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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
Valhalla Mountains, British Columbia
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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 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

Why is 'abbreviation' such a long word?

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.

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