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

Newbie
Mar 15, 2018
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powerchair1998 wrote: Anyone find out if there is a minimum amount for the 2 PADs? I wanna do $9.99 Spotify and $8.99 Disney +
I asked the clerk in the bank: there is no minimum amount required for the 2 PADs.
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May 7, 2007
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C/P:

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.


-------

Not me ... but can a person just give them $3000+ right from the get go ... and by doing so not bother with PAD or Direct Deposit etc ... and still get the $350?

Is there a minimum amount for PADs ... or a person can keep 'em going in any amount (say $1 for example)?
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May 7, 2007
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gjustincase wrote: I asked the clerk in the bank: there is no minimum amount required for the 2 PADs.
Good to know.
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Mar 22, 2004
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RFD
jon604 wrote: Long commitment for $350 and leave at least $3000.
I agree. I don't think the commitment is worth it. It's not nearly as simple as the Tangerine $200 or $250 was and that required very little commitment and balance.
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May 7, 2007
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Must not have been a holder or joint holder of a CIBC chequing account since 2015 to present
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.
LOL .... :D
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May 7, 2007
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jon604 wrote: Long commitment for $350 and leave at least $3000.

I had to complain to the president's office when Scotiabank declined my $300 bonus cus one of my auto payment was short 19 cents from $50. Is there a min on the two monthly auto debit to qualify?
Where does it say that you have to maintain $3000 for this promo? ... In full terms and conditions or something?

Cuz ... in the OP it says this (re: $3000) :

C/P:


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 ....


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.
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May 7, 2007
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My wife applied .. but at the end of finalizing process ... they "upgraded" her to more suited / "better for her offer" (from 2019 at that ... the pdf file)

CIBC Smart Account - 12-Month Fee Rebate Offer


and you couldn't even decline that one .... if you wanted to complete the application .. :(

Same thing happened to me when I was doing the recent 10% promo for their Visa ... -- I am not stupid and know what I am applying for ... but they just "upgrade" you to something else, without asking you.

Thankfully all worked out at the end.. (in my case).

But I have a feeling I'll have to call them about my wife's promo ... and hassle hassle hassle .. and hope all will go smooth ... and if it doesn't ... hassle hassle some more at the later day ... to the higher up people. :(
Member
Nov 30, 2011
222 posts
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mr2711 wrote: 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
Do you have any idea why her application was redirected for branch processing? Anything unusual about her circumstance?
Member
Nov 30, 2011
222 posts
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I opened the account, but once you click on the "apply in 5 minutes" link there's no mention of the $350 offer throughout the process beyond the initial link OP gave. Also, they automatically "upgrade" your account based on the info you give them. Was it like that for everyone? How do you know if you're set up for the $350 offer? There's no mention of it in any of the documents included.
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May 7, 2007
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Bzzzzt wrote: I opened the account, but once you click on the "apply in 5 minutes" link there's no mention of the $350 offer throughout the process beyond the initial link OP gave. Also, they automatically "upgrade" your account based on the info you give them. Was it like that for everyone? How do you know if you're set up for the $350 offer? There's no mention of it in any of the documents included.

Ya ...


cibc-cibc-350-welcome-bonus-cibc-smart- ... #p33285414
Sr. Member
Apr 7, 2019
714 posts
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Bzzzzt wrote: Do you have any idea why her application was redirected for branch processing? Anything unusual about her circumstance?
Nopes. Except that we are newcomers to Canada. Funny thing, yesterday I received call from CIBC and they mentioned that I started application but never finished it. Told them that I received email that I need to go to branch and I already opened account at branch.
[OP]
Sr. Member
Oct 11, 2005
799 posts
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Airdrie, AB
Darkman wrote: My wife applied .. but at the end of finalizing process ... they "upgraded" her to more suited / "better for her offer"
Bzzzzt wrote: I opened the account, but once you click on the "apply in 5 minutes" link there's no mention of the $350 offer throughout the process beyond the initial link OP gave. Also, they automatically "upgrade" your account based on the info you give them. Was it like that for everyone? How do you know if you're set up for the $350 offer?
Don't worry... it's been like this since the start of this offer, which began at the end of February this year. It's not an "upgraded" offer, just two over-lapping offers (12 months no fees, plus $300/350 account opening bonus). When I opened mine back in March, a rep indicated that as long as the account opening date met the timeframe for the welcome bonus, it would be received (even though offer banner/details may not have appeared). And, without having to chase it, I did in fact receive the bonus in August (without further action/intervention).

There are still occasional radio and TV ads for the welcome bonus, so I think it's a well-established campaign. If the application was completed fully online, and you fulfill the requirements, you should see your $350 in March 2021 automatically.
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CalgaryBen wrote: Don't worry... it's been like this since the start of this offer, which began at the end of February this year. It's not an "upgraded" offer, just two over-lapping offers (12 months no fees, plus $300/350 account opening bonus). When I opened mine back in March, a rep indicated that as long as the account opening date met the timeframe for the welcome bonus, it would be received (even though offer banner/details may not have appeared). And, without having to chase it, I did in fact receive the bonus in August (without further action/intervention).

There are still occasional radio and TV ads for the welcome bonus, so I think it's a well-established campaign. If the application was completed fully online, and you fulfill the requirements, you should see your $350 in March 2021 automatically.
That's nice know ... so .... happy to hear about this.

But I am gonna complain about their application(s) ( for bank accounts, for credit cards etc ) regardless ... Their applications are the only ones around that doing that chit to people ... no other bank doing that business of at the end of application to come up with "We are upgrading you to a more suited product etc", especially when there a promo tie up to the application.

People shouldn't worry and waste their time calling complaining about this.

If, for example, I already have CIBC Infinite Visa ... and specifically am applying for Platinum reason ... --- that's what I basically want lol ... don't automatically upgrade my card to something else (that I already have at that) .... Maybe ask me if I want it, in case i really would want it ... but don't leave me without a choice ... having to basically accept whatever they are feeding you with, in order to complete the application and not having it it cancelled.
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May 7, 2007
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Wow ... I just noticed (but it was probably mentioned on RFD already) ... on CIBC personal accounts page --- for those people who want Smart Plus account right away ... there is similar promo now -- $350 (including $50 digital application promo, same as with Smart account, mentioned in this thread) :

https://www.cibc.com/en/personal-bankin ... count.html


So for someone who wants / needs Smart Plus now ... they can get it right away and get $350 bonus cash back ... just as they would for the Smart account.

Maintaining $6000 is possibly required for this one to waive $29.95 a month ... during promo, also maybe, as I don't see a mention of otherwise (as far as monthly fee waiver only is concerned).
[OP]
Sr. Member
Oct 11, 2005
799 posts
1541 upvotes
Airdrie, AB
Darkman wrote: So for someone who wants / needs Smart Plus now ... they can get it right away and get $350 bonus cash back ... just as they would for the Smart account.
Maintaining $6000 is possibly required for this one to waive $29.95 a month ... during promo, also maybe, as I don't see a mention of otherwise (as far as monthly fee waiver only is concerned).
For the folks that aren't looking for commitment and other CIBC products, the regular Smart Account is probably better due to no minimum balance requirement (versus this one, which does require $6000+ to waive fees). The Smart Plus also requires at least a 12+ month commitment, as well as the recurring DD/PAD for the $350 bonus (see T&C here, esp. points 4 and 6). I'm not sure why your emphasis on opening Smart Plus "now" and getting it "right away" -- do you get your bank info before getting your debit card with this one? In my case, with the Smart Account, I was able to immediately start using it on the same day I opened it, because I already had a CIBC Visa, which served as my debit card for online/app access to the account.

And just to be clear for anyone reading, the $350 welcome bonus on the Smart Plus also requires a wait of about 5 months from account opening, and cannot be paired with the regular Smart Account to double dip, because once you open one account, you automatically become ineligible for the bonus on another account. So, long story short, I think the Smart Plus will be of limited benefit/advantage to anyone unless they're actually looking for a new bank home to park their funds for the long run.

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