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[CIBC] CIBC eAdvantage Savings Account 2.1% Interest

  • Last Updated:
  • Oct 15th, 2020 7:59 pm
Deal Addict
User avatar
Jan 24, 2007
2737 posts
416 upvotes
North York
sirisak wrote: I am opening in CIBC at least to lock in the interest rate of 2.1%
It is not locked in. I started at 2.5% and it is now 2.1%. Didn't realize that they could reduce the bonus rate also
Sr. Member
Jun 26, 2013
754 posts
99 upvotes
Toronto
sheriffabc wrote: It is not locked in. I started at 2.5% and it is now 2.1%. Didn't realize that they could reduce the bonus rate also
I was thinking the rate is locked for 120 days. Are you sure ?
Deal Addict
Jan 21, 2018
3413 posts
3529 upvotes
Vancouver
sheriffabc wrote: It is not locked in. I started at 2.5% and it is now 2.1%. Didn't realize that they could reduce the bonus rate also
How do you know that? Like most banks CIBC doesn't provide any information about the applicable interest rate in your online account information, nor do they notify you when they change their interest rate. They don't even send you any confirming information about the offer they made and that you accepted.

Their wording didn't say anything about the bonus interest rate being variable. It states that you will get the regular interest rate plus the bonus interest rate each month, the bonus rate is good for 120 days, but the regular interest rate may change. It didn't say anything about the bonus interest rate changing, leading to the clear interpretation that the bonus interest rate won't change from the offer you accepted. For example with the similar promo arrangement at Tangerine they say the same sort of thing, except at the end they add "and the bonus interest rate may change too", negating any commitment they made.
Member
Jun 13, 2019
497 posts
491 upvotes
Toronto
sheriffabc wrote: It is not locked in. I started at 2.5% and it is now 2.1%. Didn't realize that they could reduce the bonus rate also
I think you should get the same promo rate whatever you applied for. Usually, the setup is base+promo and they just play around with these numbers.. The base rate is a dynamic factor and the bonus rate is promo specific like it's 2% for the current promo.
Deal Addict
Apr 23, 2008
1087 posts
193 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
Do you know what the withdrawal limit for the CIBC bonus savings account? or the eAdvantage account? Thanks
Member
User avatar
Feb 16, 2014
301 posts
216 upvotes
sheriffabc wrote: It is not locked in. I started at 2.5% and it is now 2.1%. Didn't realize that they could reduce the bonus rate also
CSR confirmed the rate in effect is locked in for 120 days when you apply.
Got my rate locked in at 2.4%.
Deal Addict
User avatar
Jan 24, 2007
2737 posts
416 upvotes
North York
gd ty for letting us know. Normally, the base rate should fluctuate but not the bonus rate.
Sr. Member
Oct 7, 2013
525 posts
247 upvotes
b33zlebub wrote: CSR confirmed the rate in effect is locked in for 120 days when you apply.
Got my rate locked in at 2.4%.

Well that surprises me I'm very pleased but surprised.

Wife opened an account July 3rd when the rate was 2.5%

Fully believed she was part of the ongoing rapid rate reduction from 2.5 to 2.4 to the current 2.1

Apparently the folks at CIBC aren't such a bad lot after all.
Deal Addict
Jan 21, 2018
3413 posts
3529 upvotes
Vancouver
unclefester wrote: Well that surprises me I'm very pleased but surprised.

Wife opened an account July 3rd when the rate was 2.5%

Fully believed she was part of the ongoing rapid rate reduction from 2.5 to 2.4 to the current 2.1

Apparently the folks at CIBC aren't such a bad lot after all.
They did reduce your rate from 2.5% to 2.4%, because only the bonus rate is locked in for 120 days. The base rate dropped from 0.2% to 0.1%, while your bonus rate remains at 2.3%.
Member
Sep 29, 2010
258 posts
290 upvotes
RFDQ1016 wrote: It's only for 4 months. Get EQ 2% everyday rate, no bs promo
EQ lowering their interest rate to 1.7% starting tomorrow... still probably better than cibc, tangerine (for those of us already with accounts and not signing up anew).
Sr. Member
Aug 7, 2019
768 posts
265 upvotes
greatgordini wrote: EQ lowering their interest rate to 1.7% starting tomorrow... still probably better than cibc, tangerine (for those of us already with accounts and not signing up anew).
I can sign up for a new one but don't see any Tangerine new account bonuses at the moment.
Deal Addict
User avatar
Jan 24, 2007
2737 posts
416 upvotes
North York
Not to hijack this deal, but anyone with minimum $10,000 and willing to lock their funds for 2 years can invest in a MIC and get 7% per annum, paid monthly. RSPs and TFSAs are also eligible.
Deal Addict
Apr 23, 2008
1087 posts
193 upvotes
sheriffabc wrote: Not to hijack this deal, but anyone with minimum $10,000 and willing to lock their funds for 2 years can invest in a MIC and get 7% per annum, paid monthly. RSPs and TFSAs are also eligible.
what is MIC?
Jr. Member
Mar 27, 2010
138 posts
17 upvotes
Even after so much of discussion I still don't understand if this is a good promotion or not. I see to have got this offer on my CIBC account, I am yet to claim it, trying to understand how this works first.

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