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

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Dec 8th, 2022 7:36 pm

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Dec 5th, 2022 1:56 pm

texasbruce [OP]: Sr. Member; Oct 21, 2015; 573 posts; 761 upvotes; Toronto, ON

Dec 5th, 2022 1:56 pm

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

Dec 5th, 2022 2:07 pm

Shadow Rider: Deal Addict; Sep 11, 2006; 2151 posts; 817 upvotes

Dec 5th, 2022 2:07 pm

You should be able to set up a pull to another bank (e.g., Tangerine) and have that bank pull your funds from CIBC

+1

Dec 5th, 2022 2:14 pm

peteryorkuca: Deal Fanatic; Jul 26, 2007; 6781 posts; 4348 upvotes; Toronto

Dec 5th, 2022 2:14 pm

I linked Tangerine CAD/USD to withdraw from TD and RBC CAD/USD savings account once per month.

Dec 5th, 2022 11:20 pm

gogoblender: Deal Addict; Oct 7, 2012; 1847 posts; 524 upvotes; Montreal

Dec 5th, 2022 11:20 pm

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"

Dec 6th, 2022 11:48 am

retireyoung55: Sr. Member; Jan 24, 2013; 501 posts; 482 upvotes; Rainy River

Dec 6th, 2022 11:48 am

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

+2

Dec 7th, 2022 9:25 am

BuyCar: Jr. Member; Jul 29, 2021; 111 posts; 79 upvotes

Dec 7th, 2022 9:25 am

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.

Dec 7th, 2022 7:24 pm

texasbruce [OP]: Sr. Member; Oct 21, 2015; 573 posts; 761 upvotes; Toronto, ON

Dec 7th, 2022 7:24 pm

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

Dec 8th, 2022 12:49 am

adamtheman: Deal Fanatic; Dec 3, 2004; 6928 posts; 8762 upvotes; 74629315 downvotes

Dec 8th, 2022 12:49 am

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.

+3

Dec 8th, 2022 7:19 pm

evergreen71: Newbie; Jul 26, 2016; 26 posts; 22 upvotes

Dec 8th, 2022 7:19 pm

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?

Dec 8th, 2022 7:36 pm

DennisA83876: Member; Apr 30, 2018; 250 posts; 255 upvotes; Vancouver

Dec 8th, 2022 7:36 pm

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

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