CIBC targeted esavings account 4.25% | CIBC | Discussion forum

May I ask how you found about the offer? Email? Online banking? Thanks.

Edit: Here are the terms and conditions online:

† This is a combined bonus, regular and Smart annual interest rate offer. The offer only applies to clients opening their first CIBC eAdvantage® Savings Account (“eSA”). Eligible eSAs will earn bonus interest (“Bonus Interest”) for 120 days from the date the eSA is opened, in addition to regular (“Regular Interest”) and Smart Interest (each month in which you save at least $200 across all your account(s) with the same account holders). Bonus Interest is calculated daily at the current rate on each day’s full closing balance (up to a balance limit of $1,000,000) and paid monthly. Regular Interest is calculated daily at the current rate on each day’s full closing balance and paid monthly. Smart Interest is calculated daily at the current Smart Interest rate on each day’s full closing balance (up to a balance limit of $200,000 across all accounts with the same account holders and paid between the first 5 to 7 business days of the following month. Bonus Interest, Regular Interest and Smart Interest rates quoted are annual. Interest rates may change at any time without prior notice. For current rates, ask at any CIBC Banking Centre or go to http://www.cibc.com. Other conditions apply. For full offer details, review the Terms and Conditions (PDF, 100 KB) Opens in a new window. or visit a CIBC Banking Centre.

1 Smart Interest is a bonus interest reward earned on the total account balance in your CIBC eAdvantage Savings Account(s), up to a maximum aggregate balance limit of $200,000 (“Smart Balance Maximum”), each month in which you save at least $200 (excluding interest earned) across all your account(s) with the same account holders (“Smart Balance Growth”). Smart Interest is calculated daily at the current Smart Interest rate on each day’s full closing balance (up to the Smart Balance Maximum) and paid between the first 5 to 7 business days of the following month. Smart Interest rate quoted is an annual rate. Smart Interest, the Smart Balance Maximum and the Smart Balance Growth amount may change at any time without prior notice. Other conditions apply. Review the full Terms and Conditions available at cibc.com/smartsavings.

Moneyman2 said
I've had my esavings account for years. It is not for new accounts. This offer, anyways. And it's until the end of January 2023 which is over 5 months. Spoke with investment advisor at CIBC today, so I know this is correct. Thanks  

Then why do the T&Cs stated in the post above yours indicate otherwise? I'm aware there were existing e-Savings clients that were selectively targeted for the offer.

Moneyman2 said
Thanks for not trusting me.

  

Thanks so much for sharing. To be clear I copied the T&C to save other people a click. No disrespect meant.

Back to the main topic: so existing account holders should log into phone banking through the app to check it out?

MG said
I have had an e advantage account for years and the interest rate has been pitiable for a long time. I recently got offered the 4% and plan to move funds over. I see that new accounts are being offered 4.25% on the CIBC website.  

Same here. 4%, I don't see 4.25%.

The 4¼% offer there is for those opening their "first CIBC eAdvantage^® Savings Account".

There is another 4¼% offer that is for targeted existing eAdvantage account holders.

It sounds like there is a third offer: 4% for targeted existing eAdvantage account holders.

I just had a chat with my CIBC financial rep and she told me there is no targeted offer for me even though I have and e-advantage account. If there are targeted offers I am not part of that target group.
She did however say she is going to investigate further on my behalf.
I'm not holding my breath hoping I will get this promo !

CIBC made this unnecessarily complicated.

So, do I get 4% up to $200,00 and only 3.25% up to $1million?

So, if I deposit $1million of new money, I will get 3.25% on the $1million?

Long story short, I think the 4% applies only to the first $200,000 of "new money", as long as at least $200 is deposited every month. Any excess above $200,000 will earn less than 4%. Also, the 4% might not be guaranteed if the regular rate drops.