Expired Hot Deals

[CIBC] CIBC eAdvantage Savings Account 2.1% Interest

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  • Oct 26th, 2020 3:56 pm
Jr. Member
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Oct 20, 2019
171 posts
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Ottawa
0.20 base interest rate (which is subject to change at any time)
2.30 bonus interest rate for 120 days from opening date of account
1 million CAD maximum
Excuse my noob question. So how does this work? Say I deposit 10,000 CAD. How much would the total interest amount be after one month?

Thanks
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May 30, 2020
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For those without a CIBC chequing account, I would caution you to investigate your options before committing to this 'deal'. The CIBC ESavings Account does not offer ANY free transactions, except for movements to/from a CIBC chequing account, so if you're planning to do an inter-bank transfer via EQ/Tangerine/Motive/whatever, it's gonna cost you. I test transferred a dollar from my CIBC ESavings account to my LBC Digital account via the LBC website and got dinged $5, though you can call CIBC and get that credited. There is no way to do inter-financial institution transfers through the CIBC site (or at TD or any of the big 5 for that matter). The only way to move out your money in a way that doesn't cost money is to open up a chequing account and then transfer money out from there, either through Interac E-Transfer (if the sum is <$3000) or write a cheque from there. Since most CIBC chequing accounts don't provide free cheques (all the chequing accounts have different prices for cheques but on average they're about $50/50 cheques), you need to open up a CIBC Smart Plus Chequing Account which gives free cheques, then write a cheque to yourself, deposit it elsewhere, and then close your CIBC accounts. Of course, you have to have a daily balance of at least $6,000 in this Smart Plus Chequing Account or at least $100,000 in savings/investments with CIBC to have the $29.95 account fee for this chequing account to be waived (so this option could make sense if you were planning to drop $100K into the CIBC ESavings account).
aouniat wrote: Excuse my noob question. So how does this work? Say I deposit 10,000 CAD. How much would the total interest amount be after one month?
The 2.5% interest is annual, so by month the interest is actually 0.2083% monthly (2.5% / 12 = 0.025/12 = 0.002083 = 0.2083%). For your first month, you would receive $10,000 * 0.002083 or $20.83. Assuming you keep that $20.83 in the CIBC ESavings account, at the end of the next month you would receive $20.87 in interest because the next month's calculations would be ($10,000 + $20.83) * 0.002083 = $20.87, and so on.
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Nov 18, 2008
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timothywcfok636186874843868000 wrote: For those without a CIBC chequing account, I would caution you to investigate your options before committing to this 'deal'. The CIBC ESavings Account does not offer ANY free transactions, except for movements to/from a CIBC chequing account, so if you're planning to do an inter-bank transfer via EQ/Tangerine/Motive/whatever, it's gonna cost you. I test transferred a dollar from my CIBC ESavings account to my LBC Digital account via the LBC website and got dinged $5, though you can call CIBC and get that credited. There is no way to do inter-financial institution transfers through the CIBC site (or at TD or any of the big 5 for that matter). The only way to move out your money in a way that doesn't cost money is to open up a chequing account and then transfer money out from there, either through Interac E-Transfer (if the sum is <$3000) or write a cheque from there. Since most CIBC chequing accounts don't provide free cheques (all the chequing accounts have different prices for cheques but on average they're about $50/50 cheques), you need to open up a CIBC Smart Plus Chequing Account which gives free cheques, then write a cheque to yourself, deposit it elsewhere, and then close your CIBC accounts. Of course, you have to have a daily balance of at least $6,000 in this Smart Plus Chequing Account or at least $100,000 in savings/investments with CIBC to have the $29.95 account fee for this chequing account to be waived (so this option could make sense if you were planning to drop $100K into the CIBC ESavings account).



The 2.5% interest is annual, so by month the interest is actually 0.2083% monthly (2.5% / 12 = 0.025/12 = 0.002083 = 0.2083%). For your first month, you would receive $10,000 * 0.002083 or $20.83. Assuming you keep that $20.83 in the CIBC ESavings account, at the end of the next month you would receive $20.87 in interest because the next month's calculations would be ($10,000 + $20.83) * 0.002083 = $20.87, and so on.
so if we put 100k into the 2.5% account, we can actually have a smart chequing for free without minimum of the 6k? I can like transfert 6k from my smart plus chequing to this hisa and earn interests?

so the best way is from tangrin write a check and deposit to ur cibc savings right away? or they only allow to deposit check to chequing acc?
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Jun 24, 2020
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Thank you. Will definitely look further into this and recommend it to friends and family.
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Nov 18, 2008
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any hard credit check?
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Aug 7, 2010
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The promo rate is down to 2.4% (.10% + 2.30%).
Last edited by komodor on Jul 9th, 2020 4:21 pm, edited 1 time in total.
Newbie
Dec 1, 2012
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Toronto, ON
L4cky wrote: any hard credit check?
Yes. They did a hard credit check on me.
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Aug 26, 2011
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Opened the new eSavings account, where does it show the promotional interest rate/period?
Koodo 6GB/40$ :twisted:
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sbbatema wrote: Yes. They did a hard credit check on me.
really? u already have a chequing and open a savings had a hard pull?
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
- Training 101
Newbie
Dec 1, 2012
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Toronto, ON
L4cky wrote: really? u already have a chequing and open a savings had a hard pull?
No, I wasn't a CIBC customer. I didn't have a chequing account.
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Jan 31, 2006
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wudtsilake wrote: Didn't see it, if a repost, my profound apologies.

CIBC eAdvantage Savings Account

0.20 base interest rate (which is subject to change at any time)
2.30 bonus interest rate for 120 days from opening date of account
1 million CAD maximum

Interest calculated daily and paid monthly

No monthly account fee

$5 transaction fee
free transfers with other CIBC accounts

You're eligible for this offer if this is your first eAdvantage Savings Account.
Also, you have to be a Canadian resident who has reached the age of majority in your province or territory.

I could not find an end date for this promo.

BTW, for those of you having trouble getting past CIBC's address system, you can call in and they will open the account for you.
Worse 2.5% interest currently available, unless you is currently a client of CIBC and did not own an e-savings. Since you need a CIBC chequing accounts to transfer the $ out after the promo, otherwise $5 transfer fee.
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sbbatema wrote: No, I wasn't a CIBC customer. I didn't have a chequing account.
If you does not have a chequing account, it is not worth going this route to earn 2.5%.
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Nov 18, 2008
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cgtlky wrote: Worse 2.5% interest currently available, unless you is currently a client of CIBC and did not own an e-savings. Since you need a CIBC chequing accounts to transfer the $ out after the promo, otherwise $5 transfer fee.
i think it must have a hard credit cheque even those who alread have a chequing.

i have a savings account in the past, but i think it was closed last year or 2 years before, i wonder if im eligible
"Every marathon you run, your heart scars and you will die faster. If you think running a marathon is fitness, then you know NOTHING ABOUT HEALTH & FITNESS."
- Training 101

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