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CIBC

eAdvantage® Savings Account Limited time offer: earn 2.00%

  • Last Updated:
  • Dec 2nd, 2014 3:59 pm
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Deal Fanatic
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Nov 18, 2008
9291 posts
2352 upvotes
Mont-Royal

[CIBC] eAdvantage® Savings Account Limited time offer: earn 2.00%

CIBC eAdvantage® Savings Account
Limited time offer: earn 2.00%* interest on new deposits when your balance is $5,000 or more.

New deposit.

[QUOTE]Terms and Conditions

Products and their features may change at any time.

This is a general description only. Get complete information about fees here.

* This is a combined bonus and regular annual interest rate paid on new deposits made to a CIBC eAdvantage Savings Account (“eSA”) when the account balance is $5,000 or more. The bonus and/or regular rates may change at any time without prior notice. The regular interest rate is paid on the full daily closing balance when the balance is $5,000 or more. The bonus rate is earned only on new deposits and only on days when the new deposits result in a full daily closing balance that exceeds the closing balance on October 31, 2014 (the New Balance). Bonus interest rate offer expires March 31, 2015. Interest is calculated daily on each day’s final balance and paid monthly. Interest rates are subject to change. Other conditions apply.

1 Free online transfers does not include INTERAC e-Transfer which will be treated as a transaction.

2 "Paperless" record keeping is a paper-free alternative to statements and bankbooks. This option enables customers to track account activity online or by phone or CIBC bank machine. Please note, no electronic or printed statements will be sent to customers selecting this option. Customers must review their account transactions through CIBC Online or Mobile Banking, CIBC Telephone Banking or CIBC bank machines at least once every 30 days and examine all entries and balances at that time. If there are any errors, omissions or irregularities, customers must notify CIBC in writing within 60 days after the date on which the entry was, or should have been, posted to the account. Banking activity that occurred prior to Online Banking registration will not be available in the Online or Mobile Banking transaction history.

3 Regular interest (“Regular Interest”) is calculated daily at the current rate on each day’s full closing balance when the final balance is $5,000 or more, and paid monthly.

Interest is credited to your account as of the last business day in the interest period. However, the interest cannot be withdrawn, and will not be printed at branch terminals or at CIBC's Bank Machines or made available through CIBC Telephone or Online Banking, until two business days after the end of the interest period.

Interest rates quoted are annual. Interest rates and balance tiers are subject to change without prior notice.

If you have any questions about our interest rates, call 1-800-465-2422, or come into your local CIBC branch today to open an account.

The bonus and/or regular rates may change at any time without prior notice. The regular interest rate is paid on the full daily closing balance when the balance is $5,000 or more. The bonus rate is earned only on new deposits and only on days when the new deposits result in a full daily closing balance that exceeds the closing balance on October 31, 2014 (the New Balance). Bonus interest rate offer expires March 31, 2015. Interest is calculated daily on each day’s final balance and paid monthly. Interest rates are subject to change. Other conditions apply.

4 A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include online transfers to your other CIBC personal bank account(s) using the transfer function on CIBC Online and Mobile Banking. Additional fee(s) apply to withdrawals from non-CIBC bank machines, INTERAC e-Transfer™ transactions and cheques written in currencies other than the account currency. These fees apply to all customers, including CIBC Advantage for Youth, CIBC Advantage for Students and CIBC 60 Plus Advantage customers.

5 The regular fee applies to sending any additional INTERAC e-Transfers. Transfers cannot be carried forward to subsequent months.

6 To qualify for the CIBC Banking Bundles, you need to have an eligible CIBC Mortgage or Secured Line of Credit, a CIBC Investment and either a CIBC Credit Card or Creditor Insurance.[/QUOTE]

Not sure what will happen when Tangerine 3% will end this month.
"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."
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39 replies
Deal Guru
Aug 5, 2006
10745 posts
7903 upvotes
Global Village
I wonder if transferring funds to a PCF account avoids the fee since PCF is from CIBC..
Deal Fanatic
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Apr 1, 2001
6830 posts
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Thanks, hope some of the other major banks follow suit.
Deal Fanatic
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Dec 25, 2012
5437 posts
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Toronto
Interesting, something to look into once the 3% is over on Tangerine.

Seems like the best way to go about it is if you already own a chequing account at CIBC, deposit from Tangerine, open a savings account and move from CIBC chequing into savings? I assume that should work?
Deal Addict
Jun 28, 2013
4016 posts
3367 upvotes
YUL/YVR
CIBC is sure getting desperate lately :lol:


.....and having used their service for the past 1.5 month, I sure can tell why not much people would want to bank with them.
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Nov 18, 2008
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Mont-Royal
AdamKing wrote: CIBC is sure getting desperate lately :lol:


.....and having used their service for the past 1.5 month, I sure can tell why not much people would want to bank with them.
They realized their marketing didn't work out , 400$ cash and people closed account after. So they lost some millions, and need to find a way to get them back. So they have to lure back again people..

but they kind of deserve that loss, good marketing team, while bank staffs are just incompetent to deal with it. Making lot of people angry, wasting so much time, and charging you fees that were not supposed to be charged. Worst banking ever, especially if you call and ask for help. Everyonetime you speak with a different representative, it is different story for the same situation. Plus many of them don't even know their own policy.
"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
Member
Mar 18, 2013
341 posts
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Toronto
L4cky wrote: Not sure what will happen when Tangerine 3% will end this month.
Where is this 3% Tangerine account? All I'm seeing is 1.3%
Deal Addict
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Mar 8, 2006
2925 posts
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Toronto
Too many fees for a "savings account". Unless you already do banking with them, I'd avoid this promo.
Deal Fanatic
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Nov 26, 2003
9931 posts
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Can I just move my money from CIBC chequeing to CIBC savings?
Sr. Member
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Mar 29, 2010
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L4cky wrote: They realized their marketing didn't work out , 400$ cash and people closed account after. So they lost some millions, and need to find a way to get them back. So they have to lure back again people..

but they kind of deserve that loss, good marketing team, while bank staffs are just incompetent to deal with it. Making lot of people angry, wasting so much time, and charging you fees that were not supposed to be charged. Worst banking ever, especially if you call and ask for help. Everyonetime you speak with a different representative, it is different story for the same situation. Plus many of them don't even know their own policy.
They lost millions? I don't think you know how the banks make money. Even if everyone closed their accounts that don't change anything
Member
Sep 21, 2007
245 posts
141 upvotes
Toronto
Off topic a bit.

Some calculations:
$400 each person (roughly as some people get discount on their monthly service fee, but they are giving out Tim Horton's credit for the delay in getting the cards, plus the $20 tim cash initial use up to $200 of the Tim Horton's Double Double VISA card)
(assume 0.5% of Canadian applied and got/or getting this bonus) 35,540,419 (according Wikipedia's data) x 0.5% = 177,702.
So they have/are giving out:
$400 x 177,702 = $71,080,800 + all the costs incurred
Of course this $71 million dollars they can make it easily from mortages charges, fees of their accounts and other investments.
Banned
Nov 12, 2006
2715 posts
1632 upvotes
Toronto
any clause that prevent me from transferring everything i have out in my esavings account now....
then transfer everything back in?

EDIT:
to answer my own post:
The bonus rate is earned only on new deposits and only on days when the new deposits result in a full daily closing balance that exceeds the closing balance on October 31, 2014

so no, can't do that.
Deal Addict
Dec 28, 2007
1567 posts
1264 upvotes
Note that it will cost $5 to transfer money out of this account to a non-CIBC account. ($5 fee also applies to transfers to CIBC credit cards and LOCs).

I suppose if/when you need to withdraw you could switch to the "Bonus Savings" account to get one free transaction per month.
Deal Addict
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Mar 27, 2008
1396 posts
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Toronto
jjege wrote: They lost millions? I don't think you know how the banks make money. Even if everyone closed their accounts that don't change anything
lol, apparently bank only cares about making money through fees charged. What a silly promotion to give out free money for people to open an account with no fees!!

TD is also stupid for doing the annual free ipods/tablets/whatever promotion every year when people just closes their account right after!!

/smh
My Rogers Plan: 250 DT, Unlim. inc., Unlim. E/W @ 8pm, 100 CDN LD, 100 txt sent/unlim. rec., CID/VM/Call forward & transfer = $15.90/month after all tax and fees.
Deal Addict
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Jan 6, 2009
2290 posts
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Toronto
Anyone tried to PM with Tangerine?
Deal Expert
Dec 5, 2006
16787 posts
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Markham
ykshum wrote: lol, apparently bank only cares about making money through fees charged. What a silly promotion to give out free money for people to open an account with no fees!!

TD is also stupid for doing the annual free ipods/tablets/whatever promotion every year when people just closes their account right after!!

/smh
believe it or not, majority people dont close.
Deal Fanatic
Apr 11, 2012
5865 posts
3138 upvotes
Winnipeg
L4cky wrote: They realized their marketing didn't work out , 400$ cash and people closed account after. So they lost some millions, and need to find a way to get them back. So they have to lure back again people..

but they kind of deserve that loss, good marketing team, while bank staffs are just incompetent to deal with it. Making lot of people angry, wasting so much time, and charging you fees that were not supposed to be charged. Worst banking ever, especially if you call and ask for help. Everyonetime you speak with a different representative, it is different story for the same situation. Plus many of them don't even know their own policy.
+1
If not for the 400$ I wouldn't have stepped into their branch
Deal Addict
Apr 21, 2009
2723 posts
2772 upvotes
Toronto
EdLeafs wrote: Anyone tried to PM with Tangerine?
Just called and spoke to a guy named Josh. He said their rates are non negotiable.

I'm not going to bother opening a CIBC account due to their terrible customer service.

A friend of mine has a CIBC account and their wait times on the phone are very long.

I called Tangerine and was connected to an agent in less than a minute.
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Dec 25, 2012
5437 posts
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Toronto
I think this offer only really works well if you already have CIBC as your main bank/chequing account, but are currently holding funds in Tangerine or another bank, and you got over $5000. That way you can pretty much avoid fees since moving between accounts is free and from a chequing you can write a cheque to deposit somewhere else in the future. Since the standard rate of Tangerine is 1.3%, may not be worth the trouble for most people to get an extra 0.7% depending on the amount.

Now people might wonder if you got 5k why you only getting 2-3% per a year. Well it's good practice to have easily accessible funds just in case, and savings accounts are the easiest to do that in, plus zero risk. At the very least you mitigate inflation and if the funds reach over a certain amount over time you can invest somewhere else with a better return.

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