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eAdvantage new feature - Smart Interest
August 11, 2022
7:18 am
frencols
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Am I the only "unsmart" idiot (most probably am) who finds this overly complicated? Why such games by a big bank that requires their loyal clients to spend time unnecessarily figuring out? Or am I missing a potentially game-changing deal here? sf-cool

August 11, 2022
7:22 am
dougjp
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frencols said
Am I the only idiot (most probably am) who finds this overly complicated? Why such games by a big bank that requires their loyal clients to spend time unnecessarily figuring out? Or am I missing a potentially game-changing deal here? sf-cool  

Both are true, IMO sf-laugh Overly complicated/annoying, and game-changing deal in the context of comparing with a 4 month, ie; under a year GIC rate or HISA. Eg; EQ's 3 month GIC rate is 1.85%, 6 month 2.65%.

"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green

August 11, 2022
11:51 am
cgouimet
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frencols said
Am I the only "unsmart" idiot (most probably am) who finds this overly complicated? Why such games by a big bank that requires their loyal clients to spend time unnecessarily figuring out? Or am I missing a potentially game-changing deal here? sf-cool  

Not complicated at all.

There is no obligation on your part to sign up...

If you don't like the offer, move on to another...

CGO
August 12, 2022
6:46 am
cgouimet
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For those who think this CIBC eAdvantage Account and the similar BMO Savings Builder Account are too complicated should check out the Scotia Momemtum Plus offer discussed here https://www.highinterestsavings.ca/forum/scotiabank/momentum-plus-savings-promo-until-december-31-2022/ ...

CGO
August 12, 2022
8:37 am
Ebiv
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In terms of simplicity among the Big 5 banks, this CIBC's promo is probably the most flexible with the highest interest rate. You just need to make sure you have to gain a net balance of +$200 for each month (interest doesn't count) to earn the "0.75% Smart Interest".

Oh and the $5 transaction fee which can be avoided if you have an existing CIBC account to transfer funds into.

According to their website, what counts as a transaction:

  • Debit purchases
  • CIBC withdrawals (including CIBC ATM)
  • Interac e-Transfer transactions
  • Cheques
  • Pre-authorized payments
  • Bill payments
    • November 2, 2022
    11:59 am
    hwyc
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    Data point for CIBC eAdvantage Savings

    • Regular interest rate 1.40%
    • Smart interest rate 0.75%
    • Bonus interest rate 2.35% for first 4 months on first eAdvantage accounts
    November 18, 2022
    7:13 am
    COIN
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    hwyc said
    Data point for CIBC eAdvantage Savings

    • Regular interest rate 1.40%
    • Smart interest rate 0.75%
    • Bonus interest rate 2.35% for first 4 months on first eAdvantage accounts

      

    I think there is also a requirement that you must increase your balance by at least $200 each month.

    February 6, 2023
    3:10 pm
    hwyc
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    (Data point) I see now smart interest only 0.50% (was 0.75%) sf-frown

    • Regular interest rate 1.40%
    • Smart interest rate 0.50%
    • Bonus interest rate 2.35% for first 4 months on first eAdvantage accounts
    March 10, 2023
    12:28 pm
    kesa
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    Screenshot-2023-03-10-at-3.25.14-PM.png

    NEW targeted promo..Maximize your savings with up to 4.65% interest to May 31/23

    March 10, 2023
    12:54 pm
    hwyc
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    ... new deposits from which starting date ?

    March 11, 2023
    4:39 am
    kesa
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    I suppose from when new funds are deposited.

    July 18, 2023
    10:35 am
    The Rock
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    Ebiv said
    You just need to make sure you have to gain a net balance of +$200 for each month (interest doesn't count) to earn the "0.75% Smart Interest".

      

    and if the balance exceeds $200k, do you lose the 0.75% Smart Interest on the $200k, or just on any amount above $200k?

    Suppose you were to deposit an initial amount of say $300k into this account. Would you qualify to earn Smart Interest on the first $200k, provided you keep growing the balance by $200 per month?

    July 19, 2023
    10:17 am
    The Rock
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    Loonie said
    200K is a low ceiling for big bank. Make sure that the interest doesn't put you over 200K.  

    What happens if your balance exceeds $200k? Do you lose the Smart Interest on the $200k, or do you lose it on any amount above $200k?

    July 19, 2023
    10:29 am
    HermanH
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    You would not earn the '0.50% Smart interest' on any balance over $200K

    July 19, 2023
    1:00 pm
    hwyc
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    In case we missed it, eAdvantage is also rolling out tiered interest rate structure as well, range from 0.65% up to 1.90%

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