August 8, 2022
6:28 pm
AllanB
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How does this thing work now they're offering 4.25% can you just drop a couple hundred bucks a month at the teller to qualify for the extra .75%?

https://www.cibc.com/en/special-offers/smart-savings-bonus-interest.html

August 9, 2022
9:11 am
Loonie
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There's one born every minute.

A few months ago a friend was telling me that the 30 day rollover term deposit he has at his preferred FI had increased to 0.5%. He was really happy about it. I expressed genuine shock that he was so happy about so little and offered to connect him with FIs where he could do much better even in a HISA, but he didn't want to hear about it.

August 9, 2022
11:47 am
frencols
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I always wondered how in this day and age when one can simply google about a good HISA offer, can some folks still fall for such scammy offers from a large bank but then I realized once I was like that (granted the financial savvy people weren't so much on the internet as now, but still) 😀

August 9, 2022
6:16 pm
AllanB
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Sour grapes, it is the best Hisa deal currently 4.25% for four months up to 200k. It should be added to the promo list. To keep it in good standing all you have to do is deposit at the teller if you don't have a linked account 200 bucks extra each month.

https://www.cibc.com/en/special-offers/smart-savings-bonus-interest.html

August 10, 2022
12:23 am
iotama
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If I'm not mistaken, 4.25% is only for new account with new money, right? Not existing accounts?

August 10, 2022
1:06 am
HermanH
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Yes, it is a combination of interest rates for new first-time eAdv account.

The current rate is 1% + 0.75% for the $200 monthly deposit + 2.5% bonus for a new eAdv acct.

Pre-existing accounts would only qualify for the 1% + 0.75% (probably).

August 10, 2022
4:49 am
savemoresaveoften
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What happens when I do a monthly deposit of $200 but also withdraw more than that during the month ? I assume the net balance must be higher than $200 each month to qualify ?

August 10, 2022
4:57 am
cgouimet
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savemoresaveoften said
What happens when I do a monthly deposit of $200 but also withdraw more than that during the month ? I assume the net balance must be higher than $200 each month to qualify ?  

That's usually how these accounts work ... Net balance increase ... 🙂

And they often have fees per withdrawal ...

CGO
August 10, 2022
5:13 am
dougjp
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cgouimet said

That's usually how these accounts work ... Net balance increase ... 🙂

And they often have fees per withdrawal ...  

Hmm, a product made unnecessarily complex for what devious purpose, one wonders..... What percentage of people will track all this to ensure they get 100% of it?

" We may never pass this way again " - Seals & Crofts

August 10, 2022
6:22 am
cgouimet
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dougjp said

Hmm, a product made unnecessarily complex for what devious purpose, one wonders..... What percentage of people will track all this to ensure they get 100% of it?  

BMO have had a similar product for years. Easy to keep track really. Log in and compare today's balance to the previous month-end.

Just saying, not promoting ...

If you like the rate, deposit $ you don't need for a while and set-up an automatic $200/mo top-up ...

CGO
August 10, 2022
6:47 am
dougjp
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cgouimet said

BMO have had a similar product for years. Easy to keep track really. Log in and compare today's balance to the previous month-end.

Just saying, not promoting ...

If you like the rate, deposit $ you don't need for a while and set-up an automatic $200/mo top-up ...  

I agree, its not an account for any active transactions, only leave it for 4 months with the auto $ 200- pm deposit.

What I meant was more along the lines of what you said about the possibility of fees, which could quickly offset any gains.

Because for this account, well into the fine print, you will find a $ 5- fee for a transaction, as defined here:
https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-high-interest-savings-account/fees-and-details.html

" We may never pass this way again " - Seals & Crofts

August 10, 2022
6:56 am
cgouimet
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dougjp said

I agree, its not an account for any active transactions, only leave it for 4 months with the auto $ 200- pm deposit.

What I meant was more along the lines of what you said about the possibility of fees, which could quickly offset any gains.

Because for this account, well into the fine print, you will find a $ 5- fee for a transaction, as defined here:
https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-high-interest-savings-account/fees-and-details.html  

Actually not buried very far ... CIBC.com then Bank Accounts then Savings ... Took me all of 10 seconds to find it ...

Screenshot-2022-08-10-at-09-54-20-Find-the-Right-CIBC-Savings-Account-For-You-CIBC.png

CGO
August 11, 2022
4:37 am
dougjp
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OK, but understanding what is and isn't a transaction takes a bit more drill down reading.

In any event, Thank You (and others) for pointing out this account's new competitiveness this month, and it's worth paying attention and playing by its rules. Just in time before my Tang's Aug 31 deal expires. I'll probably do this the beginning of the week.

" We may never pass this way again " - Seals & Crofts

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