CIBC is currently offering a promotion where you signup for the Tim Horton’s credit card (no fee), open a chequing account, do a couple activities on that account, and they’ll deposit $400 cash into the account.
The details of the promotion are here (this is not a referral).
First, you have to apply to the Tim Hortons credit card. That card has no fee. Apply for this card online (I would follow the link in the promotion page).
Second, you must open a CIBC chequing account. The CIBC Everyday Chequing account has a fee of $9.95 per month. The terms and conditions of the program guarantee that you’ll get the $400 within 12 weeks. Therefore, you shouldn’t have the account open for more than 3 months ($29.35 of fees). Make sure you put some money into the account so you don’t go into overdraft. However, you can get that monthly fee down to $6.96 ($20.88 total) if you sign up for Overdraft protection (the pay per use version, not the one with a monthly fee) and open up a savings account (no fee). When you open up the chequing/savings account, do so in branch. If you apply online, they will do a hard credit check which does hurt your score. If you apply in-branch, they’ll give you a document, which has a space where you can indicate that you don’t consent to a credit check. They’ll still open the account for you though.
If you close the account before 3 months, CIBC will charge you $20. Also, if the $400 hasn’t been deposited into the account before you close it, I suspect you forfeit it.
NOTE: If you already have a chequing account with CIBC, you are not eligible for this promotion. It is OK if you have a PC account, another CIBC credit card, or a CIBC savings account.
Third, register the chequing account online for CIBC Online Banking or Mobile Banking.
Fourth, do any bill payment from that online account. For example, you could pay $1.00 to one of your current credit cards. The payment does not need to go to a CIBC product, it can be for any bill payment (ex. credit card, loan, hydro, etc.) This will get you a $100 credit.
Fifth, do a direct deposit or 2 pre-authorized payments from the chequing account. An example of a direct deposit is your pay. An example of a pre-authorized payment is an automatic payment setup with your credit card, mobile phone, etc. This will get you another $300 credit.
Once you complete these steps, you will get a total of $400. If you do not go for the cheaper banking option, your total profit will be $370.55. If you go for the cheapest banking option, your total profit will be $379.11.
There is no household limit to this promotion. For example, if you have a significant other, both of you could do it and net $758.22 in profit.
Per the Terms and Conditions, there is a $50 Tim Horton’s credit available. Alas, the deals are mutually exclusive… I’d assume you’d rather $400 😉 However, you will for sure get a $20 Tim Hortons gift certificate in addition if you spend $200 on the Tim Hortons credit card.