Hot Deals

[CIBC] CIBC eAdvantage Savings Account 2.1% Interest

  • Last Updated:
  • Oct 26th, 2020 3:56 pm
Deal Fanatic
Jan 18, 2010
7482 posts
4959 upvotes
Canada
Chopramo wrote: Would this be the best savings account out there offering a high interest rate?
My Tangerine offer expired and I am looking to move as I am down to 0.2%
It's only for 4 months. Get EQ 2% everyday rate, no bs promo
Deal Fanatic
User avatar
Jan 31, 2006
6539 posts
1468 upvotes
Toronto
Can I open this account, then used it to earn $75 via global money transfer (please take note, I am not going to open an chequing account just e-advantage) ? Thanks
Member
User avatar
May 11, 2005
399 posts
241 upvotes
Brampton
RFDQ1016 wrote: It's only for 4 months. Get EQ 2% everyday rate, no bs promo
Thanks!
Good suggestion. Any info on EQ? How easy it is to open and manage money with them?
Deal Addict
Apr 23, 2008
1091 posts
196 upvotes
IEpicDestroyer wrote: .....
If you insist on not opening a Chequing account, you can open an additional CIBC Bonus Savings Account. It includes one free transaction per month. You can transfer between the two savings accounts to you can get one free deposit or one free withdraw per month. (Not sure if the bonus savings has free transaction between CIBC accounts, if it does, then unlimited deposits and one free withdraw.).
.......
Has anyone done this? using CIBC bonus savings account as a cushion to avoid the $5 fee since it is a transaction between personal savings account.
Newbie
Oct 21, 2018
4 posts
If you are transferring funds from bonus savings to eadvantage savings, you are allowed one free transactions per month (transfers out of bonus savings account). Any additional transactions, you will be charged $5 even if the transfer to another CIBC account.

Transfer INTO eadvantage savings in not a transaction where it incur fees.
Last edited by Megadrew on Aug 4th, 2020 9:48 pm, edited 1 time in total.
Deal Addict
Apr 23, 2008
1091 posts
196 upvotes
Megadrew wrote: If you are transferring funds from bonus savings to eadvantage savings, you are allowed one free transactions per month (bring transfer out of bonus savings account). Any additional transactions, you will be charged $5 even if the transfer to another CIBC account.

Transfer INTO eadvantage savings in not a transaction where it incur fees.
I disagree. see the underlined below

From the fine print:

A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC personal bank account(s) and to your CIBC Personal Line(s) of Credit (except same-day transfers done over-the-counter in CIBC Banking Centres which will be treated as a transaction), and transfers to your CIBC Credit Card account(s). For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free.
Newbie
Oct 21, 2018
4 posts
phht wrote: I disagree. see the underlined below

From the fine print:

A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC personal bank account(s) and to your CIBC Personal Line(s) of Credit (except same-day transfers done over-the-counter in CIBC Banking Centres which will be treated as a transaction), and transfers to your CIBC Credit Card account(s). For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free.
It does not say deposit or credit into eAdvantage Savings is a transaction. I work for CIBC so I sincerely hope I'm correct
Member
Sep 29, 2010
260 posts
291 upvotes
RFDQ1016 wrote: It's only for 4 months. Get EQ 2% everyday rate, no bs promo
wow. that's 10-fold what cibc and tangerine are offering right now.
thanks for the reminder.
Sr. Member
Jun 13, 2019
517 posts
529 upvotes
Toronto
My Tangerine promo rate is expiring next week so looking for new avenues. I already have the CIBC chequing account so would prefer CIBC over EQ. Anyone knows how long does it take to set up and fund the savings account if applied online?
Sr. Member
Oct 27, 2012
866 posts
837 upvotes
Toronto
trigger0 wrote: My Tangerine promo rate is expiring next week so looking for new avenues. I already have the CIBC chequing account so would prefer CIBC over EQ. Anyone knows how long does it take to set up and fund the savings account if applied online?
It’s opened instantly and you can deposit right away.
Deal Addict
Apr 23, 2008
1091 posts
196 upvotes
Megadrew wrote: It does not say deposit or credit into eAdvantage Savings is a transaction. I work for CIBC so I sincerely hope I'm correct
I understand it as any transfer in or out of the eAdvantage savings has no fee as long as the other account is also a personal account.
Thanks for the idea, will try it.
Deal Guru
Jan 12, 2017
12170 posts
3292 upvotes
Scarberia
Does it cost extra fees per month if u have over draft protection on? Thx.
*SIG: Ryzen R5 2600 cpu w/ ASrock B450M OCd to 4.0ghz@1.265v stock cooler 16gb ram win10 pro w/radeon rx460 rogers Gigabit<< xb1 gamertag: mikka2017 >>
Newbie
Nov 25, 2018
60 posts
24 upvotes
Does the CIBC eadvantage have registered tfsa/RRSP options under this promotion? What about EQ 2%? I still have tangerine 2.8% until October but trying to see my options when that ends...

Can't seem to find this answer anywhere, sorry if it's already posted...
Jr. Member
User avatar
Jul 7, 2018
112 posts
83 upvotes
GTA
RFDQ1016 wrote: It's only for 4 months. Get EQ 2% everyday rate, no bs promo
Just received an email today from EQ, they're dropping their interest rate from 2% to 1.7% starting Aug 6th Disappointed But Relieved Face

This offer from cibc might be a good offer if you're willing to move money around.
Sr. Member
Jun 26, 2013
758 posts
100 upvotes
Toronto
I am opening in CIBC at least to lock in the interest rate of 2.1%

Top