Canadian Imperial Bank of Commerce (CIBC) has recently announced the new CIBC Total Banking Rebate, which will be providing a rebate on chequing account fees to clients who have various banking products with CIBC.
This savings is available to new CIBC clients, and applies to existing, eligible clients as well.
You may be asking yourself, what can I really save?
The fact is with the Total Banking Rebate, you can save anywhere form 30% and 50% the cost of your monthly chequing account package. Some people holding an eligible CIBC chequing account can potentially see an annual savings of almost $50.
As I mentioned, in order to qualify for the Total Banking Rebate you need to have multiple products with CIBC.
How to I quality for the Total Banking Rebate?
To be eligible for the rebate, you will need to hold one banking product with CIBC across the 4 common financial needs.
These financial needs fall in the following 4 categories:
- A mortgage or home equity line of credit
- Any savings or investment product, this does include either a simply savings account, or investment plans such as a TFSA, RESP, RDSP or RRSP/RRIF
- Any of CIBC’s credit cards that CARRY an annual fee, or creditor insurance policy on a borrowing product
- Eligible CIBC chequing account that carries a monthly package fee, where the Total Banking Rebate can be applied to
That’s all there is to it. When you look at it, ¾ products is a breeze for anyone. Having a TFSA is something most people, a credit card – you need to build credit one way, but wish it included the no fee credit cards as well and the chequing account is an obvious one.
That said, in addition to all of the benefits for existing clients, the new rebate also provides a money saving opportunity for clients who hold 2 or 3 eligible products; basically those clients can realize further savings by switching more of their business to CIBC.
In the end, this is a chance for you to consolidate all of your banking at one source, and save a bit of money as the same time.
What do I think of the Total Banking Rebate?
To be completely honest, I understand that you are able to save money on your chequing account, but that doesn’t mean it will be free. That being said, unless you will be using the features of the “eligible” chequing account all the time, you would probably be better off using a no fee chequing account or a cheaper account in general.
In the end, you are saving on your chequing account fees, which is great, especially if the account you are using holds features you use on a regular basis.
On a side note, I am still surprised that they wouldn’t offer no fee credit cards as an option, I mean that just tells you they are looking to recoup their money one way or another, but again, this is just my opinion on that product requirement.
What do you think of the Total Banking Rebate?