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[CIBC] CIBC $350 Welcome Bonus for CIBC Smart Account opened ONLINE Oct 1-30, 2020, plus 12 months no fees

  • Last Updated:
  • Oct 20th, 2020 1:57 pm
[OP]
Sr. Member
Oct 11, 2005
734 posts
1357 upvotes
Airdrie, AB

[CIBC] CIBC $350 Welcome Bonus for CIBC Smart Account opened ONLINE Oct 1-30, 2020, plus 12 months no fees

This is similar to the $300 offer which started in February 2020, but for accounts opened ONLINE from October 1, 2020, at 12:01 am ET to October 30, 2020, at 11:59 pm ET, CIBC is upping the welcome bonus to $350. The extra $50 is for opening your account online from https://www.cibc.com/en/special-offers/ ... ebate.html

View the full Terms & Conditions for all details, but here are some highlights:
  • This is at least a 1 year commitment. No minimum balance is required, but fulfilling requirements will waive monthly fees.
  • By applying, there is a hard hit on your Equifax file (appears as CIBC Client Assessment).
  • Must be Canadian resident aged 18+
  • Must not have been a holder or joint holder of a CIBC chequing account since 2015 to present
  • Must fulfill requirements within 3 months of opening the account: either 1+ recurring direct deposit (includes payroll, CPP/QPP, disability, EI, PPIP, etc.), or 2+ different recurring pre-authorized debits (mortgage, loan payments, payment pull from CC such as AmEx, Tangerine, etc.). You must keep these recurring transactions occurring at least until you receive your $350 reward.
  • During the first 3 months, bank fees are fully rebated; you need to keep the account open for 12 full months from opening, and fees will be rebated for the additional 9 months if you continue to fulfill requirements above. Otherwise, fees of $4.95-14.95 could apply.
  • The terms indicate that you must keep this account open and uncoverted for 1 year, even after you receive the reward; failing to do so could result in CIBC charging you $300.
  • The cash reward will be deposited into your account five (5) months after the month in which you open the account if the qualifying requirements are met. In other words, around March 2021.

Other notes of interest:
  • If you wish to keep the account beyond the 12 months, fees of $4.95-14.95 can be waived if you maintain a minimum balance of $3000 and continue to keep it active with the DD or PADs.
  • Having this account pairs well if you have any CIBC Visa, and want to take advantage of Balance Transfer offers (has been recurring at 0% with 1-2% fee lately), since an agent-assisted transfer to a CIBC bank account typically occurs next-day.
  • If you already have a CIBC product (e.g. CIBC Visa or loan) with online access, you can immediately start fulfilling the qualifying requirements from your online account.
Last edited by CalgaryBen on Oct 1st, 2020 11:21 am, edited 1 time in total.
135 replies
Member
Jul 8, 2019
226 posts
87 upvotes
Wonderful. Anyone know if CIBC does a credit check with Equifax or Transunion?
[OP]
Sr. Member
Oct 11, 2005
734 posts
1357 upvotes
Airdrie, AB
darkhorz1 wrote: Wonderful. Anyone know if CIBC does a credit check with Equifax or Transunion?
By applying, there is a hard hit on your Equifax file (appears as CIBC Client Assessment).
Sr. Member
User avatar
Mar 2, 2014
552 posts
259 upvotes
Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Deal Expert
User avatar
Feb 8, 2014
16879 posts
6083 upvotes
Complicated.
In fact in Rand McNally they wear hats on their feet and hamburders eat people
[OP]
Sr. Member
Oct 11, 2005
734 posts
1357 upvotes
Airdrie, AB
scorown wrote: Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Yeah, you're in an unfortunate and uncertain circumstance. If you were charged fees after 3 months, then it sounds like the qualifying requirements (DD or PADs) weren't being fulfilled in CIBC's eyes; seeing the fees waived is a helpful indication that you're on the right track to the welcome bonus. The process is really smooth if you already have a CIBC product like a CIBC Visa, but I've heard a few wrinkles for new accounts in some cases. By and large, most people seem to be successful since they've been ramping up this campaign, including on TV and radio.
Member
Jul 8, 2019
226 posts
87 upvotes
scorown wrote: Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Did they refund you the monthly fees after you submitted ID?
Sr. Member
Sep 16, 2019
710 posts
793 upvotes
I would rather get the $300 over the $350 and not take the hard credit check. Still a good deal for those that don't mind!

I was able to avoid the hard check by going in person and declining overdraft protection :)
Deal Addict
Apr 13, 2017
1325 posts
566 upvotes
scorown wrote: Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Which were your PADs / DDs?
Jr. Member
Jul 8, 2010
172 posts
52 upvotes
Toronto
can I apply for it 2nd time within a year .

are they same type of account ?

I have already got $$300 .
Deal Addict
Dec 4, 2008
1600 posts
1165 upvotes
chenredflagdeals wrote: can I apply for it 2nd time within a year .

are they same type of account ?

I have already got $$300 .
angel_wing0 wrote: of course you cannot.
I had one opened in June 2018, closed last year...but T&C says cannot be account holder past 2015 so Neutral Face
Jr. Member
Feb 23, 2008
191 posts
187 upvotes
Sorry if this has been asked before on the previous offer...

Do I qualify if I hold a Simplii account?

Thx a lot!
[OP]
Sr. Member
Oct 11, 2005
734 posts
1357 upvotes
Airdrie, AB
bolung wrote: Do I qualify if I hold a Simplii account?
Yes.

I have had a Simplii account "forever" (since it was PC Financial/Amicus, ~2002 -- in fact it was back then that I closed my CIBC bank account and switched over), and I was able to open a CIBC Smart Account (back in March of this year) and get the $300 welcome offer (received August).
Jr. Member
Aug 16, 2020
116 posts
16 upvotes
Parrajara wrote: I would rather get the $300 over the $350 and not take the hard credit check. Still a good deal for those that don't mind!

I was able to avoid the hard check by going in person and declining overdraft protection :)
Oh for me i declined overdraft protection and opened in branch but still got a hard credit check :(

Anyways Can we not decline overdraft protection when applying online??

Also can my spouse open accounts when i already have my acct on same household address and still get one more bonus?
Last edited by newuserhere on Oct 1st, 2020 1:55 pm, edited 1 time in total.

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