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Published August 8, 2022

Canadian Imperial Bank of Commerce (CIBC) Review

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

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CIBC at a glance

The Canadian Imperial Bank of Commerce, or CIBC, was founded in 1867 and is and 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 financing
    Insurance

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 1,100 banking locations and 3,400 ATMs serve millions of CIBC clients every day. Many of the everyday banking, saving, borrowing, wealth management and other financial services can also be accessed 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’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 app receives 4.1 and 4.4 out of 5 stars on Google Play and Apple App Store, respectively, indicating general satisfaction from tens of thousands of users.

Note that you’ll need to register your CIBC debit or credit card to start using CIBC online banking on your device.

CIBC(Canadian Imperial Bank of Commerce)

Find the best CIBC credit cards and bank accounts for your needs

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 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.

Canadian Imperial Bank of Commerce account types

CIBC savings accounts

  • CIBC eAdvantage Savings Account: Earn regular interest on all balances and a higher interest rate when your savings exceed $200 any month.
  • CIBC US$ Personal Account: Manage U.S. dollar deposits and withdrawals while earning modest interest on your savings.
  • CIBC US$ Personal Account for Seniors: A no-fee bank account that earns modest interest with two free monthly transactions.

CIBC chequing accounts

  • CIBC Everyday Chequing Account: 12 transactions per month for a $4 monthly fee.
  • CIBC Smart Account: Option to choose the number of transactions you want per month for up to a $16.95 monthly fee. 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 in your chequing account or $100,000 in combined eligible savings and investments.

CIBC also offers special chequing accounts to serve the youth, 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, 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 Costco Mastercard.
  • CIBC Aventura Visa Infinite Card.
  • CIBC Aeroplan Visa Infinite Card.
  • CIBC Dividend Visa Infinite Card.

CIBC investing accounts

Other CIBC services

  • Mortgages.
  • Loans.
  • Lines of credit.
  • Insurance.
  • Wealth management.
  • Business and commercial financing solutions.

Canadian Imperial Bank of Commerce 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:

  • Non-sufficient funds: $45
  • Overdraft protection: $5 monthly or pay-per-use options for select accounts
  • ATM: Up to $5
  • Dormant account fees: $20 for 2-4 years; $30 for 5-8 years; $40 for 9 years (not applicable for clients aged 18 years or younger)
  • Account transfer to another financial institution: $100 for a registered account and $19.50 for a regular account

Who Canadian Imperial Bank of Commerce 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

There’s plenty to like about CIBC, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

Pros of CIBC

  • 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 of CIBC

  • Lower interest rates on savings products compared to online-only banks.
  • Account and transaction fees charged on most accounts.
  • Higher account transfer fees than other big banks.

How CIBC compares to other big banks

 CIBCBMO BankScotiabank
Number of countries servedGlobalMore than 10More than 30
Number of branches in CanadaOver 1,000More than 900900
Mobile app?YesYesYes
Are deposits insured?Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.Yes, by the Canada Deposit Insurance Corporation.

CIBC frequently asked questions

    • What are the CIBC customer service hours?

      To get answers to everyday banking questions, chat live with an online agent during CIBC customer service hours: Monday to Friday: 7:00 am to 12:00 am ET; Saturday and Sunday: 9:00 am to 6:00 pm ET,

    • 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.

How to Open a Bank Account Online or in Person

You can open an account at a Canadian bank or credit union in person or online. You need to be aged 17 or older and have two forms of identification.

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