Canadian Imperial Bank of Commerce (CIBC) Review

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.

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 chequing accounts

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 investing accounts

» MORE: Compare CIBC GIC rates for different types of GICs.

Other CIBC bank services

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:

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

» MORE: Check out our Banking Reviews of other Big Banks, credit unions and online-only banks.