Sorry, this offer has expired. Set up a deal alert and get notified of future deals like this. Add a Deal Alert

Expired Hot Deals

Sorry, this offer has expired.
Set up a deal alert and get notified of future deals like this.
Set up a Deal Alert
CIBC

$300 New Smart Chequing account promotion (1st April to 30 June)

  • Last Updated:
  • Jul 24th, 2017 9:21 am
Deal Addict
User avatar
Aug 4, 2003
2988 posts
1559 upvotes

[CIBC] $300 New Smart Chequing account promotion (1st April to 30 June)

Duration: 1st April to 30 June
Exclusion: Existing chequing account as of 1st of April, so if you closed your account on 31st March then you qualify.
Requirements: 1 direct deposit or 2 different pre-authorised withdrawals that must happen before 3 full calendar months after the month of signup.
Payout date: 12-14 weeks after requirements are met.
Fee: $4.95, waiving requires $3,000 balance maintenance and continuous direct deposit or 2 different pads.
Caveat: Credit check and account open for 1yr.


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

Terms: https://www.cibc.com/content/dam/global ... NAL-en.pdf



See post by djino a few posts down for further step by step guide.



EDIT: Reports of early birds getting the 300lbs worm on 10th June. Basically, people who signed up in early April, completed and repeated the required transactions during the months of April and May received their bonus on the 10th of June. djino predicts next bonus payout July 26/27.
2199 replies
Sr. Member
Jun 16, 2007
924 posts
812 upvotes
Looks like this is the same deal as the one offered last year with the exception that it's now one payout of $300 instead of two separate payouts in the amounts of $100 and $200. Disqualification terms are still in effect though which means you have to hold the chequing account for a minimum of 12 months or they have the right to charge you the promotion credit.
Deal Addict
Oct 25, 2005
3121 posts
905 upvotes
North Vancouver
keep 12 mon to avoid charge back, so no :D
Deal Addict
Nov 18, 2012
1733 posts
727 upvotes
Toronto
WoW, 300 Cash again, but still require to keep the A/C for one year.

T&C:
The Cash Reward is subject to the condition (the “Reward
Condition”) that the Eligible Client’s Chequing Account must remain open, active and unconverted for at least
one (1) calendar year from the month-end of the month during which the Account was opened. Failing this,
such Eligible Client (a “Disqualified Reward Client”) will not qualify for the Cash Reward. If the Cash Reward
has already been provided to a Disqualified Reward Client, CIBC reserves the right, in its sole and absolute
discretion, to charge the client’s Chequing Account for, or send an invoice to the Disqualified Reward Client
for, $300 CAD.
Simple is the best.
Member
Jan 31, 2008
408 posts
38 upvotes
Is it no deal then because have to keep open for 12 months?

Here's what I see. Leave min $3000 for 12 months to get $300? Isn't it still an ok deal? Not the best but ok. Can someone please explain?
Member
Oct 26, 2012
327 posts
267 upvotes
So if you keep if for 12 months you get 240, seems like a good deal
Deal Expert
User avatar
Sep 19, 2004
26752 posts
9315 upvotes
where I belong
Hmmm, do I take the $5x12 months = $60 hit, or keep $3K in there (I'd hope I can make tiny $60 with $3k Invested in something ....)


Also, fee is only waived if you DD every month? instead of once in first 3 months (to get the $300)? Odd
Your monthly fee is completely waived when you keep a minimum daily balance of $3,000 and you make a recurring direct deposit or 2 pre-authorized payments each month.
Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A
Deal Addict
Nov 15, 2006
2169 posts
874 upvotes
McMaggot wrote: Caveat: Credit check
i looked up the post from last year and it seems like you can avoid the credit check by opening the account at the branch instead of online.
I'm going to try this :)

"If you open Online, a credit check is done.

If you open in Branch, you can decline the credit check (the entire value of your cheque and ATM deposits will be subject to holds for 4 business days, as the credit check is used to establish your "Access To Deposited Funds" limit)"




.......
Just opened my account at the branch. Easy and fast.
I declined my credit check and the rep explained that it was only for atm deposits that they needed this.
So no problem for me.

By the way it is 1 recurring direct deposit AND 2 PAD NOT ONE OR THE OTHER.

Just wanted to highlight that in case people only do one of the two and not get the bonus.


Edit:
Well I'm being told it's not both but just either DD or 2 PAD.I did both anyways just to make sure and that's what the bank told me when I opened my account but yeah I withdraw what I said above.
Deal Addict
Oct 12, 2006
1451 posts
302 upvotes
Markham
Furtive wrote: Looks like this is the same deal as the one offered last year with the exception that it's now one payout of $300 instead of two separate payouts in the amounts of $100 and $200. Disqualification terms are still in effect though which means you have to hold the chequing account for a minimum of 12 months or they have the right to charge you the promotion credit.
Where does it say we have to keep the account for a minimum of 12 months? I'm not disputing it, I just want to know where it says that.
Deal Addict
User avatar
Dec 31, 2013
2989 posts
2807 upvotes
+1000000 upvotes
Canucktim wrote: So if you keep if for 12 months you get 240, seems like a good deal
So 8% return (which is decent), but also a credit check. Compared to about 3% interest held in a savings account... So basically a $150 bonus over other banks, why not just open a Tangerine CHQ account + pre-auth payment to get the same thing? Plus family and friend referrals = $50/each. Much better deal than CIBC imho!
Always buy now & think later, or else you'll regret your decision forever.
The first rule of RFD is to not talk about RFD or call customer service to ask about price errors.
The second rule of RFD is to not forget about the first rule.
Deal Addict
User avatar
Jan 31, 2004
3279 posts
1272 upvotes
Montreal
Subscribing to the thread..
| Intel I7 9700K | Asus Z390-E Gaming | Kingston HX426C13PB3k2/32 @ 2666mhz | Asus Strix RTX 2080 Super | 970 Evo Plus 500gb NVMe | Seasonic 750PX | Define R6 USB-C | H115I Pro | Klipsch R-41PM | Dell U3818DW | Logitech Craft | Logitech MX Master 3S |
Sr. Member
Jun 16, 2007
924 posts
812 upvotes
enigma0t2 wrote: Where does it say we have to keep the account for a minimum of 12 months? I'm not disputing it, I just want to know where it says that.
From the terms page:
The Cash Reward is subject to the condition (the “Reward
Condition”) that the Eligible Client’s Chequing Account must remain open, active and unconverted for at least
one (1) calendar year from the month-end of the month during which the Account was opened.
Failing this,
such Eligible Client (a “Disqualified Reward Client”) will not qualify for the Cash Reward
https://www.cibc.com/content/dam/global ... NAL-en.pdf
Deal Addict
User avatar
Jan 20, 2011
1002 posts
594 upvotes
Montreal-Ouest, QC
tmonies wrote: So 8% return (which is decent), but also a credit check. Compared to about 3% interest held in a savings account... So basically a $150 bonus over other banks, why not just open a Tangerine CHQ account + pre-auth payment to get the same thing? Plus family and friend referrals = $50/each. Much better deal than CIBC imho!
10% return for the year is great... if you leave 3000$ in there you don't have to pay anything. After 12 months you cancel or keep the account and you make 10% guaranteed profit.
Paying full price for an item is a sin. :twisted:
Deal Fanatic
User avatar
Nov 18, 2008
9290 posts
2352 upvotes
Mont-Royal
But they pay u in 12 weeks
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
- Training 101
Deal Guru
Aug 5, 2006
10731 posts
7891 upvotes
Global Village
ispeedca wrote: 10% return for the year is great... if you leave 3000$ in there you don't have to pay anything. After 12 months you cancel or keep the account and you make 10% guaranteed profit.
Exactly, think about it as a 1 year 10% GIC for $3K and it's a really good deal, with some necessary hassle to arrange for the debits. I have applied online.
Deal Addict
User avatar
Dec 31, 2013
2989 posts
2807 upvotes
+1000000 upvotes
ispeedca wrote: 10% return for the year is great... if you leave 3000$ in there you don't have to pay anything. After 12 months you cancel or keep the account and you make 10% guaranteed profit.
Don't forget taxes... counts as Other Income, whereas $300 earned in TFSA is tax free :P
Always buy now & think later, or else you'll regret your decision forever.
The first rule of RFD is to not talk about RFD or call customer service to ask about price errors.
The second rule of RFD is to not forget about the first rule.
Sr. Member
Aug 31, 2010
972 posts
202 upvotes
Victoria
I closed my account in Jan, so I can qualify for this promo again? sounds good
Deal Fanatic
User avatar
Jun 6, 2010
9802 posts
5796 upvotes
Toronto, Ontario
So it is basically $240 free cash.
can you do the PAD with tangerine and AE?
Deal Addict
User avatar
Aug 4, 2003
2988 posts
1559 upvotes
jerryhung wrote: Hmmm, do I take the $5x12 months = $60 hit, or keep $3K in there (I'd hope I can make tiny $60 with $3k Invested in something ....)


Also, fee is only waived if you DD every month? instead of once in first 3 months (to get the $300)? Odd
The way I look at it, you stand to make $7.5/mo on average with EQ with that 3,000 so I will keep funds there and minimal balance in CIBC to make sure the pads go through. I guess the reason they do 3,000 + DD or 2 PAD is because essentially this is a tiered service and fee account so to waive $15/mo for just $3,000 is little too much for them compared to the minimum balance requirements in the market.

Thanks to all that pointed out the 12 month account open requirement. I had skimmed through the Terms PDF and totally missed it.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)