eAdvantage new feature - Smart Interest | CIBC | Discussion forum

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. . . 0.35% + .025% = 0.60%. That's not bad for a Big Bank SA ❗

But it still doesn't compare to these ⬇

https://www.highinterestsavings.ca/chart/

I also have a Big Bank SA (with TD). But except for the very rare special occasion, I don't keep much more than a $1 in it.

With all the HISA we have access to (see link above), what would be the reason for keeping significant amounts in a Big Bank SA these days ❓

Dean

hwyc said
Looks like CIBC added a new feature (since Feb 2022 ?) called Smart Interest to eAdvantage Savings.

Smart Interest is a bonus interest rewarded when you save $200 or more in a month (not including interest earned). You can get this bonus interest in addition to Regular Interest on your CIBC eAdvantage Savings Account.

You’ll get Smart Interest on your total account balances, up to $200,000. If you have more than one CIBC eAdvantage Savings Account with the same account holder(s), you'll get Smart Interest when you save $200 across all of those accounts. Only one account will be designated to receive Smart Interest.

As of today, regular interest is 0.35% & smart interest is 0.25%  

BMO have had this for years on their Savings Builder Account. At one point, we were getting 0.2% as a base plus 1.4% in months when the balance grew by $200 or more. Max balance of $250k. Today, the rates are 0.1% + 0.7%.

We keep $1.10 there now ...

Smart Interest is a bonus interest rewarded when you save $200 or more in a month (not including interest earned). You can get this bonus interest in addition to Regular Interest on your CIBC eAdvantage Savings Account.

You’ll get Smart Interest on your total account balances, up to $200,000. If you
As of today, regular interest is 0.35% & smart interest is 0.25%

And if you open a new eAdvantage savings account you get a 2.0% bonus interest for 120 days for a total of 2.6%.
This is exactly what I'm doing while I wait for GIC rates to go to 4.5% or better !

And if need be when thats finished I might get my spouse to open an eAdvantage account and get another 120 days, thats if Tang hasn't got some promo on the go.

I always wondered how in this day and age when one can simply google about a good HISA offer, can some folks still fall for such scammy offers from a large bank but then I realized once I was like that (granted the financial savvy people weren't so much on the internet as now, but still) 😀

If I'm not mistaken, 4.25% is only for new account with new money, right? Not existing accounts?

What happens when I do a monthly deposit of $200 but also withdraw more than that during the month ? I assume the net balance must be higher than $200 each month to qualify ?

cgouimet said

That's usually how these accounts work ... Net balance increase ... 🙂

And they often have fees per withdrawal ...  

Hmm, a product made unnecessarily complex for what devious purpose, one wonders..... What percentage of people will track all this to ensure they get 100% of it?

cgouimet said

BMO have had a similar product for years. Easy to keep track really. Log in and compare today's balance to the previous month-end.

Just saying, not promoting ...

If you like the rate, deposit $ you don't need for a while and set-up an automatic $200/mo top-up ...  

I agree, its not an account for any active transactions, only leave it for 4 months with the auto $ 200- pm deposit.

What I meant was more along the lines of what you said about the possibility of fees, which could quickly offset any gains.

Because for this account, well into the fine print, you will find a $ 5- fee for a transaction, as defined here:
https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-high-interest-savings-account/fees-and-details.html

OK, but understanding what is and isn't a transaction takes a bit more drill down reading.

In any event, Thank You (and others) for pointing out this account's new competitiveness this month, and it's worth paying attention and playing by its rules. Just in time before my Tang's Aug 31 deal expires. I'll probably do this the beginning of the week.