Canadian Imperial Bank of Commerce (CIBC) Review
CIBC overview
🏦 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
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
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
- 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 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 1,000 banking locations and nearly 3,000 ATMs help CIBC 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.
WHAT ONLINE BANKING FEATURES DOES CIBC OFFER?
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.
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.
🚩 Customer ratings
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 3.7 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 nearly 60 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:
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:
NerdWallet's take
NerdWallet's take
Product details
Product detailsNerdWallet's take
NerdWallet's takeProduct details
Product detailsCIBC savings accounts
🤓 OUR TAKE
CIBC savings accounts earn modest base interest rates ranging from 0.05% to 1.00% across various balance tiers. The CIBC eAdvantage Savings Account remains a popular choice among new account holders for the limited-time bonus interest. For steadier long-term growth, you may want to compare higher-yield options from online institutions.
Explore 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
🤓 OUR TAKE
CIBC’s chequing accounts cover most banking needs, with a tiered, pay-as-you-go Smart Account and an unlimited Smart Plus option. Monthly fees can be fully rebated by maintaining a minimum account balance or a combined savings and investment deposit. The new chequing account bonuses may also be worth considering.
Explore 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
🤓 OUR TAKE
CIBC credit cards include reward points, cash back, travel perks and low-rate options. Purchase APRs typically range from 13.99% to 22.99%, depending on the card.
Explore 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
🤓 OUR TAKE
CIBC offers self-directed trading and advisor-led or managed solutions with mid-range pricing. If you're looking for low- or no-fee investment options, you may find better alternatives online.
Explore CIBC investment options
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
🤓 OUR TAKE
CIBC is a full-service bank with branch, phone and online chat support, making it a favourable one-stop financial hub among Canada’s Big banks.
Explore other 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’s financial products and services:
Fees you should know about
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.
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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