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CIBC

Investor's Edge up to $400 cash back

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  • Dec 20th, 2020 9:26 am
Deal Addict
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Mar 31, 2007
4965 posts
3080 upvotes
tqnn wrote: I don't know the answer to your question, but assuming you transfer $100k, why wouldn't you want a free top-tier chequing account?
Eh, just not a fan of the big banks so I try to avoid supporting them as much as possible. Plus I'm reasonably happy with my credit union + Tangerine tandem as it is.
Outside of that, the Investor Edge is appealing because my average trade on Questrade is close to $11 each way after ECN fees so it's quite a big savings in the long run.
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Aug 10, 2006
1811 posts
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TD has something similar going on... CIBC trade fees is like 6.95 vs 9.95 at TD..

finding the thread..

edit.. cant find it. just got it form TD site directly.. see below. Transfer fees up to $150 also.

Initial Transfer Award
TD Wealth Financial Planning will make the following award when you have met the eligibility requirements and transfer in assets of:

$100,000 to $249,999 to get $200
$250,000 to $499,999 to get $500
$500,000 or more to get $1,000
Ongoing Transfer Award
If you've qualified for the initial transfer award, then you can set up or increase a qualified ongoing transfer plan ("MCP" or "PAD") to get an additional $100.
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Aug 3, 2009
2114 posts
584 upvotes
Nova Scotia
Would go with them but holding out for big 5 to start offering free etf trades like questrade.
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Mar 23, 2004
46876 posts
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Markham
wakka2u wrote: TD has something similar going on... CIBC trade fees is like 6.95 vs 9.95 at TD..

finding the thread..

edit.. cant find it. just got it form TD site directly.. see below. Transfer fees up to $150 also.

Initial Transfer Award
TD Wealth Financial Planning will make the following award when you have met the eligibility requirements and transfer in assets of:

$100,000 to $249,999 to get $200
$250,000 to $499,999 to get $500
$500,000 or more to get $1,000
Ongoing Transfer Award
If you've qualified for the initial transfer award, then you can set up or increase a qualified ongoing transfer plan ("MCP" or "PAD") to get an additional $100.
i posted it actually. What you have is for TD Wealth FP, not DI.

Link to where I posted: https://forums.redflagdeals.com/opening ... #p31892329
Deal Addict
Sep 19, 2009
2123 posts
901 upvotes
Toronto
haliwood wrote: Would go with them but holding out for big 5 to start offering free etf trades like questrade.
Your statement makes me believe that you actually do not have a Questrade account Smiling Face With Open Mouth There is no such thing as "free etf trades" in Canada. Although some brokers offer free etf trades for selected etfs, QT is not one of them.
Sr. Member
Sep 29, 2007
761 posts
118 upvotes
How do you "opt-in" to this offer? Do you just transfer a bunch of money in and hope for the best? Or do you have to call to confirm that you met their requirements?
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Aug 3, 2009
2114 posts
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Nova Scotia
I was at a branch checking in on a credit card application and the csr said that they had a promo where they'd give you 1% of your transfer in after 12 mos. There seems to be no details in it and I am thinkinhg csr was confusing it with this promo.
Newbie
Dec 24, 2009
64 posts
23 upvotes
RiCHC3 wrote: Eh, just not a fan of the big banks so I try to avoid supporting them as much as possible. Plus I'm reasonably happy with my credit union + Tangerine tandem as it is.
Outside of that, the Investor Edge is appealing because my average trade on Questrade is close to $11 each way after ECN fees so it's quite a big savings in the long run.
How many shares are you trading to end up costing $11 each time with ECN fees? need to consider this to before I move my positions over there.
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Mar 31, 2007
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strongsiletype wrote: How many shares are you trading to end up costing $11 each time with ECN fees? need to consider this to before I move my positions over there.
I'd actually say it costed more than $11 each time, but I factored in some earlier trades when I had less money and just took an overall average. Here's my trade fees summary over the years (Wealthica if anyone is curious).
Image

One example on hand,
Bought 51,000 shares @ $2.02 for a total of close to $104k.
The math on ECN fees is $0.0035 per share so that x 51000 = $178.5
Then tack on Questrade $9.95 "max" trading fee.

Now, admittedly I traded a lot so it's not like I was buying ETFs and sitting on my hands, but it's a pretty wild cost.

I still think Questrade is good for ETFs or people who have less capital or buy companies that aren't quite in the low $ value.
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Jul 25, 2008
1775 posts
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Ottawa
Investor edge Accounts give you
NO interests.
why shoukd anyone put 100k there?
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Jan 19, 2005
4731 posts
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Vancity
haliwood wrote: I was at a branch checking in on a credit card application and the csr said that they had a promo where they'd give you 1% of your transfer in after 12 mos. There seems to be no details in it and I am thinkinhg csr was confusing it with this promo.
1% would be hot. RBC DI had a 1% promo twice. I was able to take advantage of it once; easiest few $k's I've ever made. BMO had a promo for $1.6k when transferring $500k+ in; transferred some back from the RBC promo. Currently there are no good promos going on.
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Member
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Jul 14, 2018
370 posts
412 upvotes
cf7777 wrote: Investor edge Accounts give you
NO interests.
why shoukd anyone put 100k there?
To buy stocks/ETFs/index funds that can generate TONS of internet??
If you bought SPY in Jan 2015 you'd be up 60% right now.
choclover wrote: Transfers between brokerages are a HUGE PITA. Anyone thinking of doing this just for the "bonus" may end up finding themselves that the "bonus" doesn't even close to make up for the stress and babysitting that often needs to be done to make sure all investments are transferred in a timely and seamless manner.
Couldn't you just transfer your positions though? Say you have 100k in the SPY etf alone, you just transfer that position over and everything should be good? Should work fine for any other stocks/etfs you own.
Deal Addict
Feb 4, 2003
3168 posts
1423 upvotes
is RESP eligible? I don't see it as an option for registered account, but there is a box for Other.
Deal Addict
Sep 19, 2009
2123 posts
901 upvotes
Toronto
Has anyone here actually done the transfer for this promo?

From my previous experiences, a full brokerage account transfer takes 4 to 8 weeks, maybe more. Considering that the offer says "This offer expires March 4, 2020" I am wondering if the requirement is to initiate it by the dead line or to be completed by then. Also, the $100k amount CIBC asks for, would be the value of the portfolio the day when the application is made or when the transfer is completed? TIA.
Newbie
Dec 24, 2009
64 posts
23 upvotes
RiCHC3 wrote: I'd actually say it costed more than $11 each time, but I factored in some earlier trades when I had less money and just took an overall average. Here's my trade fees summary over the years (Wealthica if anyone is curious).
Image

One example on hand,
Bought 51,000 shares @ $2.02 for a total of close to $104k.
The math on ECN fees is $0.0035 per share so that x 51000 = $178.5
Then tack on Questrade $9.95 "max" trading fee.

Now, admittedly I traded a lot so it's not like I was buying ETFs and sitting on my hands, but it's a pretty wild cost.

I still think Questrade is good for ETFs or people who have less capital or buy companies that aren't quite in the low $ value.
Thanks for sharing, very helpful. That makes sense your volume is quite high. I buy companies that aren't quite in the low $ value so I think they are the best alternative for me.
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User avatar
May 7, 2007
13912 posts
5698 upvotes
Arranged to transfer a long term corporate bond (with market value 115 K or so) today with CIBC person who usually takes care of those things for me ... He dropped by my place (he is / his position with CIBC - mobile, if needs to be / if preferred) and had everything ready / filled out ... and I just signed it.

So cuz it's over 100K -- I'll qualify for $400 bonus payment.

And yes ... CIBC will cover the transfer out fee charged by another brokerage ( they should anyhow ... they did last time, in similar situation).

At the same time, the CIBC person (mentioned above) assured me that if Investor's Edge won't cover that fee ... - he promised me that he / his CIBC branch will.
Jr. Member
Jan 27, 2017
108 posts
31 upvotes
I transferred it in from TD to CIBC early 2018 and got the $400. They also covered any withdrawal fees from the other institution (make sure to check the final report/statement from your other institution as there will be a charge out fee in most cases)

Primary motivation was the lower commission fees ($6.99 at CIBC versus $9.99 at TD).

The monthly activity, reports, and cost base tracking are better at CIBC IMO.

Free all inclusive chequing account a nice bonus.

The transfers from another institution are fairly easy. Sign a few papers in the branch and they'll take care of it.

Definitely happy at CIBC and plan to stick here for the long-run.
Jr. Member
Jan 27, 2017
108 posts
31 upvotes
andrew4321 wrote: Has anyone here actually done the transfer for this promo?

From my previous experiences, a full brokerage account transfer takes 4 to 8 weeks, maybe more. Considering that the offer says "This offer expires March 4, 2020" I am wondering if the requirement is to initiate it by the dead line or to be completed by then. Also, the $100k amount CIBC asks for, would be the value of the portfolio the day when the application is made or when the transfer is completed? TIA.
It did not take 4-8 weeks. A few days at most.

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