Personal Finance

Best way to transfer the money out of CIBC savings account?

  • Last Updated:
  • Dec 8th, 2022 7:36 pm
[OP]
Sr. Member
Oct 21, 2015
573 posts
761 upvotes
Toronto, ON

Best way to transfer the money out of CIBC savings account?

What is the best way to transfer the money out of CIBC savings account, without getting charged for transaction fee, after the promo ended for high interest?

I do not bank with CIBC so I don't have a chequing with them. I tried to apply for their LoC account to use as a free chequing but they rejected my application. How does one transfer the money out?
Last edited by texasbruce on Dec 5th, 2022 2:08 pm, edited 1 time in total.
9 replies
Deal Addict
Sep 11, 2006
2151 posts
817 upvotes
You should be able to set up a pull to another bank (e.g., Tangerine) and have that bank pull your funds from CIBC
Deal Fanatic
Jul 26, 2007
6781 posts
4348 upvotes
Toronto
I linked Tangerine CAD/USD to withdraw from TD and RBC CAD/USD savings account once per month.
Deal Addict
Oct 7, 2012
1847 posts
524 upvotes
Montreal
texasbruce wrote: What is the best way to transfer the money out of CIBC savings account, without getting charged for transaction fee, after the promo ended for high interest?

I do not bank with CIBC so I don't have a chequing with them. I tried to apply for their LoC account to use as a free chequing but they rejected my application. How does one transfer the money out?
What is the other bank you use?
If its tangerine you can set up a "pull"
Sr. Member
Jan 24, 2013
501 posts
482 upvotes
Rainy River
Setting up a Tangerine pull will still get you charged the $5.00 fee out of the CIBC savings account so that won't help you avoid the fee. According to the account fee verbiage the only way is to transfer to another CIBC account, PLC, or if you have a CIBC credit card you can transfer the funds to it without the $5.00 fee.

https://www.cibc.com/content/dam/person ... asf-en.pdf
Jr. Member
Jul 29, 2021
111 posts
79 upvotes
retireyoung55 wrote: Setting up a Tangerine pull will still get you charged the $5.00 fee out of the CIBC savings account so that won't help you avoid the fee. According to the account fee verbiage the only way is to transfer to another CIBC account, PLC, or if you have a CIBC credit card you can transfer the funds to it without the $5.00 fee.

https://www.cibc.com/content/dam/person ... asf-en.pdf
I agree with this.
[OP]
Sr. Member
Oct 21, 2015
573 posts
761 upvotes
Toronto, ON
retireyoung55 wrote: Setting up a Tangerine pull will still get you charged the $5.00 fee out of the CIBC savings account so that won't help you avoid the fee. According to the account fee verbiage the only way is to transfer to another CIBC account, PLC, or if you have a CIBC credit card you can transfer the funds to it without the $5.00 fee.

https://www.cibc.com/content/dam/person ... asf-en.pdf
They rejected my loc application. I guess opening a cheqing is my only choice
Deal Fanatic
User avatar
Dec 3, 2004
6928 posts
8762 upvotes
74629315 downvotes
I did a pull from CIBC and got charged a $5 fee. I mean... maybe just pay the $5 fee? I know money is tight these days but... it's... $5...... can't win em all.
Newbie
Jul 26, 2016
26 posts
22 upvotes
I pulled with tangerine from my CIBC savings account 3 days ago and never got charged the $5....does the charge come later or did I just get lucky?
Member
Apr 30, 2018
250 posts
255 upvotes
Vancouver
adamtheman wrote: I did a pull from CIBC and got charged a $5 fee. I mean... maybe just pay the $5 fee? I know money is tight these days but... it's... $5...... can't win em all.
Charged a fee too

Top