The Canadian Western Bank Prestige Account is a premium bank account offering unlimited daily transactions, an exclusive credit card, a complimentary wealth planning session, and more from a well-established and trusted banking institution. Account holders also have access to a dedicated CWB Relationship Manager, and more.
Of course, this account does have a few drawbacks. Eligibility requirements are unspecified – those interested in the Prestige Account need to get in touch with CWB. And since most physical branches are located in Western Canada, you may have to communicate online or via phone if you live outside of Alberta or B.C.
Canadian Western Bank Prestige Account features
The Canadian Western Bank Prestige Account has many excellent features – you can see its most important details here:
Why You Want It
Get a dedicated Relationship Manager + Access to an exclusive credit card.
Special Features
- Dedicated Relationship Manager
- Exclusive credit card perks
- Exclusive investment rates
- Complimentary CWB Wealth planning session
Eligibility
- Canadian resident
- Speak to your local banking centre for more eligibility details
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
See Issuer for Details
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Canadian Western Bank Prestige Account product rating: 2.9 stars
As a premium bank account, the Canadian Western Bank Prestige Account holds its own against some stiff competition from the big banks. The account offers VIP treatment in the form of unlimited transactions and Interac e-Transfers, a dedicated relationship manager, preferential investment rates, and more.
That said, the eligibility requirements for this account are quite vague, requiring that you inquire with the bank online or in person to get the specifics. Plus, this is a small bank with relatively few physical locations that are mostly located in the western provinces.
Rating methodology
Ever wondered how we calculate our Genius Rating? It all starts by dissecting the product and looking at its parts and features. We then rate each feature on a scale of 1 to 5 after comparing it to similar products. The average of these scores is what gives us the final Genius Rating.
Learn more about our rating methodology.
The pros of the Canadian Western Bank Prestige Account
The Canadian Western Bank Prestige Account offers VIP treatment for its account holders – so long as you qualify:
Pros
Loads of special VIP perks
The Canadian Western Bank Prestige Account is CWB’s version of a premium bank account. It provides many perks, such as a dedicated Relationship Manager, special rates for investing, a complimentary CWB Wealth planning session, an exclusive CWB World Mastercard, and more.
Unlimited transactions
The Canadian Western Bank Prestige Account offers an unlimited number of transactions, along with an exclusive debit card. This means you can make as many bill payments, debit purchases, Interac e-Transfers, ATM withdrawals, or just about any other type of transaction free of charge.
Free to use EXCHANGE Network ATMs
Canadian Western Bank has a partnership with the EXCHANGE Network of ATMs, which means Canadian Western Bank Prestige Account holders have free and unlimited access to more than 3,000 affiliated banking machines. You can also use unaffiliated ATMs and only be charged ATM maintenance fees – no bank fees apply.
Free and unlimited Interac e-Transfers
This account allows you to send and receive as many Interac e-Transfers as you wish, all free of charge. Of course, you have to adhere to transfer limits regarding per-transfer amounts, etc., but this is true of all banks and all accounts.
Special CWB World Elite Mastercard privileges
As part of the deal, you get access to special privileges with the CWB World Elite Mastercard, which offers 12 types of insurance and airport lounge access via Mastercard Travel Pass. You'll also earn 2 points on every $1 spent.
The cons of the Canadian Western Bank Prestige Account
This account has some drawbacks that should be considered, too:
Cons
Prestigious account with hidden requirements
There are eligibility requirements to be met when opening a Canadian Western Bank Prestige Account, but you can only find out what they are by contacting your CWM branch or getting in touch online. Our best guess? A high minimum balance, total assets value, and/or income requirements may be involved. Luckily there is no monthly fee for this account.
Few physical locations
As with other CWB financial products, Canadian Western Bank Prestige Account holders must deal with the lack of physical bank locations. Most CWB locations are found in Alberta and British Columbia, with only a handful scattered across Saskatchewan, Manitoba, and Ontario.
Canadian Western Bank Prestige Account alternatives
If the Canadian Western Bank Prestige Account isn’t for you, there are plenty of alternatives to choose from – here's how this accounts stacks up against the competition:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Ultimate Package | BMO Premium Chequing Account | Simplii No Fee Chequing Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers. | $50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. |
| Minimum Balance To Waive Fee | $6,000 | $6,000 | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.95 | $30.95 | $0.00 |
| Excess Transaction Fee | $0.00 | N/A | N/A |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more BMO products Compare | Open an account See more Simplii Financial products Compare |
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FAQ
Is the Canadian Western Bank Prestige Account free?
So long as you meet the bank’s eligibility requirements, the Canadian Western Bank Prestige Account is free and provides unlimited transactionswill be. But you'll need to contact a CWB banking centre to get specifics on these qualifying details.
Is the Canadian Western Bank a real bank?
Yes – the Canadian Western Bank is a CDIC-insured institution that’s been around since 1984, where it started as a single branch in Edmonton, Alberta. The process won't be complete until late 2025, but National Bank has acquired CWB.
How do I open a Canadian Western Bank Prestige Account?
To open an account, visit the Canadian Western Bank Prestige Account homepage, click "Get Started," and fill out the contact form to be reviewed by a CWB Relationship Manager. Otherewise, visit a CWB branch and complete the process there instead.
What does the CWB World Elite Mastercard get me?
The CWB World Elite Mastercard has a $120 annual fee, but this is waived with a Canadian Western Bank Prestige Account. This card provides 2 points for each dollar spent, 12 different types of insurance, airport lounge access, and more.
How can a CWB Wealth Planning session help me?
A CWB Wealth Planning session will likely help you get a big-picture view of your money. You'll get advice for mapping out and achieving your financial goals, along with investment management, counsel, and advice, and other wealth planning services.
Will CWB open more physical locations?
In all likelihood, CWB will open more locations in the future. The Canadian Western Bank opened its third Toronto location in January 2024. A fourth Ontario location, in Kitchener, is set to open in late 2024.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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