Menu Toggle
  1. Home
  2. Banking
  3. Canadian Imperial Bank of Commerce (CIBC) Review
Published November 16, 2023

Canadian Imperial Bank of Commerce (CIBC) Review

Canadian Imperial Bank of Commerce, or CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada.

Edited By

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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
    Visa and Mastercard credit cards
  • Other CIBC services
    Loans and lines of credit
    Wealth management
    Business accounts and financing

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 3,00 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, responsible 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 ( 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 3.4 and 4.3 out of 5 stars on Google Play and Apple App Store, respectively, at the time of this writing. While the app advertises the ability to apply for and manage CIBC banking and credit card accounts, the ability to apply for a mortgage is not mentioned.

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 youth, students, seniors, foreign workers and newcomers to Canada.

» MORE: Read our CIBC Smart Start youth account review

CIBC credit cards

CIBC offers Visa and Mastercard options for personal, business, student and U.S. dollar spending. Clients receive travel points, privileges, cash-back or no annual fee benefits on CIBC reward cards from partners — Aventura, Aeroplan and Costco. A few of the 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 CIBC is 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.

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 of CIBC

Cons of CIBC

How CIBC compares to other big banks

Number of countries servedGlobalMore than 10More than 30
Number of branches in CanadaOver 1,000More than 800900
Mobile app?YesYesYes
Are deposits insured?Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation.

CIBC frequently asked questions

What is the CIBC customer service number and hours of operation?

The CIBC telephone banking number is 1-800-465-2422 with service available 24 hours a day, 7 days a week.

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.

Image Placeholder

NerdWallet Canada’s Banking Reviews

We’ve reviewed Big Banks, credit unions and online-only banks — along with some of their most popular products — to help you understand the pros, cons and perks.

9 Best CIBC Credit Cards in Canada

9 Best CIBC Credit Cards in Canada

CIBC offers a range of credit cards that offer reward points, cash back and travel perks. Check out the 9 best CIBC credit cards, according to NerdWallet’s analysis.

Image Placeholder

CIBC Mortgage Rates

Find the right CIBC mortgage rate for your home buying needs.

How to Switch to a New Bank or Credit Union in Canada

How to Switch to a New Bank or Credit Union in Canada

Unhappy with your bank? Switching to a new bank is easy — but first, you have to choose the right one for you.

Back To Top