CIBC: 2.40% interest for 120 days when you open your first eAdvantage Savings Account | Page 4 | CIBC | Discussion forum

Loonie said
The 2.4% offer appears to have been replaced by a 2.1% offer for new sign-ups.
https://www.cibc.com/en/special-offers/fall-savings-promotion.html  

I am planning to move more money to CIBC e-savings so would the new drop to 2.10% not affect accounts already opened before Aug 1st?
@Loonie, "for new sign-up" I assume our e-savings account opened before Aug 1st still earn 2.4% for 120days.
I am looking for the fine print how the bonus rate was calculated, will send an email to the rep who opened my account with this question before I move more money in.

yeah, no interest amount reported on my eAdvantage savings either.

edit: the fine print says "regular interest rate may change at any time..." but nothing says about bonus interest rate....

Alexandra said

I signed up on 10th June and both the interests showed up separately paid on the 30th of June. It will probably take a few days before it shows up on your e-savings account, but it should be dated 31 July.  

Alexandra, did you receive an interest credit for July 31 yet?

Alexandra said

There is your bonus interest and your e-account interest. On June 10th they advertised 2.4% interest. At that time when I signed up, the bonus interest was actually 2.2% and the regular e-account interest was .2%. So total of 2.4%. Currently if you look up CIBC e-account interest it is at .10%, so now I'll be getting 2.2% bonus interest plus .1% e-account interest for a total of 2.3%.
As I said I signed up on 10th June and both the interests showed up separately paid on the 30th of June. It will probably take a few days before it shows up on your e-savings account, but it should be dated 31 July.  

Thanks for confirming. That is what I think. If I remember correctly Tang had clear example like yours above in their terms and conditions for promotions with 2 components of interest rates where if the base rate goes down the total rate will go down, or if the bonus rate goes down in the new promo the total rate for previous sign-ups remains unchanged.
I don't want to 2nd guess as I would move large sum of money to this account and really want to see the similar wording like yours above from CIBC.

Hi Loonie:

Same here so I phoned them. The interest will be posted at the end of the day today.

Last month my interest was calculated and posted for 30 June. It didn't show up in my account til 3 July 2020.

Anyway the rep looked into my account and said it will for sure be posted at the end of the day today.

Loonie said
I am surprised that one of the biggest banks in the country can't get their act together to deposit the interest on time like everybody else.

I think we may have been spoiled by online banks. This is typical of large banks. BMO also has not posted July interest. They likely run the program on the first business day of the month (which is today).

Yes, my RBC bank savings account showed the deposit right away. I think it was around 18 cents!!

I am going to ask them if they will still give the 2.25% maybe sometime next month even though I am an "old" customer. If they will, I will transfer my savings account with Tangerine (if I don't get a good offer at end of Sept) or with CIBC if I don't get a further offer from them after Oct.

Right now though, what I do is just transfer funds to Oaken from CIBC or Tangerine, then deposit into my RBC account when I need it from them. I just have my Mastercard with them and that is about it. RBC is the closest physical bank to me so I just keep them for that. Once in a blue moon you can get something from them.

my RBC interest was put into my account and dated today, Aug 3rd.

My high interest Tangerine account was put in 31st of July for regular interest & Promotional rate on 1st of Aug. And the interest showed up on those dates.

Last month my CIBC interest showed up in my bank on the 3rd of July but was calculated on (the actual posted date) 30 June.

Looking ahead at the end of 120 days I need to take out around $90K from the CIBC eAdvantage account, can I do it by pulling from Tang/EQ link? If so, what is the limit per day? ( heard of 50K but can't confirm).
Anyone has done/known about EFT from this account, please chime in.
Thanks

Alexandra said
HISAhopper:
I use a lot of on-line . ..............................................................
.............. So, put in your chequing or other savings account that you have linked with these other banks first.  

I am avoiding open a CIBC chequing account (only at the last resort) waiting to take advantage of it next year.
As you wrote "...put in your chequing or other savings account.." meaning I can transfer money from CIBC eAdvantage savings to CIBC bonus savings account first without $5 fee (as it is a transaction between personal accounts and the CIBC bonus savings account allows 1 transaction free per month) then pull the money out to an external account. This was an idea posted from other site, could you or others care to comment on this?
From CIBC 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)"

Sorry. I hadn't seen HISAhopper's last post when I replied earlier.
Yes, a transfer to any kind of personal savings account should work, provided there is no fee for transferring out from it to external.

Meanwhile, back at the ranch...
it's 11:02 pm on Bay St and I still have no interest for July.