Canadian Imperial Bank of Commerce (CIBC) Review

Canadian Imperial Bank of Commerce full review

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 900 banking locations and 3,000 ATMs allow CIBC to serve millions of 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 (though it doesn’t disclose how rates compare to those for gas vehicles).

🚩 Customer ratings

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We gather consumer feedback to understand how users feel about banking with CIBC. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.

As of this writing, CIBC had the following ratings:

• 4.3 stars on the Apple App Store and 3.4 stars on the Google Play Store.

• 1.2 out of 5 possible stars, based on more than 1,700 customer reviews on Trustpilot.

• 1.16 out of 5 possible stars, based on over 50 customer reviews on the Better Business Bureau’s website.

What Reddit users are saying

CIBC tends to receive mixed feedback. In recent posts, however, some Reddit users expressed frustration over the high wait times and inconsistent branch-level service quality.

Reddit discussions include:

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Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.

CIBC account types

As one of Canada’s biggest banks, CIBC offers a wide selection of accounts for you to choose from. NerdWallet's picks for best banking products include:

CIBC eAdvantage® Savings Account

4.1

NerdWallet rating

Interest rate

Up to 4.60%*

Monthly fee$0

NerdWallet's take

• CIBC’s eAdvantage® Savings Account can earn a healthy regular interest rate of up to 1.00%, which can be boosted to 5.00% through bonus interest and Smart Interest, which rewards you for saving at least $200 per month.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product details

• Regular interest rate: 0.20% to 0.80% earned on all balances.
• Earn up to 4.60%.
• 0.25% Smart Interest when you save at least $200 a month (up to a balance limit of $200,000).
• 3.55% bonus interest rate for the first four months when you open your first account (up to a balance limit of $1,000,000).
• Set up automatic transfers with AutoSave so you can grow your savings without even thinking about it.
• Free online transfers between your accounts.
• No monthly fee.
• $5 fee for transactions, including debit purchases, CIBC withdrawals (including CIBC ATM), Interac e-transfer transactions, cheques, pre-authorized payments, and bill payment.
• Bank when, where and how you want with CIBC Online Banking® and the award-winning CIBC Mobile Banking® App.
• Access to nearly 3,000 ATMs across Canada.
• Use your mobile device to deposit personal or business cheques.
• CIBC Smart Balance Alert™ gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Eligible for CDIC deposit insurance.
• To be eligible, you must be a Canadian resident who is the age of majority in your province or territory. If you’re under the age of majority, apply by visiting a CIBC Banking Centre.

PICK MY SAVINGS ACCOUNT

CIBC Market Linked - Index Growth 3 Year GIC

Interest rate

Up to 35.00%

Minimum deposit

$500

NerdWallet's take

• A market-linked GIC offers the chance to earn more than with a traditional GIC, while protecting your principal.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product details

• CIBC Market Linked - Index Growth 3 Year GIC
• Available in non-registered and registered accounts, such as RRSP, RRIF, RESP, RDSP, TFSA and DPSP.
• Non-redeemable investment. Funds available at maturity.
• Variable interest, if any, will be paid at maturity and will be equal to the principal amount multiplied by the Index return. No variable interest will be payable at maturity unless the Index return is positive.
• GIC cannot be renewed when it matures, but the funds can be invested in a new one.
• GICs are eligible for CDIC coverage to a maximum of $100,000 per category.

PICK MY CIBC GIC

CIBC savings accounts

CIBC chequing accounts

CIBC credit cards

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’s financial products and services:

How CIBC compares to other big banks

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