1 Regular interest is calculated daily at the current rate on each day’s full closing balance and paid on the last business day of the month. Your entire account balance earns the rate applicable to the tier your daily closing balance falls within. This interest cannot be withdrawn and will not be printed at branch terminals or bank machines or made available through CIBC Telephone or Online Banking, until the second business day of the following month.
Interest rates quoted are annual. Interest rates and balance tiers are subject to change without prior notice.
If you have any questions about our interest rates, call 1-800-465-2422, or visit a CIBC Banking Centre.
2 Smart Interest is an interest reward earned on the total account balance in your CIBC eAdvantage Savings Account(s) (“eSA(s)”), up to a maximum aggregate balance limit of $200,000 (“Smart Balance Maximum”), each month in which you achieve a total Smart Balance Growth of at least $200 across all your account(s) with the same Unique Ownership Structure (described below).
Determining Smart Balance Growth: Each month we will calculate how much the closing balance on the last business day of the current month, excluding any interest earned and any CIBC fees, has increased over the closing balance on the last business day of the previous month for each of your eSA(s) (“Smart Balance Growth”). You are eligible to earn Smart Interest in a month if your total Smart Balance Growth is at least $200. If you have multiple eSAs, we will use the sum of the Smart Balance Growth in all your accounts with the same Unique Ownership Structure to determine if you qualify and to calculate your Smart Interest.
Unique Ownership Structure – is one or more eSA(s) owned solely by the same owner or owned jointly by the same owners. For example:
i. If you are the sole owner of multiple eSAs (single Unique Ownership Structure), Smart Interest will be calculated on the sum of all your account balances.
ii. If you jointly own one or more eSA(s) with the same joint owners (single Unique Ownership Structure), Smart Interest will be calculated on the sum of all joint account balances.
iii. If you jointly own multiple eSAs with different joint owners (multiple Unique Ownership Structures), Smart Interest will be calculated separately on the sum of all account balances owned jointly by the same owners.
Calculation and Payment of Smart Interest: Smart Interest is calculated daily at the current Smart Interest rate on each day’s full closing balance (up to the Smart Balance Maximum) from the first business day of the month, regardless of which day you qualified, and paid between the first 5 to 7 business days of the following month. If you have multiple eSAs, the Smart Balance Maximum applies across all your accounts with the same Unique Ownership Structure. Smart Interest will be paid to one eSA per Unique Ownership Structure as selected by CIBC. You will have the ability to change the selected account at your discretion provided it remains under the same Unique Ownership Structure. Your eSA must remain active and in good standing to receive Smart Interest.
General: Saturday, Sunday and all provincial and federal holidays are not considered business days. Interest rates quoted are annual. Smart Interest rate, the Smart Balance Growth amount and the Smart Balance Maximum are subject to change without prior notice. If you have any questions about our interest rates, call 1-800-465-2422 Opens your phone app., or visit a CIBC Banking Centre Opens in a new window.. CIBC may at any time, without prior notice to you, cancel, change or suspend this bonus interest reward or change these terms and conditions. We may, in our sole discretion, revoke or limit this reward if you are believed to be manipulating or otherwise abusing the process, fairness, integrity or operation of it, or engaging in any suspicious or fraudulent activity. Except as modified, the terms and conditions relating to the eSA you hold remain in full force and effect.
3 A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. A transaction does not include debit purchases (excluding purchases made by pre-authorized payment), including transit fares and passes, made at Canadian public transit authority merchants classified by Interac’s “Merchant Category Code” (MCC) as “Local and Suburban Commuter Passenger Transportation, including ferries.” Debit purchases (excluding pre-authorized payment purchases) made at public transit authority merchants with this classification do not incur an account transaction fee. Debit purchases made at any other merchants offering public transit services are transactions and may incur an account transaction fee depending on the type of account. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC personal bank account(s), to your CIBC Personal Line(s) of Credit and to your CIBC Credit Card account(s). For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free. "CIBC-branded” means any brand that has CIBC in its name and is offered by CIBC or its Canadian affiliates (and does not include CIBC Bank USA). Other fees (in addition to any transaction fee) include: withdrawals from non-CIBC bank machines (rebated for CIBC Smart Plus Accounts except the 2.5% administration fee on the converted amount of foreign currency ATM withdrawals), wire payments, Interace-Transfer transactions (theInterace-Transfer fee is waived for CIBC Smart Accounts, CIBC Smart Plus Accounts and for clients who are enrolled in CIBC Advantage for Youth, CIBC Smart for Students, CIBC Smart for Seniors (on the CIBC Smart Account) and CIBC Advantage for Students (on the CIBC Everyday Chequing Account)) and transactions in foreign currency (including cheques written in currencies other than the account currency).
4 "Paperless" record keeping is a paper-free alternative to statements and bankbooks. This option enables customers to track account activity online or by phone or CIBC bank machine. Please note, printed statements will not be sent to customers selecting this option. Customers must review their account transactions through CIBC Online or Mobile Banking, CIBC Telephone Banking or CIBC bank machines at least once every 30 days and examine all entries and balances at that time. If there are any errors, omissions or irregularities, customers must notify CIBC in writing within 60 days after the date on which the entry was, or should have been, posted to the account.
5 The regular fee applies to sending any additional transactions through Interac e-Transfer. Transfers cannot be carried forward to subsequent months. Maximum dollar amount applies for Interac e-Transfer transactions. For details, review the CIBC Interac e-Transfer Terms and Conditions (PDF, 135 KB) Opens a new window..
6 In addition to transaction fee, if applicable to account. Some bank machines may levy additional surcharges.
7 CIBC foreign exchange rates apply. A Global Money Transfer and a foreign exchange transaction counts towards your allowable transaction limit. Bank account transaction fees may apply. Must have a CIBC chequing, savings or personal line of credit account to send a CIBC Global Money Transfer. Most transfers are completed by the next business day, some transfers require 2 to 3 business days. Review the CIBC Global Money Transfer AgreementTM (PDF, 100 KB) Opens in a new window..
8 Excludes stop payments on pre-authorized debits/recurring payments set up using CIBC Advantage Debit Card details. To stop payment on these, you need to contact the merchant/biller/payee directly to instruct them to discontinue applying charges to your account(s) through your CIBC Advantage Debit Card. If you are unsuccessful in resolving the issue, CIBC may be able to work with Visa to request a refund for you.
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