Would you like to get the CIBC eAdvantage Savings Account Review? Well, here it is. CIBC is one of the big five banks in Canada with a market capitalization of 50 billion Canadian dollars. The “Big Five” is a term used in Canada to describe the five largest banks: the Royal Bank of Canada (RBC), the Bank of Montreal (BMO), the Canadian Imperial Bank of Commerce (CIBC), the Bank of Nova Scotia (BNS), and TD Canada Trust (TD Bank).
With the CIBC eAdvantage Savings account, you will earn interest on every dollar you save, every day. That’s not all, you’ll also enjoy benefits like FREE Interac e-Transfers, free money transfers within Canada, a low international money transfer rate, and no minimum account balance or fees required.
Opening the eAdvantage savings account is very simple and straightforward (this can also be done online!). Basic eligibility is that you are a Canadian resident and have reached the age of majority in your province of residence.
In this article, let’s take a look at everything the CIBC eAdvantage Savings Account has to offer and if it’s right for you. Let’s get started.
What is the CIBC eAdvantage Savings Account?
As I said in the introductory paragraph, CIBC is one of the leading banks in Canada. It is considered one of the five largest banks in Canada based on market capitalization and annual revenue.
The CIBC eAdvantage Savings Account (CIES or High Interest Savings Account) offers you an interest rate of 0.05% on every dollar you save in this account. You will earn interest every day as long as the amount remains in the savings account.
There are absolutely no monthly account fees for opening or maintaining the account. However, there are certain transaction fees to consider.
Features of the CIBC eAdvantage Savings Account
I have summarized the features and benefits of the CIBC eAdvantage Savings Account below:
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No Monthly Fees – That’s right, the eAdvantage Savings Account comes with a $0 monthly fee and there are no maintenance fees either.
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You’ll earn high interest on every dollar you save, with no minimum balance required.
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You’ll still be able to transfer money between your personal CIBC bank accounts for free. Additionally, you can also set up recurring transfers to reach your goals even faster.
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Money saved in the CIBC eAdvantage savings account is accessible at any time, 24 hours a day, 7 days a week.
CIBC interest rate offered
Currently, CIBC offers the “BONUS” interest rate of 1.50% for the first 120 days after opening the eAdvantage savings account.
Once the bonus period expires, you will be eligible for the regular rate of 0.05% (base interest rate) with no monthly fees as mentioned earlier.
Simply put, the 0.05% interest rate translates to $50 per $1,000 in the eAdvantage Savings Account.
Note that although interest is paid on the outstanding balance at the end of the day, the actual amount will not be reflected until the end of the month. Until then, you will not be able to access or withdraw the interest paid to you daily.
Other Considerations: Canadian High Interest Savings Accounts (CISS Account)
We have just reviewed the HISA savings interest rates offered by CIBC and the eAdvantage savings account.
Compared to CIBC, Tangerine Bank and EQ are currently running a promotion and offering some of the best interest rates in Canada.
Tangerine Savings Account (CIES)
Let’s start with Tangerine.
Product Name: Tangerine Savings Account
Monthly account fee: $0
No minimum balance
Promotional interest rate offered: 2.10% for the first 5 months + $150 cash bonus on payroll
Interest rate after promotional period: 0.15%
Reasons to choose Tangerine Savings Account:
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No unfair fees, no service charges
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No minimum balance required
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Set up an Automatic Savings Program (ASP) and your money grows on its own (compound recurring payments)
Click here to sign up for the Tangerine Savings Account
EQ Bank Plus Savings Account
With the EQ Bank Savings Plus account:
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You will benefit from a daily interest rate of 1.50%
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No minimum account balance like the others
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Free and unlimited transaction throughout the month
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Cheap international money transfer rates
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Free bill payments
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Free Interac e-Transfers
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Free money transfers from EQ to EQ
Please note that there is a maximum limit of $200,000 per client for the HISA account.
Click here to sign up for the EQ Bank Plus Savings Account
Last words
The eAdvantage Savings Account is CIBC’s High Interest Savings Account or HISA.
Even though the interest rates are pathetic and low, CIBC is one of the safest banks in Canada to park your money and earn more money in interest.
Especially in these uncertain and pandemic times, with businesses shuttered and shuttered, people losing their jobs everywhere, it’s important to earn that extra money with the savings account. Every penny you earn counts in the end.
You might not be the one investing in the stock markets, or the stock markets might even make you afraid of losses. So better save your money in HISA account and benefit from this 0.05% interest rate which will help you offset the bills.
Thanks for reading! Let me know your thoughts and comments below.
