CIBC eAdvantage Savings Account review
- Promotional Rate
- 5.75% for 4 months
- Regular Interest Rate
- 0.4%
- Transaction Fee
- $5.00
- Minimum Balance
- $0
Summary
The CIBC eAdvantage Savings Account is best used in conjunction with a CIBC chequing account.
30-second take
The eAdvantage Savings Account is best for existing CIBC clients who have access to a CIBC chequing account. Otherwise, users will be faced with pricey transaction fees and little earnings from interest. If you’re looking for a savings account with different features, continue researching products.
What are the benefits of the CIBC eAdvantage Savings Account?
The CIBC eAdvantage Savings Account features the following benefits:
- Earn interest on savings. The interest rate for this account is 0.4%.
- Special offer. Earn up to 2.40% interest. Get a regular interest rate is 0.65% - 1.90%, and a smart interest rate of 0.50%. Plus, get a bonus rate of 5.75% (for 4 months).
- Free transfers between your personal CIBC bank accounts.
- No monthly fee. This account is free to use.
What should I look out for?
Consider the following factors before opening a CIBC eAdvantage Savings Account:
- Fee for transactions. Examples of transactions include debit purchases, CIBC withdrawals, pre-authorized payments and bill payments. The cost of each transaction is $5.
- Fees for other services. Wire payments, money orders, Interac e-Transfer service, bank drafts and other similar services are not included with this account. You will likely incur fees to use other banking services.
Compare CIBC with other savings accounts
How do I open a CIBC eAdvantage Savings Account?
- From CIBC’s website, click Bank Accounts then Savings.
- Under CIBC eAdvantage Savings Account, click Apply now.
- Provide CIBC with the necessary information, including your full name, date of birth, address, residential status and contact information. After entering each piece of information, click Next.
- Indicate how you intend to use the eAdvantage Savings Account. Click Next.
- Review the information you entered and click Next.
Eligibility requirements
You must meet the following criteria to be eligible for the CIBC eAdvantage Savings Account:
- Be a Canadian resident
- Be the age of majority in your province or territory
- Reside at a valid Canadian residential address
Required documents and information
You will be asked to provide the following information during the application process:
- Full name
- Date of birth
- Address, residential status and length of time at that residence
- Phone number
- Email address
- Employment status
- The same information for a co-applicant, if applicable
How do I deposit or withdraw my money?
CIBC doesn’t explicitly state whether deposits and withdrawals can be performed directly from your savings account. It does state that all transactions cost $5 each, excluding transfers between CIBC accounts. To save money, use a CIBC chequing account as an intermediary account for all your deposits and withdrawals. If performing transactions at a Canadian non-CIBC ATM, be mindful of the $2 fee per transaction.
How can I get in touch with customer service?
Contact CIBC customer service using one of the following methods:
- Ask a virtual assistant. Have common banking questions answered by a virtual assistant.
- Book a meeting. Talk with an expert in person to have your questions answered. Meetings can be booked online.
- Visit a branch. Discuss your banking queries with a professional at a branch near you.
- Call customer service. Contact CIBC by phone to chat with an expert.
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