CIBC new account promo: 2.75% interest for 120 days when you open your first eAdvantage Savings Account | CIBC | Discussion forum

Mind you my Simplii is also earning 2.8% at the moment but they are very sneaky. (probably the same at CIBC)

I moved my funds out of my simplii account over about a month ago but they go back two full months and whatever you had in there at that time does not get the interest. So for me the first 200k only get 1.1% before it jumps to 2.8% thereafter. I told them no deal because no such games at motive. Motive will always be my backup account when special offers end because they are most consistent with their rates.

I've had this account for a while and I got this offer a while back, can't recall if it was sent to my email or was there when I signed in, or maybe both.

Also remember Motive is part of
Canadian Western Bank so for CIDC purposes it is the combination of both as well

fairwindw1 said
Be aware, CIBC is cheating its customers by false advertising.

I signed up this offer 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  

I agree that it's a bit sneaky, all banks will adjust their base rate with BoC policy interest rate declines, but some banks will make corresponding upward adjustments in the promotional rate to offset the decline (or downward adjustments when the BoC raises rates, such as Tangerine). Nevertheless, as long as you are earning the promotional interest, even if reduced by the BoC rate declines, they are still adhering to the terms of the offer.

FWIW, I am enjoying my ~9.0% annual dividend yield on my CIBC common shares, based on my rough adjusted cost base of ~$65.00 per share. On the current market value, it is about 7.2%. 😉

Cheers,
Doug