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[CIBC] CIBC eAdvantage Savings Account 2.1% Interest

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  • Oct 15th, 2020 7:59 pm
Deal Addict
User avatar
Feb 9, 2009
1569 posts
1198 upvotes
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?

Thanks
The 2.4% rate is for one year (365 days). If you keep the money 30 days then you ll get 10000 x 2.4/100 x 30/365, so roughly 20$ . One full year would get you 240$ if the rate would be valid for one year.... :), which is not the case here. It says 120 days so you get roughly 0.8% on the amount you invest for those 4 mths.
Deal Addict
User avatar
Aug 10, 2006
1493 posts
796 upvotes
Please add this to title.
Mods please add to title -- New to eAdvantage Savings Acct or deal expire.
Deal Addict
Mar 4, 2014
1082 posts
431 upvotes
Toronto
Some existing accounts are being offered 1.75%. Its a targeted offer.
Member
User avatar
Nov 21, 2015
231 posts
242 upvotes
-37.68611 176.16667
Boomer23 wrote: Some existing accounts are being offered 1.75%. Its a targeted offer.
Got 2.4% on opening.
Sr. Member
Nov 9, 2008
598 posts
169 upvotes
Ottawa
We’re down to 2.1%. What’s happening?
I’m not a client and just clicked on the link OP provided.
Newbie
Jan 11, 2010
17 posts
brampton
Is the eadvantage saving account tax sheltered or do we have to pay taxes on the interest accured?
Deal Fanatic
Jan 21, 2014
5059 posts
2683 upvotes
Yup, I saw 2.1% too so I rather stay with EQ to avoid the hassle for only 0.1% differences. @chris.tra Of course we have to pay tax on the interest
Deal Addict
Jan 21, 2018
3413 posts
3529 upvotes
Vancouver
CIBC has used the now-typical approach of offering a two-part "bonus" interest rate plus base interest rate. The bonus interest rate is for a limited period (in this case 120 days or 4 months), and should not change once accepted. The base interest rate is the normal interest rate of the account, and what the account will revert to at the end of the bonus period - the bank can and does change it regularly. In this case the offer started as 2.3% bonus rate plus 0.2% base rate = 2.5%. The base rate was soon lowered to 0.1%, making the offer 2.4%. The bonus rate for new applicants has now been reduced to 2.0%, making the combined bonus + base rate 2.1%. Those who opened the account earlier should continue to get 2.4% for the remainder of their 120 days. Since there is no room to drop the pathetic 0.1% base rate on the account any further, CIBC has decided to rename it the eDisadvantage Savings Account and leave it at that. (Just kidding about that last part)
Sr. Member
Aug 7, 2019
768 posts
265 upvotes
Scote64 wrote: CIBC has used the now-typical approach of offering a two-part "bonus" interest rate plus base interest rate. The bonus interest rate is for a limited period (in this case 120 days or 4 months), and should not change once accepted. The base interest rate is the normal interest rate of the account, and what the account will revert to at the end of the bonus period - the bank can and does change it regularly. In this case the offer started as 2.3% bonus rate plus 0.2% base rate = 2.5%. The base rate was soon lowered to 0.1%, making the offer 2.4%. The bonus rate for new applicants has now been reduced to 2.0%, making the combined bonus + base rate 2.1%. Those who opened the account earlier should continue to get 2.4% for the remainder of their 120 days. Since there is no room to drop the pathetic 0.1% base rate on the account any further, CIBC has decided to rename it the eDisadvantage Savings Account and leave it at that. (Just kidding about that last part)

Was just about to open one and saw that the bonus decreased to 2%. Might as well just move to EQ bank in that case (unless there is something better?).
Sr. Member
Oct 28, 2015
610 posts
164 upvotes
Nobleton, ON
mrelusive wrote: Yes. From the fine print:
What if I first transfer money from my other bank to my CIBC chequing account with a cheque, and then transfer internally from chequing account to this saving account? thus I avoided the $5 fees, right?
Deal Addict
Jan 21, 2018
3413 posts
3529 upvotes
Vancouver
xuanzh wrote: What if I first transfer money from my other bank to my CIBC chequing account with a cheque, and then transfer internally from chequing account to this saving account? thus I avoided the $5 fees, right?
As far as I can tell from CIBC's definitions, there are no fees for deposits, as deposits do not count as "transactions". Transfers from eAdvantage Savings to other CIBC accounts are free. Transfers from your chequing account to eAdvantage Savings may be subject to your normal chequing account transaction fee if applicable.
Sr. Member
Sep 22, 2009
833 posts
101 upvotes
Just on a side note about savings accounts: IIRC CIBC had some of the highest fees when it came to TFSA related transfers.

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