I was browsing various websites and came upon deal that the Canadian Imperial Bank of Commerce (CIBC) is running. Outside of what the deal actually is, I liked the slogan they had going for it:
Because in life there’s no shortage of things to save for
As you may have already figured out, the deal from CIBC is an interest rate deal. Ultimately, you will have a slight push from CIBC to meet your savings goals faster with bonus interest.
What is the deal CIBC is offering?
It does not matter if you are looking to build your retirement savings, save your money or save your money tax free. CIBC is currently offering a few great options for you to grow you savings and until March 30th, 2012, you can earn bonus interest rate on new balances.
The bonus interest rate on these accounts is 1.5%, and it is only until March 30th, 2012. That being said, when I scrolled down the page, it came to my attention that only two savings accounts would hold the bonus interest rate till March 30th, 2012; one particular savings account would hold the bonus interest rate until February 29th, 2012.
What CIBC accounts does the bonus interest rate apply to?
The CIBC savings accounts this bonus interest applies to are:
- CIBC TFSA Tax Advantage Savings Account
Earn guaranteed interest all tax free; you are given the ability to access your money whenever you want and withdraw at any time.
- CIBC RRSP Daily Interest Savings account
You can build your retirement savings and earn a guaranteed interest. You are given access to your money and withdraw it at any time.
- CIBC eAdvantage Savings Account
This savings account is a non-registered account; you can access your savings anytime and transfer funds online.
Now you must be wondering, which of the 3 savings accounts listed above end on February 29th, 2012. Wonder no more, the account that allows you to earn at the bonus interest rate until February 29th, 2012 is the CIBC eAdvantage Savings Account.
Are there any strings attached to this deal?
To be honest, this deal is pretty good however for you to benefit from the bonus interest rate with the CIBC eAdvantage Savings account, you need to have an account balance of more than $5,000.
If you do not, then you will only earn the normal interest rate, which is 0 if you account balance is below $4,999.99.
Overall, the bonus interest rate deal from CIBC is not bad for what it is. If you are looking to earn some additional interest for the next couple of months, then CIBC might just be the bank for you.
What do you think of this deal from CIBC?