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CIBC eAdvantage Savings Account review

The CIBC eAdvantage Savings Account is best used in conjunction with a CIBC chequing account.

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No longer offered in the market

The CIBC eAdvantage Savings Account is no longer available for new applications. However, we’ve kept the information online for the benefit of existing customers and for those who are interested.

You can compare savings accounts products in Canada here.

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 1%.
  • Special offer. Get up to 4.25% interest. Get a 1.00% regular interest on every dollar. Plus, get a 0.75% Smart Interest when you save at least $200 a month (up to a balance limit of $200,000). Additionally, receive a 2.50% bonus interest for the first 4 months when you open your first account (up to a balance limit of $1,000,000).
  • 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

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Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
Simplii High Interest Savings Account
$0 / $0
Earn 4.75% interest on your savings. Open an account and get a special interest rate for deposits up to $1,000,000. Conditions apply. Valid until October 31, 2022.
KOHO Earn Interest
$0 / $0
Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest for free and earn 1.20% on your balance, plus an additional 0.50% in cash back on every purchase you make.
Neo Money Account
$0 / $0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
EQ Bank Savings Plus Account
$0 / $0
Enjoy zero everyday banking fees, free transactions and no minimum balance.

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How do I open a CIBC eAdvantage Savings Account?

  1. From CIBC’s website, click Bank Accounts then Savings.
  2. Under CIBC eAdvantage Savings Account, click Apply now.
  3. 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.
  4. Indicate how you intend to use the eAdvantage Savings Account. Click Next.
  5. 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.

Frequently asked questions

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