The CIBC eAdvantage Savings Account is a basic savings account with a few convenient perks, but lacklustre interest rates. Still, as a product from one of the country's largest and most respected financial institutions, familiarity and reliability can make it feel like quite an attractive option.
If you're looking to maximize growth with high interest rates, this product will let you down. But if you're already a CIBC client and need a savings account to hold your funds, the CIBC eAdvantage Savings Account is a convenient option.
CIBC eAdvantage Savings Account features
Here's an overview of the features associated with this savings account:
Why You Want It
Earn 0.25% regular interest + No monthly fee or minimum balance required.
Eligibility
- You must be a Canadian resident
- You must meet your province's age of majority
Provinces
ALL
Interest Rates
$0 - $9,999.99
0.25%
$10,000 - $24,999.99
0.25%
$25,000 - $99,999.99
0.45%
$100,000 - $499,999.99
0.7%
$500,000+
0.9%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
4.75%
Welcome Bonus Value
N/A
Promo End Date
See Issuer for Details
CIBC eAdvantage Savings Account product rating: 2.9 stars
The CIBC eAdvantage Savings Account is a safe place to store your money, but it’s not very rewarding. Its interest rate starts at a super low 0.25% and maxes out at 0.9%. It does, though, have an excellent promo rate of 4.75%.
It's true that this account is lacking in quite a few convenient and valuable features, but it can still offer value if you're looking for a simple, straightforward account to hold your funds. CIBC can certainly offer peace of mind for this type of client.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a CIBC eAdvantage Savings Account
These are the top features and benefits that the CIBC eAdvantage Savings Account has to offer:
Pros
No monthly fee
As standard for most savings accounts in Canada, you won't pay a monthly fee to keep your money in this savings account. There aren't any minimum balance requirements either, so you don't have to worry about keeping a certain amount in the account in order to waive the fee. It's just straight-up free.
Sweet promotional interest rate
You'll earn an excellent 4.75% promo interest rate when you open a new CIBC eAdvantage Savings Account. That's significantly higher than any of the tiered regular rates, and you're given 4 whole months to earn at this rate. You might be surprised at how well your funds will grow during such a significant amount of time
Earn Smart Interest on top of your regular interest
If you maintain a balance of $200,000 or less and deposit $200 or more into your CIBC eAdvantage Savings Account in a month, you'll earn an extra 0.25% Smart Interest – and this is on top of the regular interest the account earns. It's a sweet incentive that can help encourage you to contribute more regularly to your savings.
No fee for transferring money between CIBC accounts
It’s free to transfer money to and from your CIBC personal bank accounts. However, this is one of the only transactions you can make without incurring a fee. This lets you keep money in your savings account and then move it fee-free to a CIBC chequing account when you need it.
The cons of a CIBC eAdvantage Savings Account
The downsides to this savings account can significant for many, so take note:
Cons
Low interest rate
To put it simply, the interest rates with this account are not great. Any money in this account will earn a base rate of 0.25% and a max of 0.9%. Even with the extra Smart Interest, you're still not reaching levels of other HISAs, especially those from online banks.
No other free transactions
There are zero free transactions with this account – and everything counts as a transaction, including debit purchases, withdrawals (including CIBC ATMs), Interac e-Transfers, branch transfers, cheques, pre-authorized payments, and bill payments. That’s a major contrast to other savings accounts, some of which offer unlimited free transactions.
High per-transaction fees
Not only do transactions cost, but CIBC eAdvantage Savings Account holders pay a staggering $5 every time they make a transaction. For instance, if you send an Interac e-Transfer, you’ll be charged a $5 transaction fee plus $1.50 for using Interac.
And everything else incurs some kind of fee
It doesn't stop with transactions. Requesting a stop payment costs extra, inactive accounts incur a dormancy fee. Cashing cheques, sending or receiving wires, requesting bank drafts, going into overdraft, NSF, and even closing your account all have associated fees.
CIBC eAdvantage Savings Account alternatives
Let's look at how this compares to some other Canadian savings accounts:
 |  | |  | |
|---|---|---|---|---|
| Account | CIBC eAdvantage Savings Account | Scotiabank Right Size Savings for business | Scotiabank Money Master Savings Account | TD ePremium Savings Account |
| Genius Rating | ||||
| Why You Want It | Earn 0.25% regular interest + No monthly fee or minimum balance required. | Get an interest rate of up to 2.15%. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Free online transfers from your TD accounts + Automated savings. |
| Interest Rates |
| Savings
|
|
|
| # Of Free Transactions | 0 | 0 | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | 0 | 0 | N/A |
| Max Promotion Rate | 4.75% | 3.15% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | $150 |
| Promo End Date | See Issuer for Details | N/A | N/A | May 28, 2025 |
| Open an account See more CIBC products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more TD products Compare |
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FAQ
What is CIBC eAdvantage Savings Account?
The CIBC eAdvantage Savings Account is a basic savings account with no monthly fee but high fees for most other transactions. It does have an excellent promo interest rate, and a feature called Smart Interest that encourages saving behaviour.
What is the best CIBC savings account?
The CIBC eAdvantage Savings Account is the only "regular" savings account CIBC has to offer and it provides up to 0.9% for no monthly fee. CIBC does have an FHSA, TFSA, and a few other types of savings accounts.
Does CIBC have a high interest savings account?
CIBC doesn't have a high interest savings account. The base interest rate on all of their savings accounts is a low 0.9%, but the CIBC eAdvantage Savings Account does have a valuable 4.75% promo interest rate.
What's the interest rate on a CIBC savings account?
The base interest rate on all CIBC savings accounts is a low 0.25%, but with regular deposits of specific amounts, you can earn up to 4.75% for the first few months you have the account.
What is the interest rate on a CIBC eAdvantage Savings Account?
CIBC eAdvantage Savings Account interest rates start at 0.25% for balances up to $9,999. With five tiers in total, you can earn a max of 0.9% for balances over $500,000 – plus Smart Interest.
Should I open a CIBC eAdvantage Savings Account?
The CIBC eAdvantage Savings Account can be a convenient option for existing CIBC customers, or for those who want a basic account to hold their funds. However, others savings accounts offer better perks and much higher interest rates.
Which bank pays the highest interest on a savings account?
The Wealthsimple Chequing has the best regular rate, offering up to 2.75% interest on every dollar. The Simplii High Interest Savings Account has the best promo rate at 4.5% for the first 120 days you hold the account.
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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