CIBC savings accounts, compared

Let’s talk savings accounts. More specifically, let’s talk CIBC savings accounts.

If you’re a customer of Canada’s smallest-of-the-big-five-banks (or are thinking of becoming one), we’ve got the low down on all your savings account options. The essentials you need to know are that CIBC – or Canadian Imperial Bank of Commerce – offers four different savings accounts. They all have different features aimed at different types of savers. Let’s get to know them.

My top pick

It all depends on your goals but, in my opinion, the most useful CIBC savings account is CIBC TFSA Tax Advantage Savings Account. It gives you the advantages of growing your money, tax free, and the flexibility to access your funds at any time, which makes it a solid choice for short-term savings like starting an emergency fund. However, if that doesn’t sound like your savings goal, there might be another account type better suited to your needs. 

Best CIBC savings accounts

As mentioned, CIBC offers four different savings accounts. Each one serves a different purpose, so read on to see which one might be best for you. 

CIBC eAdvantage Savings Account

• Interest rate: 0.4%-1.7%
• Monthly fee: $0
• Minimum balance: $0
• Transaction cost: $5 per transaction

Pros

• No monthly fees

• No minimum balance

Cons

• High transaction cost

• Low interest rate of 0.4% (unless your balance is at least $10,000)

• $1.50 cost to send e-transfers

The CIBC eAdvantage Savings Account is a high-interest savings account that might be a good choice for short-term savings. There are no fees and no minimum balances. 

While it’s considered a “high-interest” savings account, the interest rates aren’t super competitive, when compared to some others in the industry. This is how the interest rates work:

Balance up to $9,999.99: 0.40% 

Balance $10,000 to $24,999.99: 0.65% 

Balance $25,000 to $99,999.99: 1.20% 

Balance $100,000 to $499,999.99: 1.50% 

Balance $500,000 and over: 1.70%

Looking for higher interest rates? Check out our picks for the best high-interest savings accounts in Canada. 

CIBC US$ Personal Account

• Interest rate: 0.05%-0.5%
• Monthly fee: $0
• Minimum balance: $0
• Transaction cost: USD$0.75 per transactions

Pros

• No monthly fees

• No minimum balance

• A savings account option for earning interest on US funds

Cons

• Cost of USD$0.75 per transaction

• Paper statements cost $2.25 US each month

• No Interac e-transfers

The CIBC US$ Personal Account is for the Canadian saver who often travels with some regularity to the United States. Maybe you travel there regularly for work, to visit family or are a snowbird. No matter the reason, the CIBC US$ Personal Account is a good place to stash your American funds, while earning interest. Like the eAdvantage savings account, this one has tiered savings rates. Here’s how it breaks down:

Balance up to $2,999.99: 0.05%

Balance $3,000 to $9,999.99: 0.05%

Balance $10,000 to $24,999.99: 0.25%

Balance $25,000 to $59,999.99: 0.25%

On portion of balances $60,000 and over: 0.50%

CIBC TFSA Tax Advantage Savings Account

• Interest rate: 0.7%
• Monthly fee: $0
• Minimum investment: $25

Pros

• Save in a TFSA with a guaranteed return

• No monthly fees

• Low minimum investment

• Withdraw your funds whenever you need them

Cons

• Lower potential earnings than investing stocks, ETFs or mutual funds in a TFSA

The CIBC TFSA Tax Advantage Savings Account does what its name suggests: allows you to take advantage of the tax benefits of a TFSA with your cash. 

Unlike investing in a TFSA in things like ETFs or stocks, the cash in your account earns a guaranteed return without the market volatility of those investments. 

That said, the stock market returns, on average between 6-10% a year. If you're looking to start earning more on your money with zero investing knowledge, check out our page on the best robo-advisors in Canada and let the robots automatically invest for you. 

CIBC RRSP Daily Interest Savings Account

• Interest rate: 0.05%
• Monthly fee: $0
• Minimum investment: $25

Pros

• Save in an RRSP with a guaranteed return

• No monthly fees

• Low minimum investment

Cons

• Lower potential earnings than investing stocks, ETFs or mutual funds

• Less flexible than a TFSA

Think of this account as the RRSP sister of the TFSA tax advantage account. It's similar in that it offers tax advantages but isn’t as flexible when it comes to withdrawals. Savings in an RRSP are meant for retirement, but can also be withdrawn for things like buying a home or paying for school.

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Here's some of our favourites: 

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CIBC's bundle/everything package | CIBC Smart™ Plus Account

If you’re looking for a savings and chequing account bundle, CIBC has you covered with its CIBC Smart Plus Account. If you bundle that with its eAdvantage Savings Account, they’ll give you $600 (though some conditions apply).

It’s a nice little chunk of change to kickstart your savings.

The chequing account costs $29.95 per month (though those fees are waived if you keep a minimum balance of $6,000 in your account or have $100,000 invested with CIBC). The chequing account gives you unlimited transactions, unlimited withdrawals at CIBC ATMs and free personalized cheques, bank drafts and money orders.

The bundle might be worth it for you if you can keep the minimum balance required to waive the fee. Otherwise, there are more affordable options available in the market for chequing and savings accounts.

Summary of CIBC savings accounts

CIBC customer service reviews

When it comes to customer service, CIBC is lacking – at least according to TrustPilot. It has a “Bad” rating of just 1.4 out of 5 stars, with users citing long hold times, issues with receiving cards, issues with applying for credit cards and high fees. Users on Reddit have shared similar sentiments, lamenting long wait times, issues reaching an actual human to receive help and dealing with issues that take too long to be resolved. However, it should be known that these complaints are unique to CIBC – other big banks have received similar complaints over the years. 

How to open CIBC savings account

• Apply online or in-person
• Have the minimum investment required (only required for TFSA or RRSP savings accounts)
• Provide a piece of photo ID (such as a driver’s license) 
• You might also have to provide your social insurance number and proof of address

FAQs

Justin da Rosa Freelance Writer

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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