Canadian Imperial Bank of Commerce (CIBC) Review
CIBC at a glance
🏦 The Canadian Imperial Bank of Commerce, or CIBC, was founded in 1867 and is one of Canada’s Big Six banks.
CIBC account options
Savings
Chequing
Visa and Mastercard credit cards
Investing
Other CIBC services
Mortgages
Loans and lines of credit
Wealth management
Business accounts and financing
Insurance
Pros and Cons of CIBC bank
There’s plenty to like about CIBC bank, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Variety of personal accounts and credit cards.
- Wealth management and financial planning services.
- Financial solutions for seniors, youth, foreign workers and newcomers.
- Award-winning online banking and mobile app.
Cons
- May offer lower interest rates on savings products compared to online-only banks.
- Charges account and transaction fees on most accounts.
- Requires you to maintain a high minimum balance to avoid monthly chequing account fees.
Canadian Imperial Bank of Commerce overview
Canadian Imperial Bank of Commerce, or CIBC, is a full-service financial institution founded in 1867. It is considered to be one of Canada’s Big Six banks. Over 1,000 banking locations and nearly 3,000 ATMs serve millions of CIBC clients every day. Clients can access most everyday banking, saving, borrowing, wealth management and other financial services via the CIBC online banking portal, mobile app and telephone.
As part of its corporate social responsibility efforts, CIBC’s climate action initiative provides resources to help clients transition to low-carbon living, sustainable investment options, and a CIBC Green Vehicle Loan.
Online banking capabilities at CIBC
CIBC clients have had access to online banking since 1995. These years of experience in digital banking have informed the CIBC bank’s effort in making it robust, secure and easy to use. Clients can use the award-winning website (cibc.com/en/personal-banking.html) and mobile app for everyday banking, free credit score monitoring, personal financial insights, opening new accounts and more.
The CIBC’s mobile banking app receives 3.8 and 4.2 out of 5 stars on Google Play and Apple App Store, respectively, at the time of this writing.
Is my money safe at CIBC?
Canadian Imperial Bank of Commerce is a member of the Canada Deposit Insurance Corporation (CDIC). In the unlikely event of bank failure, your CIBC savings, chequing, combined savings-chequing accounts, Guaranteed Investment Certificates (GICs), and registered savings accounts are eligible for CDIC’s deposit insurance.
CIBC bank uses multiple layers of security, verification for any account changes, fraud alerts, and other enhanced security measures to protect your money. Additionally, you’re covered by the CIBC Digital Banking Guarantee, which promises to refund any money lost to fraud, provided you follow digital banking security guidelines.
CIBC account types
CIBC savings accounts
CIBC eAdvantage Savings Account: Earn regular interest on all balances and a higher interest rate when you deposit $200 or more each month. No monthly fee.
CIBC US$ Personal Account: Manage U.S. dollar deposits and withdrawals while earning modest interest on your savings. You’ll pay no monthly fees, but transactions are US$0.75 each.
CIBC US$ Personal Account for Seniors: Get modest interest, two free monthly transactions and other perks with this no-fee bank account.
CIBC RRSP Daily Interest Savings Account: Build retirement savings with a guaranteed principal, though standard interest rates are usually low.
CIBC TFSA Tax Advantage Savings Account: Grow savings tax-free in this registered savings account.
CIBC Savings: Not to be confused with a regular savings account, this first home savings account (FHSA) is a registered account to help you save for your down payment tax-free.
CIBC chequing accounts
CIBC Everyday Chequing Account: 12 transactions per month for a $4 monthly fee.
CIBC Smart Account: Choose the number of transactions you want each month for a fee up to $16.95. Pay no monthly fee if you maintain a $4,000 minimum daily balance.
CIBC Smart Plus: Unlimited transactions with no monthly fee, if you maintain a daily balance of $6,000 or have $100,000 in combined eligible savings and investments. Otherwise, the monthly fee is $29.95.
CIBC Smart Start: A free chequing account for people under the age 25, with unlimited debit transactions and Interac e-transfers.
CIBC Bank USA Smart Account: A USD account for people who visit the US frequently or live there for part of the year, like students or snowbirds.
CIBC also offers special chequing accounts to serve students, seniors, foreign workers and newcomers to Canada.
CIBC credit cards
CIBC offers Visa and Mastercard options for personal, business, student and U.S. dollar spending. Clients receive travel points, privileges and cash back on CIBC reward cards from partners like Aventura, Aeroplan and Costco. Some cards even have no annual fees. Featured cards include:
CIBC Costco Mastercard.
CIBC Aventura Visa Infinite Privilege Card.
CIBC Aeroplan Visa Infinite Card.
CIBC Select Visa Card.
CIBC investing accounts
First home savings accounts (FHSAs).
Non-registered investment accounts.
Margin accounts.
» MORE: Compare CIBC GIC rates for different types of GICs.
Other CIBC bank services
Insurance.
Wealth management.
Business and commercial banking solutions, including financing.
CIBC Bank fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using CIBC bank’s financial products and services:
Non-sufficient funds: $45.
Overdraft protection: $5 monthly or pay-per-use options for select accounts.
ATM: $2 to $5.
Dormant account fees: $20 for 2-4 years; $30 for 5-8 years; $40 for 9 years.
Account transfer to another financial institution: $100 for a registered account and $19.50 for a regular account.
Who is CIBC best for?
Canadians who want to keep all their finances in one place, value online banking, and like the option of in-person banking.
CIBC has product offerings that are similar to the other big banks, offering account bonuses, rewards and discounted fees. Aside from the variety of banking options, personal and business clients can consider the overall client satisfaction that CIBC is propelling through technological innovation and climate action initiatives to match their unique needs.
How CIBC compares to other big banks
ATMS AND BRANCHES | ARE DEPOSITS INSURED? | |
|---|---|---|
ATMs: 4,000+ Branches: 1,100+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,000+ Branches: 360+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,500+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,200+ Branches: 800+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,900+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,500+ Branches: 900+ | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Check out our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
What is the CIBC customer service number and hours of operation?
What is the CIBC customer service number and hours of operation?
The CIBC telephone banking nationwide number is 1-800-465-2422 with service available 24 hours a day, 7 days a week. If you’re overseas or in the US, you can call 1-902-420-2422.
How do I get to the CIBC Aventura rewards login page?
How do I get to the CIBC Aventura rewards login page?
You do not need separate login credentials to access your CIBC rewards account. After you’ve registered your eligible credit card via online or mobile app banking, you’ll be able to manage your rewards from your banking portal.
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