Although they will probably charge you to order a check book... Thats the only negative I can think of.
cloakster wrote: ↑Aug 10th, 2017 6:49 pmSo I was thinking of closing my CIBC account as I only keep it around as a backup. But I have decided to keep it based on the following logic. So I purposely keep $2100 in the account to avoid the $3.95 fee and $100 extra as backup. If I were to transfer $2k to EQ (or Tangerine during promos), $2k @ 2.3% = $3.83/month. When you factor in the $3.83 being a taxable income, you get $2.5-$3 per month in interest. So the actual net loss is only $1-1.5. Yes, it really does suck giving CIBC $3.95 per month, but I think for the net loss of $1-1.5, its worth keeping it as a backup account. At least it makes sense for me as CIBC is the only of the major 5 banks that I have an account with.