CIBC - Do I need a chequing account to keep my Investor's Edge Account?

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Mar 11th, 2022 11:35 pm

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Mar 10th, 2022 1:12 pm

Airbum88 [OP]: Deal Addict; Sep 18, 2004; 1196 posts; 468 upvotes

Mar 10th, 2022 1:12 pm

CIBC - Do I need a chequing account to keep my Investor's Edge Account?

I have a chequing and investor's edge account at CIBC.
I want to keep my Investor's Edge account and close my chequing account.
Is that possible?
I heard from somebody that I have to keep a chequing account in order to have an investment account.

Also, will I incur any fees?

11 replies

Mar 10th, 2022 2:08 pm

teoconca: Deal Guru; Oct 16, 2008; 10316 posts; 4599 upvotes; Maple

Mar 10th, 2022 2:08 pm

No.

I have Investor Edge but I don't have chequeing account with CIBC. My advisor opened just a Saving account for me.

...

Mar 10th, 2022 3:13 pm

dongta: Member; Feb 24, 2018; 207 posts; 71 upvotes; Toronto

Mar 10th, 2022 3:13 pm

may I ask why you want to close it ? if your Investor Edge >100k.. it's free no?

+2

Mar 10th, 2022 3:56 pm

xgbsSS: Deal Fanatic; May 11, 2014; 5840 posts; 7926 upvotes; Rankin Inlet, NU

Mar 10th, 2022 3:56 pm

You technically don't. You just need a bank account linked to the account. If you open in branch, the banker will likely say to do it as a way to link it. YMMV with the banker you open it with.

My friend got it done this way without a CIBC account.

Support your local Credit Union!

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Mar 10th, 2022 4:27 pm

TehRFDAnomaly: Deal Addict; Dec 6, 2017; 1721 posts; 1181 upvotes; Manitoba

Mar 10th, 2022 4:27 pm

dongta wrote: ↑ may I ask why you want to close it ? if your Investor Edge >100k.. it's free no?

Only need 10k I think.

Mar 10th, 2022 5:37 pm

will888: Deal Expert; Dec 12, 2009; 26181 posts; 16185 upvotes; Toronto

Mar 10th, 2022 5:37 pm

TehRFDAnomaly wrote: ↑ Only need 10k I think.

Smart plus is $100,000. It is a great package that includes a premium credit card for free.

https://www.cibc.com/en/personal-bankin ... count.html

~~Koodo $40/6GB~~
Public Mobile $40/15GB, $35/20GB, lot less with rewards
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+2

Mar 10th, 2022 11:08 pm

TehRFDAnomaly: Deal Addict; Dec 6, 2017; 1721 posts; 1181 upvotes; Manitoba

Mar 10th, 2022 11:08 pm

will888 wrote: ↑ Smart plus is $100,000. It is a great package that includes a premium credit card for free.

https://www.cibc.com/en/personal-bankin ... count.html

Noice! Still have a ways to go though

Mar 10th, 2022 11:13 pm

Airbum88 [OP]: Deal Addict; Sep 18, 2004; 1196 posts; 468 upvotes

Mar 10th, 2022 11:13 pm

dongta wrote: ↑ may I ask why you want to close it ? if your Investor Edge >100k.. it's free no?

I've had this account for a long time but I've been incurring fees on it for the past couple of years. I don't use this account often and this completely went above me.
I didn't have any notice that I would be incurring fees and I just don't like the way they do their business.

+1

Mar 11th, 2022 10:34 am

haliwood: Deal Addict; Aug 3, 2009; 2228 posts; 675 upvotes; Nova Scotia

Mar 11th, 2022 10:34 am

Swap the chequing account to a PLOC.

Mar 11th, 2022 11:03 am

teoconca: Deal Guru; Oct 16, 2008; 10316 posts; 4599 upvotes; Maple

Mar 11th, 2022 11:03 am

Airbum88 wrote: ↑ I've had this account for a long time but I've been incurring fees on it for the past couple of years. I don't use this account often and this completely went above me.
I didn't have any notice that I would be incurring fees and I just don't like the way they do their business.

With this Investor Edge account ( I had over 25 years) with investment portfolio, my advisors were a very nice to me. They offered special rates, money, services, freebies to make me happy. Well, they don’t want to lose me and my $500k investment.

You can discuss with your advisor and see what can done for you, may be waive the fee

...

Mar 11th, 2022 1:51 pm

dongta: Member; Feb 24, 2018; 207 posts; 71 upvotes; Toronto

Mar 11th, 2022 1:51 pm

will888 wrote: ↑ Smart plus is $100,000. It is a great package that includes a premium credit card for free.

https://www.cibc.com/en/personal-bankin ... count.html

For premium credit card for free, do you know if it's free for authorized user ? planning to add my wife into it, but look like they will charge $50 / year

Mar 11th, 2022 11:35 pm

will888: Deal Expert; Dec 12, 2009; 26181 posts; 16185 upvotes; Toronto

Mar 11th, 2022 11:35 pm

dongta wrote: ↑ For premium credit card for free, do you know if it's free for authorized user ? planning to add my wife into it, but look like they will charge $50 / year

You can have up to 3 authorized users on the card without charge. Details in link below. Right now they are throwing in $350 to sign up if you add some recurring deposits and payments.

https://www.cibc.com/en/personal-bankin ... count.html

~~Koodo $40/6GB~~
Public Mobile $40/15GB, $35/20GB, lot less with rewards
Tangerine Bank, EQ Bank, Simplii

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