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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:
  • Dec 12th, 2020 11:54 am
Deal Addict
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Feb 9, 2009
1638 posts
1269 upvotes
does anyone know if are they waving the CIBC Visa fee (annual fee) you keep 3000$ or more in the account (same as Scotia does) ?
Sr. Member
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May 18, 2019
831 posts
412 upvotes
smackioio wrote: does anyone know if are they waving the CIBC Visa fee (annual fee) you keep 3000$ or more in the account (same as Scotia does) ?
I think only the Smart Plus account has a Visa annual fee rebate.
[OP]
Sr. Member
Oct 11, 2005
859 posts
1637 upvotes
Airdrie, AB
renesa05 wrote: Do they provide free chequebook with this account?
No. If you want cheques, they're quite pricey -- they start at $50.88 + shipping for a book of 100.

If you actually want/need cheques, I'd recommend opening an account with Simplii. You'll get access to all CIBC machines for deposits/withdrawals, but there are no fees/minimum requirements, and cheques are actually free.
Newbie
Dec 10, 2017
26 posts
3 upvotes
LaSalle
JJackJi wrote: Same here. Not sure what I should do. Does that mean I won't get the $350 ?
Did you finished your application @JJackJi and @cwpool ? I got the same problem.
Newbie
Jun 7, 2019
36 posts
14 upvotes
Does anyone know if there is a minimum amount for the direct deposit or it could technically be like $1?
Member
Jun 19, 2010
201 posts
163 upvotes
Richmond Hill
james151 wrote: Did you finished your application @JJackJi and @cwpool ? I got the same problem.
Yep I did go through with my application. I'll have to call them and ask if I qualified for the promo.
Deal Addict
Jul 22, 2019
1186 posts
1294 upvotes
Anyone know how to get direct deposit if self employed ? My parents self employed so wanted to get them this
[OP]
Sr. Member
Oct 11, 2005
859 posts
1637 upvotes
Airdrie, AB
mr2711 wrote: How to get void cheque which shows Bank and Account details?
There are a couple ways, but the easiest is by clicking on your account, then drop down the menu from "Manage My Account", and then select "Void cheque/direct deposit info":
CibcVoidChq.jpg
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Mar 23, 2003
4357 posts
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Hamilton
Bratcoin wrote: I'm so tempted to do this again just to experiment if they really check the eligibility requirement. No minimum deposit for 12 months and it's very easy to do the PADs (no minimum) for this Smart Account. I could do this again with $1 PayPal and Tangerine monthly PADs then wait and see if the cash bonus will come. :thinking:
How do I setup 2 pads with PayPal and tangerine??
I have a CIBC sav account. But haven't had a chequing since 2010.
If I can initiate 2 easy pads with PayPal / tangerine this is stupid easy for 350 bux!
Sr. Member
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Jun 27, 2017
528 posts
734 upvotes
GTA
sidshock wrote: How do I setup 2 pads with PayPal and tangerine??
I have a CIBC sav account. But haven't had a chequing since 2010.
If I can initiate 2 easy pads with PayPal / tangerine this is stupid easy for 350 bux!
On Paypal site, go to your 'Wallet' then 'Link a bank' to enter your Smart Account details. After confirmation, you then look for PayPal balance 'Add money' link (choose your Smart Account) then go from there.

On Tangerine site, similar process: go to 'External Accounts' >> link Smart Account >> confirm >> set up to 'pull money' from Smart Account
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Mar 23, 2003
4357 posts
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Hamilton
Bratcoin wrote: On Paypal site, go to your 'Wallet' then 'Link a bank' to enter your Smart Account details. After confirmation, you then look for PayPal balance 'Add money' link (choose your Smart Account) then go from there.

On Tangerine site, similar process: go to 'External Accounts' >> link Smart Account >> confirm >> set up to 'pull money' from Smart Account
And I can set it up to auto pull monthly?
If so. Sweet. And thanks!
Sr. Member
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Jun 27, 2017
528 posts
734 upvotes
GTA
With Tangerine you can automate it monthly but not for PayPal afaik. But with PayPal you only have to 'Add money' every month w/c is a simple process anyway (you only link your Smart Account once).
Newbie
Jun 7, 2019
36 posts
14 upvotes
Has anyone opened online and been asked to go in branch to show ID and pick up their debit card?
Member
Nov 30, 2011
225 posts
133 upvotes
Bratcoin wrote: I'm so tempted to do this again just to experiment if they really check the eligibility requirement. No minimum deposit for 12 months and it's very easy to do the PADs (no minimum) for this Smart Account. I could do this again with $1 PayPal and Tangerine monthly PADs then wait and see if the cash bonus will come. :thinking:
The risk is if you open the account and find out you're ineligible you're reset for the next promo 5 years vs. say 1-2 years if you last closed in 2016/17.
Newbie
May 4, 2020
20 posts
9 upvotes
Thanks OP Smiling Face With Open Mouth

Reading the CIBC Smart Account special bonus offer page I come away with:

1. Open anCIBC Smart Account online, get a fee rebate for 3 first months
2. Setup 2 PADs (ex. my Fido monthly account payment and a monthly credit card payment).
3. Five months later receive $350 in my CIBC Smart Account
4. Maintain the 2 PADs for a year total, fee rebate on the Smart Account continues for the full year.
5. I can close the Smart Account in October 2021, keeping the $350 without incurring any fees.

I only incur a "hard hit" on my Equifax file. Am I missing anything?
[OP]
Sr. Member
Oct 11, 2005
859 posts
1637 upvotes
Airdrie, AB
spagspag wrote: Reading the CIBC Smart Account special bonus offer page I come away with:

1. Open anCIBC Smart Account online, get a fee rebate for 3 first months
2. Setup 2 PADs (ex. my Fido monthly account payment and a monthly credit card payment).
3. Five months later receive $350 in my CIBC Smart Account
4. Maintain the 2 PADs for a year total, fee rebate on the Smart Account continues for the full year.
5. I can close the Smart Account in October 2021, keeping the $350 without incurring any fees.

I only incur a "hard hit" on my Equifax file. Am I missing anything?
That's pretty much it. For #2, just make sure your credit card payment is "pulled" by the credit card company, and you're not "pushing" the payment to the credit card. A few cards allow this (AmEx comes to mind). To think of it another way, if you provide the payee your transit/bank/account numbers for them to get the funds, then that's likely a qualifying PAD.

For #5, the T&C (Item 6) says the account must remain open "at least one (1) year from the month-end of the month during which the Account was opened." So, since you'd be opening the account in October, it needs to remain open for a full year after Oct 31, 2020, meaning you can close it on November 1, 2021 without forfeiting the $350 reward. However, you'll only get a fee rebate for Oct 2020 until Sept 2021 (12 months), so you'll likely have to pay fees for Oct 2021 ($4.95 which gets you up to 12 transactions), unless you have the minimum balance requirement of $3000, in which case the $4.95 gets rebated.
Newbie
May 4, 2020
20 posts
9 upvotes
CalgaryBen wrote: That's pretty much it. For #2, just make sure your credit card payment is "pulled" by the credit card company, and you're not "pushing" the payment to the credit card. A few cards allow this (AmEx comes to mind). To think of it another way, if you provide the payee your transit/bank/account numbers for them to get the funds, then that's likely a qualifying PAD.

For #5, the T&C (Item 6) says the account must remain open "at least one (1) year from the month-end of the month during which the Account was opened." So, since you'd be opening the account in October, it needs to remain open for a full year after Oct 31, 2020, meaning you can close it on November 1, 2021 without forfeiting the $350 reward. However, you'll only get a fee rebate for Oct 2020 until Sept 2021 (12 months), so you'll likely have to pay fees for Oct 2021 ($4.95 which gets you up to 12 transactions), unless you have the minimum balance requirement of $3000, in which case the $4.95 gets rebated.
For #2 Looks like I'm out of luck adding a "pulled" monthly payment of my Tangerine credit card balance. It seems they only allow payment from a Tangerine checking or savings account. No external linked accounts Confused Face

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