See how fees and features compare between CIBC savings accounts, and view CIBC saving account rates. Plus, check out alternative savings account options.
Earn an impressive 0.7% interest rate with the CIBC TFSA Tax Advantage Savings Accounts. Make tax-free contributions to grow your money (annual contribution limits apply) with zero monthly fees. The minimum investment amount is $25.
This account comes all the advantages of a TFSA including tax-free contributions and growth. Earn interest at a rate of 2%. Pay $0 per month, enjoy no withdrawal fees and get unlimited transactions.
For those with more ambitious financial savings plans, the CIBC eAdvantage High Interest Savings Account might be for you. The higher your balance, the faster you’ll earn interest. Accelerate your savings with the following tiered rates:
Plus, if your balance is $200,000 or less, you can earn an additional 0.50% interest if you save more than $200 a month. But there are no freebies. This account may not be right for you if you need to transfer funds frequently, as you’ll have to pay $5.00 per transaction.
Like the CIBC eAdvantage Savings Account, the Scotiabank MomentumPLUS Savings Account offers tiered interest rates. Instead of earning higher rates for higher balances, you’ll earn a premium of between 0.30% and 0.60% on top of your regular rate for leaving your balance untouched for 90-360 days.
If you have a good amount of US dollars and want to start earning more, you can do so with the CIBC US$ Personal Account. For every US dollar you keep in this account, that will earn you an interest rate of 0.05% - 0.5%. The monthly fee is $0, and each transaction costs $0.75 USD.
Earn 0.01% for balances of $1,000–$4,999, 0.025% for balances of $5,000–$9,999 and 0.05% for balances of $10,000 or more. No interest is paid on balances under $1,000. Get 2 free transactions (including transfers) per month, then pay $1.25 each.. US dollar bank drafts are free.
Make tax deductible contributions to this savings account, which pays 0.05% on all balances. The minimum deposit to open an account is $25. There’s no monthly account fee, and your contributions are tax deductible up to your annual contribution limit.
Save for retirement with a 0.45% interest rate, $0 monthly fees and no minimum required balance. There are no transaction fees, but as with all RRSPs, you’ll be taxed on withdrawals. The best part? Tangerine occasionally offers temporary bonus rates for opening a new account, helping you save even faster for retirement.
Scotiabank MomentumPLUS Savings Account
Interest Rate
5.25% for 3 months, 0.75% thereafter
Transaction Fee
$5.00
e-Transfer Fee
$0
Minimum Balance
$0
Simplii High Interest Savings Account
Interest Rate
4.60%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
KOHO Earn Interest
Interest Rate
Up to 5.00%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
The EQ Notice Savings Account also offers a competitive interest rate of up to 3.05% and comes with $0 transactions and a $0 monthly fee. The Laurentian Bank High Interest Savings Account comes with a 2.75% interest rate, $1.00 transaction fee and $0 monthly fee.
You can accelerate your savings for a limited time by looking for promotional offers with high introductory rates. For instance, the Simplii High Interest Savings Account is offering 4.60%, after which you’ll continue to earn at the regular interest rate of 0.35% or higher, depending on your balance.
Related: Compare Canada's big 5 banks
Depending on the CIBC savings account you have, the interest rate can vary from 0.05% with the CIBC RRSP Daily Interest Savings Account to 1.5% with the CIBC eAdvantage Savings Account. Here are regular, non-promotional CIBC interest rates for savings accounts as of September 3, 2024.
| Account | Regular minimum rate | Regular maximum rate |
|---|---|---|
CIBC eAdvantage Savings Account | 0.3% | 1.5% |
CIBC US$ Personal Account | 0.05% | 0.5% |
CIBC TFSA Tax Advantage Savings Account | 0.7% | N/A |
CIBC RRSP Daily Interest Savings Account | 0.05% | N/A |
CIBC savings account interest rates aren’t the only way to benefit from having a CIBC account. Some of the other perks include:
Before you get started on your application, make sure you meet the eligibility requirements for the specific savings account that you want to open. Eligibility requirements generally include:
You’ll need to gather the following information in order to proceed with your application:
The CIBC US$ Personal Account is optimal for individuals who regularly manage US dollars or travel to the US often.
The eAdvantage Savings Account is optimal for existing CIBC clients who have access to a CIBC chequing account.