Posted by Chuck on February 16, 2020
Bank Account Bonuses

Published on February 16th, 2020 | by Chuck

222

[Expired] CIBC $200-$400 Online Savings Bonus With $25,000-$50,000 Deposit (Plus, 1.45% APY)

Deal has expired, view more bank account bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $400 with $50,000 deposit
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: ?
  • Household limit: None listed
  • Expiration date: March 16, 2020

The Offer

Direct Link to offer

  • CIBC is offering a bonus of up to $400 on their Agility Online Savings account with the following tiers:
    • Get $400 when you deposit $50,000 and maintain that deposit for 120 days. You must also enroll in e-statements.
    • Get $200 when you deposit $25,000 and maintain that deposit for 120 days. You must also enroll in e-statements.

The Fine Print

  • Must complete an account application for a new Agility Savings account between February 10, 2020 and March 16, 2020. An account application is deemed complete when you are provided an account number on the confirmation screen.
  • Must deposit at least $25,000 of new money from an external bank (transfers between CIBC Bank USA accounts will not qualify) within the first 15 calendar days from the date of the completed account application (Initial Funding Period)
  • Must minimum daily balance on the account of at least $25,000 for 120 days from the last calendar day of the Initial Funding Period
  • Must enroll in Online Banking and change the Statements Delivery Method to “Online” during the Initial Funding Period and continue enrollment for 120 days from the last calendar day of the Initial Funding Period.
  • If at any time during the 120 days from the last calendar day of the Initial Funding Period your minimum daily balance decreases below the threshold you lose the bonus of that tier.
  • The account is subject to approval.
  • New money means funds not currently held within a CIBC Bank USA account.
  • Only one bonus is permitted per primary or secondary account holder.
  • Once you have qualified for a bonus, your bonus payment will be paid no later than 60 calendar days after you have completed all the requirements listed above.
  • Bonus is considered interest for income tax purposes and will be reported to the IRS. Consult your tax adviser regarding specific tax considerations for your accounts.
  • Bonus offers are not eligible to you if you were the primary or secondary account holder of an Agility Savings account with CIBC Bank USA on or after May 1, 2018.
  • The annual percentage yield (APY) is accurate as of February 10, 2020. This is a variable rate account and the interest rate and APY can change at any time without notice. The minimum opening deposit is $1,000 but cannot exceed $250,000. The account balance cannot exceed $1,000,000. The minimum balance to obtain the APY is $0.01. Fees or withdrawals will reduce earnings. Offer is subject to change, and may be withdrawn, at any time without notice.
  • This account is available online only.
  • U.S. federal regulations restrict the number of transactions that can be made from savings and money market accounts during each calendar month or 4-week statement cycle. You may only make up to 6 transfers or withdrawals by pre-authorized, automatic, or telephone transfer to another account of yours or to a third party.

Our Verdict

This is quite a good deal for someone with large cash reserves as you’re getting a nice APY rate and the $200-$400 bonus on top of it. We’ve seen checking bonuses from CIBC in the past, but this is the first savings bonuses.

CIBC savings has consistently been near the top of the list in our Best Savings Rates post, so it’s not a bad account to have anyway, especially if you don’t have another high yield savings account. These types of online savings bonuses are from the easiest bonuses (if you have the cash reserves anyway) since there are no other requirements or fees, just the deposit requirement. We’ll add this to our Best Bank Bonus page. 

Hat tip to reader Shirley



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Dan
Dan

Good luck everyone! This is the only bank who COULD NOT FIGURE OUT(!) how to open an account for me IN BRANCH!

Eric
Eric

What happened?

Bobby
Bobby

Welcome to the GFBPB club (Got F’d by Personal Banker)! They simply pretend they can’t open an account or have system issues if you have a piece of “Offer” mail in your hand. Happened to me with US Bank, LoL

Chimpo Chitose
Chimpo Chitose

1.85% n a bonus. Now we talking.

nick
nick

all my cash is tied up doing CIT, Marcus, and local bank bonus. 🙁

Samosa
Samosa

.

Max
Max

lol same. Can do 25k if not having offer all over the place

Eric
Eric

What’s the CIT deal?

arizonapv
arizonapv
Eric
Eric

Ehhh not really. Its similar but the bonus is only $300. It is definitely a good alternative but then again i have already signed up for CIT Bank back in late 2019.

Eric
Eric

Yeah, if you are going to do 1 it makes sense to do the CIBC.

bax
bax

120 days is 30 days too long for my taste, but a good deal nonetheless.

anthonyjh21
anthonyjh21

I can’t figure out if this is Nationwide. I’ve looked at the landing page as well as older posts which have a mix of highly YMMV and oddly Nationwide YMMV (specific employers). I live in California. Anyone know what up with this offer?

Looney Tunes
Looney Tunes

Here’s a little tidbit from their website:

“To process your application, we’ll need to be able to access information about you from consumer reporting agencies — Chexsystems and Experian — to verify your identity and confirm that you’re eligible for an account. If you’ve placed a freeze on your information at either of these agencies, we won’t be able to process your application, so lift the freeze before applying”.

CJ
CJ

Wonder if they actually pull Ex

Brian C 🐕

doubtful, but it sounds like they pull chex.

Looney Tunes
Looney Tunes

According to a comment from one of their checking bonuses, they only did a soft credit check from Experian.

Lightspeed
Lightspeed

Yes, but it’s a soft pull.

Yu
Yu

Is permanent resident eligible to open this account?

ABHIRUP CHAKRABORTY
ABHIRUP CHAKRABORTY

One thing I have learnt, resident status immigration wise and taxwise are different. Banks refer to tax status, atleast that’s what ons of my bankers told me.

jp
jp

If Permanent residency is required the banks will usually clearly specify it. As Abhirup mentioned ‘Residency Status’ refers to tax filing status.

Samosa
Samosa

Deal seems to be good for those who have maxed out their rewards checking (e.g TAB, 4%), are enrolled in Marcus $100 bonus, and still have at least $25K in cash reserve. For folks like me who would need to move funds from TAB account probably not worth doing.

TAB checking (4%) = 25K x 0.04/12 x 4 = $333.33

Interest earned at CIBC = 25K x 0.0185/12 x 4 = $154.16
Total profit = 200 bonus + 154.16 = $354.16

Net gain = $20.83 – interest lost during funds transfer.

JUlio
JUlio

I believe that you are missing some numbers for a fair compare. You need to consider the time that is required to meet the minimum requirements in TAB checking and the credit card cash back.

It requires 15 transactions of $5 or more, so I’m assuming that you are following the rules and also not doing in 1 day all the transactions and not manufactured. 15 X 4 months = 60 transactions

Let suppose you are really fast and can do 1 transaction per minute that’s at least 60 minutes, if you earn less than $20/hour that is a good investment of your time.

Another part that is missing is the credit card cashback so $5*60 transactions = $300 or more, with a flat 2% cashback credit card that is $6, if you are using using in bonus cashback card in a 5% category (chase freedom, discover card) that is $15 for the $300.

Just in that quick math you are actually almost getting the same results.

Another thing to consider that the TAB 4% is not a CD and the rate can change at any time.

Yep
Yep

TAB becomes a lifestyle thing. They made it clear they did not want five cent transactions. So I respect that, carry it in my purse, and use it at various merchants as I think of it.

This bonus is a tough one. We don’t know whether a better opportunity might arise. If I move the Marcus money when it frees up, the Simple, and the balance over $15K at Orion, that will get me about $40K so where to pull the rest of the 50? tied up at Cap One for three months. definitely want to stay in TAB. maybe want to get out of BRKB at Schwab and that would be enough ..

decisions, decisions

Clarence Weatherspoon
Clarence Weatherspoon

What 50?

and whatis BRKB?

JUlio
JUlio

It is all depends what are your goals. I like to keep it simple. I like to deposit my money and forget about it for the next 120 days. For that reason I will never consider the TAB account, it is too much for me. I can do the Orion but not TAB.

You can do 25k or 50k, the % of ROI it will be the same.

Eric
Eric

What’s the Marcus $100 bonus?

arizonapv
arizonapv
Eric
Eric

That’s not a bad deal. I wonder how I missed it when it got posted originally. Now it’s expired.

younger
younger

is it chex sensitive?

Joe
Joe

co-ask

JT
JT

I’m going to say yes. When they originally launched their checking bonus, I remember not going for it, but recommending it to a friend who doesn’t hit bank bonuses very hard and as a result can still hit Chex sensitive banks. They closed his account shortly after opening, but cut him a check for $150.

Clarence Weatherspoon
Clarence Weatherspoon

they closed his account by surprise you mean, and sent his $150 opening deposit as a check? I hate when banks do those surprise closings and mailing of the opening deposit JT

JT
JT

No… why would I even mention it if it was just the opening deposit? He got $150 simply because CIBC admitted that they botched the entire thing.

juicyjosh
juicyjosh

Iirc, they closed out a lot of accounts who didn’t qualify for membership. Want to say it was emplyer based. Either way, those who were closed got paid a partial bonus for their hassle. I’m guessing that was your friends situation.

tolikfox
tolikfox

Anyone done this bonus before? How are they at paying out the bonus? Pretty quick and hassle free?

qmc
qmc

“this is the first savings bonuses.”

Chris B
Chris B

Straight forward application. Need to receive the two verification amounts and then the initial 1,000 will be transferred and my account opened. Looks like a good deal overall if no hick ups.

Babelus
Babelus

Funny footnote “This website is not intended for use by residents of the European Union (EU).”

satellite
satellite

Probably because they are not GDPR compliant.

Chris
Chris

Wish this was 90 days, but still a good deal. Once my CIT bonus finishes I plan on doing this one.

joe
joe

Can someone smarter than me calculate the net APY with the bonus factored in? they didnt teach me this in school back in my days

arizonapv
arizonapv

It’s 4.28333%

JT
JT

Then teach yourself

Abidjan
Abidjan

Excellent find. Applied in minutes. Great rate and bonus – – win win.

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