Friday, April 16, 2010

CIBC Investors Edge Unadvertized Deal

CIBC is now offering 6.95 Trades for accounts above $100,000 without buying the edge advantage package.

I recently opened an RRSP account with RBC Direct Investing with the intention of transferring my RRSP from CIBC Investors edge to RBC.

RBC is offering $9.99 trades if you have more than 100,000 in total in all your accounts. I did not want to buy the CIBC edge advantage package, because I did not trade much in my RRSP. I did about 2 or 3 trades a year, Therefore CIBC was charging an outragous $24.95 per trade.

After initiating the transfer I got a call from CIBC, and they offered me $6.95 trades without buying the edge advantage package for all my accounts with them and any accounts with the same mailing address.

so I asked CIBC to stop the transfer to RBC.

A few days later RBC called me and asked why did i want to transfer out. They could not match the 6.95 trades, but they did offer me to join their "royal circle" which gave some extra features, most notably was access to Dominion Securities analyst reports, And for you leverage Lovers, they have a tiered system for margin intrest rates going down to prime for borrowing $100,000+ unlike CIBC which offer prime +1.25%The rest of the features i didn't care for.

For now my RRSP is staying with CIBC. However for you high rollers with accounts totalling $250,000+ and are using $100,000+ in margin the RBC royal circle deal is better assuming the 1.25% lower interest covers your $2.03 extra expense per trade.


  1. Thanks for the info. I was thinking of transferring from CIBC to RBC as well, but after reading this post I'm going to call CIBC to get the same deal. Thanks again.

  2. Thanks for posting this! I have paid for and used the 50 trade Edge Advantage offer but this only covers one (non-registered) account not our Registered accounts.

    I called today and was told that as we (house account) have over 150k all of our accounts will qualify for $6.95 per trade.

    I am expecting a call from the supervisor to confirm this offer though.

  3. I already did one trade in my RRSP. And they only charged $6.95

    I also got a letter from then in writing confiming this offer a few days ago I'm going to post it soon.

    I think CIBC for your RRSP/TSFA with this 6.95 deal is the best you can get right now.

    but for a regular non registered account no one can beat interactive brokers.