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

Deal Addict
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Mar 23, 2003
4339 posts
1074 upvotes
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
515 posts
711 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
Deal Addict
User avatar
Mar 23, 2003
4339 posts
1074 upvotes
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
User avatar
Jun 27, 2017
515 posts
711 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
222 posts
131 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
797 posts
1535 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
Sr. Member
Apr 7, 2019
710 posts
874 upvotes
GTAExplorer wrote: Has anyone opened online and been asked to go in branch to show ID and pick up their debit card?
I was. They told me that they are doing this for people who qualify as newcomers to Canada ( less than 5 years). They advised me to open Savings with them which I politely declined.
Jr. Member
Feb 2, 2018
105 posts
23 upvotes
Quick question, do you have to go to the branch to pick up the card after application?
Sr. Member
Apr 7, 2019
710 posts
874 upvotes
Weird. So applied for spouse's account online and got a webpage indicating that she needs to visit branch. She also got an email with link to book appointment. Booked appointment and went to branch. She was told that if since her application is being processed in branch she will get only $300 and not $350. In her case no account # was generated. People who are getting account # after applying online but going to branch for only verification will still get $350.

So, if no account # generated after applying online and application processed in branch = $300
if account # generated after applying online and going to branch just for id verification = $350
Deal Addict
User avatar
Jan 5, 2010
2851 posts
872 upvotes
Doing this. Thanks OP and everyone for the info.
Jr. Member
Sep 6, 2012
161 posts
78 upvotes
CALGARY
Anyone find out if there is a minimum amount for the 2 PADs? I wanna do $9.99 Spotify and $8.99 Disney +

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