As savings accounts go, the Canadian Western Bank Summit Savings Account is about as basic as you can get. It has no monthly fee, you can transfer funds freely from this account to other CWB accounts you may already have, and using an EXCHANGE Network ATM is free – kind of.
But any other transactions you make will incur significant fees, and the interest rate is a lacklustre 8.5%. Plus, there are no additional perks like some other banks offer. Even if the basics are all you need, you'll want to take a close look at the details before committing to this account.
Canadian Western Bank Summit Savings Account features
Here’s what you'll get with a Canadian Western Bank Summit Savings Account:
Why You Want It
Earn 8.5% interest + Free transfers and EXCHANGE Network ATM withdrawals.
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Interest Rates
Any balance
0.65%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Canadian Western Bank Summit Savings Account product rating: 3.7 stars
This account is, frankly, underwhelming. It offers most of the features you'd expect from a savings account, but with no special perks to speak of. There's no monthly fee to worry about and you can move money freely from this savings account to a CWB chequing account, but you’ll pay $5 for other transactions – pretty steep compared to other banks.
If you already hold other banking products with CWB and you'd prefer to keep everything in-house, the Canadian Western Bank Summit Savings Account might be worth it. Otherwise, we recommend that you take a look at what else is available on the market.
Rating methodology
Our rating system is pretty easy to understand. We break down each financial product or service into its individual features, as you can see in the table above. Next, we compare these features to similar products from competitors in the market, and assign each feature a score out of 5 stars. Finally, we average these scores to come up with a final overall rating.
Learn more about our rating methodology.
The pros of the Canadian Western Bank Summit Savings Account
A few praiseworthy features of this account about include:
Pros
No monthly fee
As with many CWB accounts, you’ll pay a zero dollar monthly fee for your Canadian Western Bank Summit Savings Account, letting you keep more of your money. Yes, it's common for savings accounts (and even chequing accounts) not to charge a monthly fee, but it's still worth noting. This keeps the Canadian Western Bank Summit Savings Account at least somewhat competitive.
Free transfers between CWB accounts
You can quickly and easily move money from and to your Canadian Western Bank Summit Savings Account to another CWB savings or chequing account. While other institutions consider this type of bank transfer as a regular transaction – and charge accordingly – it's nice to see that CWB offers this as a complimentary feature.
Free EXCHANGE Network ATM withdrawals
The EXCHANGE Network of ATMs boasts more than 3,000 machines from coast to coast and all are available to Canadian Western Bank Summit Savings Account account holders, free of charge. However, ATM withdrawals trigger a $5 transaction fee with this account, so keep an eye on how often you take advantage of this convenience.
The cons of the Canadian Western Bank Summit Savings Account
Along with the good, there are several downsides to keep in mind before you decide to sign up for this account:
Cons
Transaction fees are pricey
Most people don’t transact with their savings account very often – that’s what chequing accounts are for. But if you need fast access to your savings for whatever reason, having a Canadian Western Bank Summit Savings Account means you'll pay for it. Each transaction incurs a minimum $5 fee, more if you're using an unaffiliated ATM.
Few physical locations
CWB is a smaller bank with most of its banking centres located in Alberta and British Columbia. Yes, there are other locations in Saskatchewan, Manitoba, and Ontario, but very few. You may struggle to find a physical location outside of the western provinces.
Lacklustre interest rate
This account only earns 8.5% annually – that’s less than half of Canada’s inflation rate. While CWB’s rate is similar to other standard savings accounts, there are many high interest savings account options with far higher rates available.
Canadian Western Bank Summit Savings Account alternatives
If this account doesn’t meet your expectations, or if you’re looking for a savings account with higher interest rates, here are a few accounts to consider:
 |  |  | |
|---|---|---|---|
| Account | Neo Everyday Account | KOHO Earn Interest | Motive Savvy Savings Account |
| Genius Rating | |||
| Why You Want It | 0.1% interest on your balance + ~3% cash back on purchases. | Get 2 accounts in 1 with up to 3.5% interest + Cash back on every purchase. | One of the best interest rates available at 2% + Free transactions. |
| Interest Rates |
|
|
|
| # Of Free Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Max Promotion Rate | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A |
| Open an account See more Neo Financial products Compare | Open an account See more KOHO products Compare | Learn More See more motive financial products Compare |
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FAQ
What is the Canadian Western Bank Summit Savings Account?
The Canadian Western Bank Summit Savings Account is CWB’s version of the familiar savings account. Its best features include the $0 monthly fee, free and easy transfers between CWB accounts, and surcharge-free access to the EXCHANGE Network of ATMs.
Can you withdraw cash from a Canadian Western Bank Summit Savings Account for free?
If you use an EXCHANGE Network ATM to make the withdrawal, you won’t be charged the typical ATM surcharge, but you'll still be charged by CWB. ATM withdrawals count as transactions with this account, and each one costs $5.
Can you make Interac e-Transfers from a Canadian Western Bank Summit Savings Account?
Yes, it’s completely possible to send and receive Interac e-Transfers with this account. However, they aren’t free – you'll be charged a total of $6 for each one you send. This includes a $5 transaction fee plus a $1 e-Transfer fee.
What is the highest savings account interest rate in Canada?
We recommend the KOHO Earn Interest, which has one of the highest interest rates available in Canada at 3.5%. Account holders also earn up to 5% cash back on all purchases made with the accompanying prepaid Mastercard.
Can I open a CWB account online?
Yes, you can open most CWB chequing and savings accounts online. You'll need to provide personal ID and a SIN number to do so. If you prefer and are able, you can visit a location in person for assistance.
What type of bank is CWB?
CWB started in Edmonton, Alberta, and it provides banking, trust, and wealth management services to Canadians with a focus on Western Canada. It has a national presence and will merge with the National Bank of Canada in 2025.
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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