CIBC Bank: $300 Cash Bonus with NEW CIBC Unlimited Chequing Account

Until the end of August, you can sign up for a new CIBC Unlimited Chequing Account and earn $300 in cash bonuses. The CIBC Unlimited Chequing Account costs $13.95 per month and comes with many desirable features including unlimited transactions and two free INTERAC e-Transfers per month.

• Click here to register for an Unlimited Chequing Account & receive $300 @ CIBC now

You must sign-up for your new account by the end of August and then complete two additional steps to earn your reward. You will receive a $100 bonus for the first stem and then a $200 bonus for the second step adding up to $300.

Step 1

Within the next three calendar months you must register for CIBC Online Banking and/or CIBC Mobile Banking and...

1. Pay an eligible bill OR
2. Send an Interac e-Transfer OR
3. Use CIBC Mobile Banking to deposit a cheque using CIBC eDeposit

You just need to complete one of the above three items to be eligible to receive the first $100 cash reward. This will be deposited to your account within 12-weeks of completing the task.

Step 2

Note: you can complete step one and receive the $100 bonus for it without completing step two. However, if you want to earn the full $300, you will also need to complete one (1) eligible recurring direct deposit OR two (2) different eligible recurring pre-authorized debits to receive the rest of the reward: $200.

Now, we all want to know what the catch is. Well, you need to perform the above two steps and you need to keep the account open for a total of 12 months from when you first sign up. As the fine print says:

The Eligible Client’s Chequing Account must remain open ,active and unconverted for at least one (1) calendar year from the month end of the month during which the Chequing Account was opened

It would cost you $167.40 to keep the account open for the full 12 months. Thus, you would still have made $132.60 free money on this deal.

While not quite as good as last year's $400 offer with the Tim Hortons Card, this is still a lucrative deal for anyone looking to switch banks. I rarely suggest switching to a bank account that charges you monthly fees, but this may be a good way to get some extra money if you are only looking for a temporary 12-month account before switching to something new.

(Expiry: 31st August 2015)