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[CIBC] CIBC Earn $300 and 12 Month Fee Rebate with a CIBC Smart Account

  • Last Updated:
  • Oct 24th, 2020 10:56 pm
[OP]
Sr. Member
User avatar
Oct 20, 2006
989 posts
215 upvotes
Waterloo

[CIBC] CIBC Earn $300 and 12 Month Fee Rebate with a CIBC Smart Account

I just saw this on CIBC website. The good thing is it is $300 cash offer plus 12 Month Fee rebate (no minimum balance required for this offer). So it is much better than the the previous gift card offer for opening Smart account. The account requires to be opened for at least 1 year, but it does not require you to lock a minimum balance.
Hope you can take the advantage of this promotion.

Here is detail. Please read term and conditions and Service fees (link provided below) before you apply:

◊ Offer begins on February 29, 2020, at 12:01 am ET and ends on September 30, 2020 at 11:59 p.m. ET. Offer available to Canadian residents who have reached the age of majority and who are not holders or joint holders of a CIBC chequing account. To qualify, open a CIBC Smart™ Account and provide your email address. Within 3 months of opening the account, set up and complete on a recurring basis each month at least one (1) eligible direct deposit OR at least two (2) different eligible pre-authorized debits. Offer cannot be combined with any other offer, reward or rebate unless otherwise indicated. The cash reward will be deposited into your account seven (7) months after you have completed the required transactions. Other conditions apply; visit a CIBC Banking Centre or review the terms and conditions (PDF, 135 KB).

† Offer only open to Canadian residents who are not holders or joint holders of a CIBC chequing account.

To qualify, open a CIBC Smart Account and provide your email address. Within 3 months of opening the account, set up and complete on a recurring basis each month 1 eligible direct deposit OR 2 different eligible pre-authorized debits (each, a “Qualifying Action”). The monthly fee will be rebated for the month in which the account is opened and for the next 3 months.

If at least 1 Qualifying Action is completed each month for the subsequent 9 months following the first 3 months after the account was opened, the monthly account fee will be rebated for each month in which the Qualifying Action occurs. The monthly account fee will apply for each month where no Qualifying Action occurs and at the end of the offer period without further notice. Other service fees continue to apply as set out in the Personal Account Service Fees brochure (PDF, 680 KB) Opens a new window in your browser.

‡ Unlimited everyday banking for a capped monthly fee of $14.95.

1 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 bank account(s) using the transfer function on CIBC Online Banking®, CIBC Mobile Banking®, CIBC Telephone Banking and at CIBC ATMs. For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free. "CIBC-branded” means any brand that has CIBC in its name and is offered by CIBC or its Canadian affiliates (and does not include CIBC Bank USA). Other fees (in addition to any transaction fee) include: withdrawals from non-CIBC bank machines (rebated for CIBC SmartTM Plus Accounts except the 2.5% administration fee on the converted amount of foreign currency ATM withdrawals), wire payments, Interac e-Transfer transactions (the Interac e-Transfer fee is waived for CIBC Smart Accounts, CIBC Smart Plus Accounts and for clients who are enrolled in CIBC Advantage® for Youth, CIBC SmartTM for Students, CIBC Smart for Seniors (on the CIBC Smart Account) and CIBC Advantage® for Students (on the CIBC Everyday® Chequing Account) and transactions in foreign currency (including cheques written in currencies other than the account currency).

For a description of transactions that are included in the CIBC Smart™ Account monthly fee and everyday banking fees for other Personal Bank Accounts and Services, review the Personal Account Service Fees brochure (PDF, 680 KB) .

Notes (from term and conditions but worth noting):
1. The Cash Reward is subject to the condition (the “Reward Condition”) that the Eligible Client’s Account must remain open, active and unconverted for at least one (1) year from the month-end of the month during which the Account was opened. Failing this, an Eligible Client may be disqualified (a “Disqualified Reward Client”) and will not qualify for the Cash Reward. If the Cash Reward has already been provided to a Disqualified Reward Client, CIBC reserves the right, in its sole and absolute discretion, to charge the client’s Account for, or send an invoice to the Disqualified Reward Client for, $300 CAD. The Cash Reward must be accepted as awarded and is not transferable or assignable. No Cash Reward substitutions will be permitted.
2. After your 12-month offer ends, keep your daily balance at $3,000 or more. Plus, make 1 recurring direct deposit or 2 pre-authorized debits each month, if you want to keep paying no monthly fees.
Images
  • cicb-offer-ends-2020-06-30.jpg
Last edited by pigqq on Jun 7th, 2020 7:58 pm, edited 5 times in total.
Thread Summary
Recently, some RFDers found the promotion does not have $300 cash bonus. Although I just checked on 2020-06-07 around 7:58PM EST, by clicking the link in OP, and it still shows $300 bonus, PLEASE double check before you apply, in case you don't see the $300 bonus.

Offer extended to September 30, 2020 at 11:59 p.m.
655 replies
Sr. Member
Aug 11, 2017
562 posts
351 upvotes
Is the effort to do this and remember to cancel worth $300 7 months down the road?
Deal Addict
User avatar
Aug 12, 2010
1111 posts
832 upvotes
Southern Ontario
Landon99 wrote: Is the effort to do this and remember to cancel worth $300 7 months down the road?
Turn in your RFD membership!! People are saving pennies on grocery items here. $300 is high living ;)

Seriously, if this pays out properly, couple hours effort for $300 is good. Thanks OP.
[OP]
Sr. Member
User avatar
Oct 20, 2006
989 posts
215 upvotes
Waterloo
Landon99 wrote: Is the effort to do this and remember to cancel worth $300 7 months down the road?
You can apply an account online, and it should take you 10 minutes. Or even you open an account in branch you don't need an hour. I don't know how much effort you need to remember to cancel the account though. Winking FaceFor most of RFDers here they just add to a calendar to remind and then call.
Newbie
Feb 24, 2016
44 posts
295 upvotes
2. Eligibility
This Offer is only open to residents of Canada who: (i) have reached the age of majority; and; (ii) from 2015 to the time of opening the Account, were not a holder (or joint holder) of a CIBC chequing account, as determined by CIBC at its sole discretion on the basis of its official records. CIBC employees and retired employees are not eligible for the Offer. This Offer can be combined with, the CIBC Homeowner® Banking Bundle or the CIBC Smart Account fee rebate offer. Unless otherwise indicated, this Offer cannot be combined with any other chequing account offer, rebate or reward. Individuals who meet the foregoing eligibility requirements and otherwise comply with these Terms, as determined by CIBC at its sole discretion, may be referred to as “Eligible Client(s)”. For joint accounts, all accountholders must be Eligible Clients to qualify for the Offer.
Not a lot RFDers can make it
Deal Fanatic
Apr 11, 2012
5545 posts
2773 upvotes
Winnipeg
weihui wrote: Not a lot RFDers can make it
I had an account with them when they paid 400$. Not sure when was this.
Zoomer and public mobile customer
Member
User avatar
Oct 11, 2016
475 posts
430 upvotes
Landon99 wrote: Is the effort to do this and remember to cancel worth $300 7 months down the road?
Last time I tried this I didn't get the 300$ and wasted so much time since one of my deposits didn't qualify or some bs like that. it takes more effort than people make it out to be.
Deal Guru
User avatar
May 7, 2007
11511 posts
4646 upvotes
Full terms and conditions (link in OP) ... or here: https://www.cibc.com/content/dam/person ... 020-en.pdf

From there: C/P:

2. Eligibility

This Offer is only open to residents of Canada who: (i) have reached the age of majority; and; (ii) from 2015 to the
time of opening the Account, were not a holder (or joint holder) of a CIBC chequing account
, as determined by CIBC
at its sole discretion on the basis of its official records ...
Jr. Member
Apr 14, 2018
138 posts
165 upvotes
Keep in mind that to be eligible, you can’t have had any CIBC chequing accounts within the past 5 years (in the T&C pdf).
Sr. Member
Dec 20, 2012
973 posts
785 upvotes
Surrey
betercallsaul wrote: Last time I tried this I didn't get the 300$ and wasted so much time since one of my deposits didn't qualify or some bs like that. it takes more effort than people make it out to be.
That happened with me and the $500 bonus for a new Coast Capital account. The guy at the bank who opened the account for me gave me incorrect information, and Coast Capital said they couldn't do anything about that because I needed to read the fine print. That was bs given the fact that I opened at the branch.
Sr. Member
Jan 8, 2009
670 posts
651 upvotes
Last time they required me to visit a branch to cancel the account. Can't do over the phone without me making a big fuss....
Deal Fanatic
User avatar
Dec 11, 2005
8007 posts
1123 upvotes
TO
weihui wrote: Not a lot RFDers can make it
shucks you're right, I had cancelled or maybe held one around 2015-16. Well done CIBC.

RFD 0, CIBC 1
Achieva Financial /KOHO / STACK (0% FX Fee) /Tangerine / EQ Bank member / I use Plastiq for paying bills with my CC

"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Member
Nov 15, 2017
251 posts
520 upvotes
WEST CANADA
9 days ago I opened this account and only got 12 months free chequing. I wonder if I can call them and ask to be included.
Newbie
Nov 4, 2019
32 posts
10 upvotes
Awesome, I needed an account to waive the annual fee on the cibc visa infinite card anyways.

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