[EXPIRED] CIBC: 2.50% interest for 120 days when you open your first eAdvantage Savings Account | CIBC | Discussion forum

Be aware, CIBC is cheating its customers by false advertising.
I signed up a 2.75% similar offer before with $340,000, only to find the actual rate is only less than 2%!
When I called, the rep told me the so called 2.75% for 120 days is only 1.7x% bonus rate plus a base rate, and they dropped the base rate once you sign up.
so much for 120 days!
I know banks play tricks on consumers all the time but this is going too far.

I am reporting this to FRFI, so beware if you sign up this offer
https://itools-ioutils.fcac-acfc.gc.ca/CHP-PTP/Complain-Outilder-1-eng.aspx?Id=2697bbdf-eb46-49c0-a7bf-1fe3cbfec1c2

yet another bank/credit union promo that has proven to be a colossal waste of time for me. completed their online acct application to then be told that I had to call my nearest branch. Followed the marching orders and left a msg and no huge surprise received no call back, the big banks blow!

randy said
yet another bank/credit union promo that has proven to be a colossal waste of time for me. completed their online acct application to then be told that I had to call my nearest branch. Followed the marching orders and left a msg and no huge surprise received no call back, the big banks blow!   

I saw a promo at CIBC for savings account. I filled an online application. I was required to visit a branch. Not sure when. I waited until promo finished to activate account. Never put money in the account. Their specials on CC are much better.

For those who are on the fence: On my today’s visit to a branch I was advised that the, yes - 2.50%, promo for 120 days is ending on the 3rd of July 2020. No fees. Deposit goes directly into the newly opened savings account via teller. Withdrawal, with no fees in mind, will be transferred from the said savings account into the newly opened checking account from which withdrawal is free. If that is so, I will know in 120 days.

CIBC seems the best FI to go with for non-registered savings account based in early July 2020 with its promotion at 2.50% for 120 days, best short term option to park some funds with no locked in commitment at the moment in my opinion...

It is very sad however that Tangerine is not even willing to match such rate (2.50%) for comparable time frame for targeted clients, knowing that Tangerine currently advertises 2.50% for 5 months for ANY new customers... In addition, Tangerine has run several TV ads during the pandemic first wave peak offering 2.80% for several months (5 or 6 months) to ANY new customers again... It appears now that starting in July 2020, Tangerine has not offered more than 2.25% to any existing customer yet... And this offer is only applicable to non-registered savings account, it does not seem that Tangerine is offering any promotional offer applicable also to USD savings, TFSA savings, RRSP savings anymore... This is quite disappointing to me since I have seen other members on the forum posting that Tangerine offered them just in May or June 2020 2.50% for non-registered savings, USD savings, TFSA savings, RRSP savings until Sept 30 2020... And at such time (May or June 2020), rates were already slashed significantly globally...

Oh well, may the Tangerine algo Gods be with you for the next few quarters! Experience has shown across the years that Tangerine promotional offers have been very inconsistent / incoherent at many occasions...

Tried opening this account remotely and was told it would be OK, just need to send an ID. Fair enough, Opened account, got a welcome email, sent passport and...another request for 3 verifications including a selfie with one of 3 poses (really?!) OK, done that - not good enough. Canadian passport was rejected as an ID(!), was told to send the page from my current bank's profile with account ## and other details that have nothing to do with ID check or cannot open account. I did not send and... got another welcome to the account with 0.1% interest - no mention of the promo...

As someone wrote here, this 2.5% rate expired July 3, but it was never mentioned to me neither on the phone or in email. Only when I raised the question the rep admitted it was true, but a new promo rate of 2.4% (sort of) is in effect now.

Do you need to provide your other bank's details just to open a basic savings account?! Can they do that?

Be careful when you open an account: account OPENED is not the same as account ACTIVATED. They open an account the moment you apply, but do not let you use it until you submit all the paperwork and visits required then wait a few days until they activate it. Your promotional term, however starts the moment you click "send" on your application thus cutting 2 weeks or more from your promo term.

When I asked questions to specify exact dates, I got a generic confirmation that the account was opened a week ago and that another email would explain procedures to activate it - none was received. My questions left unanswered. Called FCAC and found out banks set up their own criteria and demands as there's no specific requirements from regulators. However, if banks demand - in writing - account ## from other banks then FCAC will look at it. My guess is banks know that and always paraphrase their demands, but are more candid over the phone...

Alexandra said
I see on my account today with CIBC special rate:

e-savings: .1%
Bonus e-savings rate 2.3%

So, now not 2.5% combined. Instead it is 2.4% combined.  

Exactly where do you see the .1 and 2.3 ?