The merger of the Canadian Bank of Commerce and the Imperial Bank of Canada in June of 1961 resulted in one of the top financial institutions in Canada today: the Canadian Imperial Bank of Commerce (CIBC). Today, CIBC has around 14 million clients, served by its 48,000 employees.
Through its nearly 1,000 branches and banking centres, CIBC provides a wide range of products and services for both personal and business banking. From personal savings accounts to mortgage options, this financial giant has all the bases covered. It may not have the top-rated products in every category, but CIBC is a valuable choice for many Canadians.
Overview
- Full-service banking
- Boasts 14 million clients and 48,000 employees
- Nearly 1,000 branches across Canada
- Valuable suite of mortgage options
- Top chequing accounts for students and seniors
Rating methodology
CIBC's overall rating is 2.1 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
CIBC accounts: chequing and savings
CIBC has covered a lot of bases with its banking options, although most of its account options are, to be frank, quite unexceptional. However, it does have the best kids' bank account in the country, the CIBC Smart Start Account. The CIBC Not-For-Profit Operating Account is also noteworthy as being an excellent choice for nonprofit organizations.
Banking with a well-established name like CIBC has its perks, even if many of its accounts are pretty basic. A bank as well-established and secure as CIBC can provide significant peace of mind.
CIBC eAdvantage Savings Account
Earn 0.25% regular interest + No monthly fee or minimum balance required.
CIBC credit cards
CIBC's credit cards are many and include travel cards, cash back cards, no-fee cards, student cards, and more. The CIBC Aventura Visa Infinite card is probably the best of the bunch, but the CIBC Aventura Visa Card for Students is the best student card in Canada.
There are also a handful of quality business credit cards available from CIBC too, including the CIBC bizline Visa Card for Small Business. It's the top business card that comes with a low interest rate.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
CIBC Costco Mastercard  | N/A (Terms) | $0 | 1.32% | |||
CIBC Aeroplan Visa Card  | 10,000 points (Terms) | $0 | 1.55% | |||
CIBC Aeroplan Visa Infinite Card  | 40,000 points (Terms) | $139 | 2.32% | |||
CIBC Aeroplan Visa Infinite Privilege Card  | 20,000 points (Terms) | $599 | 2.77% | |||
CIBC Aventura® Gold Visa* Card  | 45,000 points (Terms) | $139 | 2.66% | Apply | ||
CIBC Aventura® Visa* Card  | 35,000 points (Terms) | $0 | 1.51% | |||
CIBC Aventura® Visa Infinite* Card  | 45,000 points (Terms) | $139 | 2.66% | Apply | ||
CIBC Dividend Platinum® Visa* Card  | $167.5 (Terms) | $99 | 1.62% | |||
CIBC Dividend® Visa* Card  | N/A (Terms) | $0 | 0.85% | |||
CIBC Dividend® Visa Infinite* Card  | $368.75 (Terms) | $120 | 2.05% | Apply | ||
CIBC Select Visa* Card  | N/A (Terms) | $29 1st year free | 0% | Apply | ||
CIBC Aeroplan Visa Card for students  | 10,000 points (Terms) | $0 | 1.55% | |||
CIBC Aventura® Visa* Card for Students  | 10,000 points (Terms) | $0 | 1.57% | |||
CIBC Classic Visa Card for Students  | N/A (Terms) | $0 | 0% | |||
CIBC Classic Visa Card  | N/A (Terms) | $0 | 0% | |||
CIBC Dividend® Visa* Card for Students  | $25 (Terms) | $0 | 0.85% | |||
CIBC Aventura Visa Infinite Privilege Card  | 50,000 points (Terms) | $499 | 3.34% | |||
CIBC Costco World Mastercard  | N/A (Terms) | $0 | 1.32% |
CIBC insurance
CIBC provides travel insurance, including medical, trip cancellation, trip interruption, and comprehensive coverage options. It also offers a unique creditor insurance product that helps clients reduce and/or pay down their debt when facing critical illness, job loss, etc.
While it does still service and assist existing clients with life insurance, critical illness insurance, and other types, these products aren't available for purchase anymore.
CIBC investments
CIBC Investor's Edge is one of the very best online brokers in Canada. With discounts for younger users, no minimums for trading, and a low flat rate fee for trading, it's an excellent product for new and experienced investors alike. Plus, it offers a significant list of investment accounts that can hold a variety of investments.
Investors will also find a wide selection of products available from CIBC, including mutual funds, ETFs, GICs, and more. If you're looking for an investment account, there are RRSPs, TFSAs, and FHSAs to choose from.
CIBC loans
You'll find loans for debt consolidation, education, home renovations, and more available from CIBC. Whether you need a small loan to get you through a tough time or a much larger amount, you have options with CIBC.
Most CIBC loan products come with easy online applications, decent interest rates, and reasonable repayment schedules.
CIBC mortgages
CIBC has a range of flexible mortgage options, and its mortgage rates are quite competitive too. Plus, its $3,500 cash back offer could make CIBC an even stronger choice if you prefer the convenience of a big bank with in-person service.
The CIBC Open Variable Mortgage is an especially well-rated product, with a flexible repayment schedule and the ability to increase your payment amount by up to 100% at any time.options. CIBC's Home Power Plan Line of Credit is another popular choice. It's a HELOC that doesn't charge monthly service fees and comes with multiple ways to access funds (cheques, access card, and more).
CIBC Closed Variable Rate Mortgage
Prepay up to 20% annually with no penalty + Excellent special rates.
CIBC Closed Fixed Rate Mortgage
Unlock special mortgage rates + Add on a low interest line of credit.
CIBC Open Variable Mortgage
Option to convert to a fixed mortgage + Make additional payments of any size.
FAQ
What is CIBC Canada?
CIBC is one of Canada’s big 5 banks, offering personal and business banking, mortgages, credit cards, and investment services. It’s known for its nationwide branch network as well as the variety and quality of its financial products.
What is CIBC known for?
CIBC is known for its coast-to-coast presence, with branches and ATM locations available even in remote northern communities. It also has a suite of excellent mortgage products (with competitive rates) and popular online broker service, CIBC Investor's Edge.
What is the minimum balance for CIBC bank?
There's no amount required to open a CIBC chequing account, but you'll need to maintain a $4,000 - $6,000 balance to waive the monthly fee. The CIBC eAdvantage Savings Account requires $100,000 to earn maximum interest.
Are there any CIBC credit cards in Canada?
CIBC offers quite a long list of credit cards, including travel, cash back, low interest, and student cards. It also provides newcomers to Canada with access to credit cards without requiring a Canadian credit history.
What are the disadvantages of CIBC Bank?
Unfortunately, CIBC charges quite a few miscellaneous fees that get rather high, including its complicated fees for unaffiliated ATMs. There's also no rewards program offered to CIBC banking clients, just the Aventura program for credit card holders.
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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