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Compare CIBC banking products: Savings, Checking, and CDs
Personal and business accounts with relationship perks and mobile banking.
What banking products does CIBC offer?
You’ll find a suite of personal and small business banking options at CIBC:
Small business banking
Compare CIBC bank accounts
How does CIBC compare to other banks?CIBC is one of the five largest banks in Canada, with over $565 billion in total assets. While it certainly holds its own in Canadian markets, it’s edged out by Canadian competitors Bank of Montreal and Bank of Nova Scotia with $709 and $915 billion in total assets, respectively.
- ATM refunds. All of its personal checking accounts come with monthly reimbursements for non-network ATMs.
- Relationship perks. The higher your total deposits in qualifying CIBC accounts, the better relationship perks you’ll receive, including ATM fee rebates, free checks and interest rate bonuses.
- Several account options. CIBC offers eight personal and business checking accounts, so your bound to find one that suits your needs.
- No online applications. You’ll have to visit a local branch to open any CIBC checking account.
- Monthly fees. Many of its accounts have monthly fees. But CIBC waives the fee if you maintain a monthly account balance minimums.
- $50 opening deposits. You’ll need at least $50 to open most of its accounts, while other banks let you get started with as little as $0.
- One high-yield account. The CIBC Agility Savings account earns a strong 0.7% APY, has no monthly fees and can be opened online.
- Unlimited ATM withdrawals. If you open a CIBC Savings account, withdrawals at an ATM don’t count toward the six-transaction limit set by the federal government.
- Specialized business accounts. CIBC offers accounts specifically for small business owners, agencies and attorneys and law firms.
- Unclear rates. Many of the interest rates for CIBC‘s savings products aren’t available online, which means you’ll need to call, email or visit a CIBC branch to find out what rate you qualify for.
- Fees. Expect to pay $10 for excessive transactions and $1 at non-CIBC ATMs.
- No online application. With the exception of its CIBC Agility Savings account, you can’t apply for CIBC‘s savings accounts online.
- Tiered interest rates. Although the minimum deposit is $1,000, you’ll earn an even higher rate when you sock away at least .
- Online CD options. Open a nine, 12, 18 or 24-month CD online without visiting a local branch.
- Low early withdrawal penalty for online CDs. You’ll pay a fee equal to 30 days’ interest if you withdraw your funds from an online CD before maturity — which is lower than the penalty charged by other banks.
- High minimum deposit. You’ll need at least $1,000 to open any CIBC CD.
- Unclear interest rates. CIBC only lists interest rates on its website for online CDs. You’ll need to call or visit a local branch to find out rates for CIBC‘s other CD terms.
- Some CDs must be opened in person. Unless you’re opening a nine, 12, 18 or 24-month CD, you’ll need to visit a local branch to apply.
- Large product suite. CIBC has a number of personal and business banking products to offer, alongside personal loans, home loans and lines of credit.
- Mobile banking. Access your account from your mobile device using the CIBC mobile banking app.
- Limited availability. Many of CIBC‘s banking products are limited to in-person applicants only. So, unless you live in Illinois, Michigan, Missouri or Wisconsin, CIBC services, you won’t be eligible to apply.
- Unclear rates. You have to call or visit a local branch to find out most of CIBC‘s APYs, which can be an inconvenience when shopping around for the best rates.
CIBC reviews and complaintsCIBC isn’t an accredited business with the Better Business Bureau, but does receive an A+ BBB rating.
The Consumer Financial Protection Bureau lists 22 complaints against CIBC, with a majority of complaints lodged against its home loan products. Customers complain of slow loan processing, hidden fees and account closures as a result of cryptocurrency transactions.
On the upside, people praise CIBC’s friendly, in-person customer service and speak highly of the ease and speed of its online and mobile banking platforms.
CIBC customer service
You can get in touch with CIBC in following ways:
- Phone. Call 877-448-6500, Monday to Friday from 8 a.m. to 7 p.m., and Saturdays from 8 a.m. to 1 p.m. CST.
- Email. Send your question, comment or query to email@example.com for a reply from customer support within one business day.
- In person. Visit a CIBC bank branch to speak with a customer support representative in person.
Compare CIBC bank to the competition
If CIBC bank doesn’t have what you’re looking for, compare accounts from these popular institutions:
Canadian owned and operated, CIBC has a lot to offer its US neighbors. While some of its accounts are limited to in-person applicants, it does offer mobile banking, relationship perks and the option to waive fees.
Review your account options and explore what other providers have to offer to get the product that’s best suited to your needs.
Frequently asked questions
More guides on Finder
CIBC Savings review
CIBC’s Savings account earns a higher APR as your balance increases, but you can only open an account in person.
CIBC iCan Checking account review
Tiered perks help offset fees, but in person support is limited and you can’t apply online.
CIBC myChoice Plus Checking account review
This interest-bearing checking account comes with perks on qualifying balances, but account fees and ATM surcharges could eat at your funds.
CIBC CDs review
Terms are flexible and there are no maintenance fees, but this product has a very limited service area.
CIBC Money Market Savings account review
With a $50 opening deposit, you’ll get a debit card, personal checks and mobile banking, but interest rates aren’t posted online.
CIBC Agility Savings review
CIBC’s Agility Savings account will grow your savings with high yields and no maintenance fees.
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