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Email this11:24 pm
May 21, 2016
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Are there any strategies to have the monthly fee waived without needing to maintain minimum balance? I know with RBC they sometimes make exceptions and will waive the monthly fee for 6 months.
11:32 pm
April 14, 2021
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I asked, too, and was told that there was no way for a non-senior to have an account there for free.
11:37 pm
May 21, 2016
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HermanH said
I asked, too, and was told that there was no way for a non-senior to have an account there for free.
That's incredibly unfortunate. A few years ago I spoke to someone who was working for RBC and another for BMO and they both often said you can get the fee waived for a short period of time, say you need to move some monies around. Have you tried?
4:27 am
March 30, 2017
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Check if they still offer premium banking package which includes premium unlimited checking account, world elite visa credit card if u meet min. Asset requirement across CIBC umbrella (Investor edge, GIC, etc) You will see the charge and they credit u back each month without the need to maintain balance requirement in the checking account.
The minimum was $100k few years ago. Easily attainable if you have your investment portfolio at IE already.
Not advertising for CIBC as I don’t gain from it, but it truly was a good free package, and still the case if they still offer it.
6:34 am
April 6, 2013
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Yes, CIBC still has the rebate on the $29.95 monthly fee for a CIBC Smart™ Plus chequing account for those with $100,000 of eligible savings and investments.
Definition of "Savings and Investments" includes the following registered and non-registered products held in one's name or held jointly with other people:
- CIBC chequing accounts
- CIBC savings accounts
- Guaranteed Investment Certificates (GIC) issued by CIBC, CIBC Trust Corporation and CIBC Mortgages Inc.
- CIBC Investment Account
- CIBC Mutual Funds
- personal deposit and investment products held in CIBC Smart Investment Solutions, CIBC Managed Portfolio Services® (CIBC Securities Inc.), CIBC Personal Portfolio Services®, CIBC Passive Portfolios, CIBC Investor’s Edge and CIBC Imperial Investor Services
Pages 6 and 7 of their Personal Account Service Fees booklet has the full details.
9:51 am
January 7, 2023
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I think the big five banks only offer free chequing accounts to seniors, students/children/youth and new immigrants.
Everyone else will have to either keep a minimum balance between $3000-$6000 earning little to no interest, or keep $100,000 in investment for a free CIBC account.
10:48 am
April 14, 2021
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Hmm said
That's incredibly unfortunate. A few years ago I spoke to someone who was working for RBC and another for BMO and they both often said you can get the fee waived for a short period of time, say you need to move some monies around. Have you tried?
I've tried all manner of combinations and permutations. Norman1 and Warwick111 have it right. I moved my investments from CIBC for their poor returns. Giving CIBC free use of my money via min. deposit or accepting a poor return on investment is the same as just paying a monthly fee for service.
4:45 pm
May 21, 2016
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HermanH said
Hmm said
I've tried all manner of combinations and permutations. Norman1 and Warwick111 have it right. I moved my investments from CIBC for their poor returns. Giving CIBC free use of my money via min. deposit or accepting a poor return on investment is the same as just paying a monthly fee for service.I guess I'll opt for the $4 monthly account: https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/everyday-chequing-account.html
I am not going to invest any funds. It's just not worth it. I'll be losing a lot of money.
I only need to keep the account for 4-5 months and pull the funds out back to Tangerine or EQ after the promotional 5.75% offer plus Smart Bonus interest expires which is paid within 5-7 days the following month. I feel this is a more practical option. I'll be saving a couple of dollars only ($8 vs $10). The eSavings account charges $5 each transaction.
Let's hope they don't charge me to close the Basic Chequing account which seems to be a new trend.
5:01 pm
April 6, 2013
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If one is not already banking with CIBC, then perhaps the current 5¾% offer on new Manulife Bank Advantage Accounts would be better.
Free pre-authorized payments against the account. Free fund transfers out.
5:24 pm
May 21, 2016
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Norman1 said
If one is not already banking with CIBC, then perhaps the current 5¾% offer on new Manulife Bank Advantage Accounts would be better.Free pre-authorized payments against the account. Free fund transfers out.
Also RBC: https://www.rbcroyalbank.com/accounts/e-savings.html at 5.5%. The fee is $5 for withdrawals but you can often get a free chequing account normally $4 per month is waived so you can avoid the transaction fee by moving the funds to your RBC chequing account.
Also, it appears CIBC does charge a fee to close a new account opened within 90 days. So that's not an option for me or anyone looking to temporarily park their funds.
7:28 pm
August 30, 2023
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Hmm said
Also RBC: https://www.rbcroyalbank.com/accounts/e-savings.html at 5.5%. The fee is $5 for withdrawals but you can often get a free chequing account normally $4 per month is waived so you can avoid the transaction fee by moving the funds to your RBC chequing account.
Also, it appears CIBC does charge a fee to close a new account opened within 90 days. So that's not an option for me or anyone looking to temporarily park their funds.
I just now opened a new CIBC Investor's edge account. I did not know that $10,000 minimum is needed to waive the $100 annual fee. I probably would move some funds later this year for the ISAs. But not sure. So if I close it right away will I be charged a $100 fee?
I had opened it so that I could buy the Ren HISA without commission, but later this year. So how many months can it be $0 balance?
8:44 pm
April 14, 2021
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Hmm said
The eSavings account charges $5 each transaction.
That's $5 for direct withdrawals, only. If you have an chequing acct, you can transfer the money to CHQ and then withdraw without penalty.
If you are only making deposits, you can do so for the promo and just open a chequing account when you want to clear the funds and then close it afterwards. I do not know if there is a penalty for closing a chq account so soon.
8:58 pm
April 6, 2013
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Full CIBC Investor's Edge pricing is at Pricing. There are some exemptions for those under age 25 and students.
For others, the annual fee is charged each September. Looks like new clients won't be charged the annual fee until after 180 days. 🙂
Annual account fees
When the total market balance of all your accounts is greater than $10,000 $0 When the total market balance of all your accounts is $10,000 or less $1004 Good to know:
- FHSA accounts have no annual fees
- New Investor's Edge clients5 are exempt from first year fees
4 Annual fee will be divided and applied equally among your active accounts (excluding FHSA) in September each year.
5 For clients who opened their first account in the past 180 days.
3:58 am
December 22, 2022
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Hmm said
Also RBC: https://www.rbcroyalbank.com/accounts/e-savings.html at 5.5%. The fee is $5 for withdrawals but you can often get a free chequing account normally $4 per month is waived so you can avoid the transaction fee by moving the funds to your RBC chequing account.
How do you get the free RBC chequing account?
4:22 am
August 30, 2023
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Norman1 said
Full CIBC Investor's Edge pricing is at Pricing. There are some exemptions for those under age 25 and students.For others, the annual fee is charged each September. Looks like new clients won't be charged the annual fee until after 180 days. 🙂
Thanks a lot Norman1. That gives me sometime I guess to rethink about this account.
4:30 am
March 30, 2017
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HermanH said
Hmm said
Giving CIBC free use of my money via min. deposit or accepting a poor return on investment is the same as just paying a monthly fee for service.The CIBC offer makes sense for those that has equity investment with IE. Actually you can have just the cash in the IE account and park it in cash ETFs etc and still qualifiy. Get checking and credit card for free while ur cash investment is flexible and similar return as GIC, a win win in my eyes.
the $100k bar is just too low and generous and one should take advantage of it whenever possible.
12:53 pm
October 7, 2019
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savemoresaveoften said
HermanH said
Hmm said
Giving CIBC free use of my money via min. deposit or accepting a poor return on investment is the same as just paying a monthly fee for service.
Not following your logic fellows. If I'm holding 100K of say bank shares at CIBC Investors Edge or anywhere else for that matter the return is identical. However holding them at CIBC means I pay no bank account fees, my CIBC Dividend Visa has the $120 annual fee waived + non-CIBC ATM fees rebated etc.
3:48 pm
May 21, 2016
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I have zero knowledge of equity investments, ETFs and more. I don't take risks, never have.
I use the Basic Rogers Bank Mastercard now which is my go to card followed by Simplii Visa for restaurants (4%), and Tangerine for groceries. For fuel, I might use Canadian Tire. I don't pay any annual fees for my credit cards. Brim Mastercard has pretty much lost me as a customer.
What I do is play musical chairs with financial institutions by parking funds into a GICs or savings account.
@Norman1 's suggestion of Wealth Simple is a good offer, probably the best given there are no transfer out fees.
3:50 pm
May 21, 2016
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The Rock said
Hmm said
Also RBC: https://www.rbcroyalbank.com/accounts/e-savings.html at 5.5%. The fee is $5 for withdrawals but you can often get a free chequing account normally $4 per month is waived so you can avoid the transaction fee by moving the funds to your RBC chequing account.
How do you get the free RBC chequing account?
Long story. RB closed a special grandfathered Savings account with no fees at all attached to which I had since 1976. They can't get the account back so they are waiving the fee for 6 months. I was told to call back at that time. I'll likely cancel the chequing account instead.
3:54 pm
May 21, 2016
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savemoresaveoften said
HermanH said
Hmm said
Giving CIBC free use of my money via min. deposit or accepting a poor return on investment is the same as just paying a monthly fee for service.The CIBC offer makes sense for those that has equity investment with IE. Actually you can have just the cash in the IE account and park it in cash ETFs etc and still qualifiy. Get checking and credit card for free while ur cash investment is flexible and similar return as GIC, a win win in my eyes.
the $100k bar is just too low and generous and one should take advantage of it whenever possible.
I wish I actually knew what you were really talking about in regards to to equity investments and EFTS. If there is zero risk, please educate me. 
Please write your comments in the forum.