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