CIBC savings accounts offer low fees, easy access and competitive interest rates. This guide compares features, rates and perks to help you find the right CIBC savings account and offers some digital alternatives.
The CIBC eAdvantage Savings Account is a $0 monthly fee, high-interest savings account with no minimum balance requirement, making it easy to open and use. It offers a tiered interest rate of 0.20% - 0.80% that increases as your balance grows, and you can earn an additional 0.25% if you deposit at least $200 into your account each month. And, new customers qualify for a promotional interest rate of 4.6% for the first 3 months.
The eAdvantage Savings Account is CIBC’s standout option for everyday savings. With no monthly fees and no minimum balance requirement, it’s accessible for both new and casual savers. The account offers a promotional rate of 4.75%, tiered interest rates of 0.20% - 0.80% and a bonus 0.25% if you increase your savings by at least $200 each month.
Advantages of opening a CIBC savings account
CIBC savings account interest rates aren’t the only way to benefit from having a CIBC account. Some of the other perks include:
No monthly fees. All CIBC savings account plans, including its USD and registered accounts, come with zero monthly fees.
Low or no minimum balance. The minimum deposit to open a savings account is either $0 or $25.
CIBC Mobile Banking app. View your account balances, deposit cheques, send and receive money, view your TransUnion credit score for free (without impacting your score), search for nearby branches and more with the CIBC Mobile Banking app.
CIBC Insights. Available for all CIBC products, CIBC Insights is a free tool that offers advice for developing healthier financial habits based on your card activity. It’s included in the CIBC Mobile Banking app.
Mobile deposit. Use the CIBC eDeposit feature on the CIBC Mobile Banking app to deposit cheques to your savings account.
Automatic savings deposits. Reach your savings goals faster by setting up recurring transfers between your CIBC accounts whenever it’s convenient for you.
CDIC insured. CIBC savings accounts are covered by the Canada Deposit Insurance Corporation up to $100,000 in the unlikely event that CIBC fails.
Limited CIBC savings account options. CIBC only offers one traditional savings account, while other big banks have multiple options.
Transaction fees. A $5.00 transaction fee applies for all transactions with the CIBC eAdvantage Savings Account.
Promotional and bonus interest rates are conditional. The CIBC eAdvantage Savings Account promotional rate only lasts 3 months and you must deposit at least $200 per month to receive the bonus rate.
What other types of savings options does CIBC offer?
CIBC provides a range of specialized savings and investment accounts that go beyond basic cash savings, many of which can be paired with CIBC Investor’s Edge, the bank’s self-directed investing platform. With CIBC’s registered accounts, you can hold a wide variety of investments, including stocks, ETFs, mutual funds, bonds and GICs, all within the same account, giving you a tax-efficient way to grow your savings.
Here’s a look at the other types of savings options CIBC offers:
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:
Age. You need to be at least the age of majority in the province or territory in which you’re applying (18 or 19).
Residency. You need to be a Canadian resident.
Government-issued ID. When applying for a CIBC savings account, you need to provide an acceptable ID, such as a Canadian passport or driver’s licence.
How to open a CIBC savings account
You can open a CIBC savings account online, on the CIBC Mobile Banking App, at a branch or over the phone. The online application only takes five minutes and can be completed from the comfort of your home. Follow these steps to open a CIBC savings account online:
Decide whether you want to open the CIBC eAdvantage Savings Account or a registered account like a TFSA.
When you choose, head to CIBC’s website, find the account and select Apply now.
Add a chequing account or credit card or skip this step.
Select Start Application, then choose whether you’re a new or existing customer.
Input your name, contact details, birthday, address, tax information and job title.
Consent to CIBC running a credit check to verify your identity.
Review the terms and conditions and submit your application.
Alternative to opening a savings account with CIBC
Since there’s only one traditional CIBC savings account, you may want to explore other options. Digital banks are worth considering as they often offer higher interest rates than the Big Six banks, along with no monthly fees and low or no minimum balance requirements. While they may lack in-branch services, their user-friendly apps, automatic savings features and competitive rates make them a strong alternative to traditional banks.
The Tangerine Savings Account offers a competitive promotional interest rate of 4.5% and no monthly fees or minimum balance, making it a simple way to earn more on short-term savings than many big banks. However, when the promotional period ends after 5 months, the rate drops to 0.3%, which is still more than you'll earn from the CIBC eAdvantage Savings Account if you have less than $25,000 saved.
EQ Bank's Notice Savings Account is a digital-only savings account that pays a higher ongoing interest rate in exchange for giving 10- or 30-days' notice before withdrawals. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. Not only is the rate higher than CIBC's eAdvantage Savings Account, but you'll also get free unlimited deposits and withdrawals, CDIC protection and no monthly fees or minimum balance requirements, making this account a strong option if you don't need instant access to your savings.
Higher regular interest rates without promotional periods
CDIC protection
No monthly fees minimum balance requirements
$0 transaction fees
Funds not instantly accessible
No everyday banking features like debit transactions
The Simplii High Interest Savings Account is a no-fee online savings account with competitive interest rates, no monthly fees, no minimum balance requirements and no transaction fees. Earn 4.50% for the first 5 months then 0.3%–0.7% thereafter, with higher balances qualifying for the top ongoing rates comparable to the CIBC eAdvantage Savings Account. And, CIBC actually owns Simplii Financial, so you'll have access to CIBC's ATM network across Canada for free cash withdrawals if you open a chequing account with Simplii as well.
Strong promotional interest rates for new accounts
The Scotiabank MomentumPLUS Savings Account is a high-interest savings account with a tiered interest structure that rewards you for leaving funds in the account over set premium periods. It has no monthly fee or minimum balance and you can make self-service transfers for free. Its everyday base rate of 0.4% is modest but still higher than what the CIBC eAdvantage Savings Account offers on balances below $100,000.
Competitive promotional and tiered interest rates
No monthly fee or minimum balance required
Unlimited self-service transfers to other Scotiabank accounts
Physical branch and ATM access nationwide
Regular base rate is relatively low
Best rates require no withdrawals during premium periods
If you value banking with a trusted Big Six bank, easy access to branches and no monthly account fees, CIBC savings accounts are a solid option. The CIBC eAdvantage Savings Account is the bank’s only traditional savings account, but it also provides a USD savings account and registered accounts like TFSAs or RRSPs. If you plan to move money frequently or want the highest possible interest rate, digital banks may offer better value.
Frequently asked questions about CIBC savings accounts
No, CIBC savings accounts don't come with a monthly fee. But depending on the account you have, you may have to pay for withdrawals or other transactions and bank services.
Here are the minimum balance requirements for CIBC savings accounts:
CIBC eAdvantage Savings Account: $0
CIBC US$ Personal Account: $0
CIBC TFSA Tax Advantage Savings Account: $25
CIBC RRSP Daily Interest Savings Account: $25
With CIBC eDeposit, you can deposit Canadian cheques electronically using your smartphone camera and the CIBC Mobile Banking app. Here's how it works:
Sign the back of your cheque.
Write For deposit only.
Log in to the app and select Move money.
Then select eDeposit.
Take a picture of the front and back of the cheque with your phone.
Confirm the details of the deposit.
Enter the cheque amount and select the account into which funds should be deposited.
Select Next, then Yes once you verify the cheque's details again.
Select Finish. You'll be able to access the money within 4 business days.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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The eAdvantage Savings Account is optimal for existing CIBC clients who have access to a CIBC chequing account.
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