CIBC savings account options

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.

CIBC eAdvantage Savings Account

8 Great CIBC eAdvantage Savings Account

8 Great

4.60% for 3 months

0.30%

$0

Get a special 4.60% offer for 3 months when you open your first account. T&Cs apply.

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Why we like it 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 0.30% - 0.60% 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. Pros & cons Pros Tiered interest rates encourage saving Get a special 4.60% offer for 3 months when you open your first account. Automated savings features available Additional bonus interest No monthly fee or minimum balance Cons Transactions cost $5.00 each Promotional rate only lasts 3 months

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What is the best CIBC savings account?

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 , tiered interest rates of 0.30% - 0.60% 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.

Disadvantages of opening a CIBC savings account

• 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:

• CIBC US$ Personal Account
• CIBC TFSA Tax Advantage Savings Account
• CIBC RRSP Daily Interest Savings Account
• CIBC RRIF Daily Interest Savings Account (DISA)
• Registered Education Savings Plan (RESP)
• Registered Disability Savings Plan (RDSP)
• First Home Savings Account (FHSA)

Requirements to open a CIBC savings account

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:

1. Decide whether you want to open the CIBC eAdvantage Savings Account or a registered account like a TFSA.
2. When you choose, head to CIBC’s website, find the account and select Apply now.
3. Add a chequing account or credit card or skip this step.
4. Select Start Application, then choose whether you’re a new or existing customer.
5. Input your name, contact details, birthday, address, tax information and job title.
6. Consent to CIBC running a credit check to verify your identity.
7. 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.

Some top alternatives to CIBC savings accounts

8.2 Great Tangerine Savings Account

8.2 Great

4.50% for 5 months

0.30%

$0

Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026. T&Cs apply.

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Why we like it 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. Pros & cons Pros Earn 4.50% interest for 5 months (on up to $1,000,000 in deposits) when you sign up by November 30, 2026 No monthly fees No minimum balance Automated savings tools Cons No in-branch service Promotional interest rate ends after 5 months

9.2 Excellent EQ Bank Notice Savings Account

9.2 Excellent

N/A

Up to 3.00%

$0

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Why we like it 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 3.00% interest if you choose a 30-day withdrawal notice period or 2.50% 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. Pros & cons Pros No monthly fees & no minimum balance requirements No transaction fees or eTransfer fees Cons Funds not instantly accessible No everyday banking features like debit transactions No physical branches

8.2 Great Simplii High Interest Savings Account

8.2 Great

5.00% for 5 months

0.30%

$0

Earn 5.00% interest for 5 months on up to $100,000 in savings. Offer ends January 31, 2027. T&Cs apply.

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Why we like it 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 5.00% for 5 months, 0.30% - 1.00% thereafter 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. Pros & cons Pros Earn 5.00% interest for 5 months on up to $100,000 in savings. Offer ends January 31, 2027 No monthly account fees Easy access to funds anytime No minimum balance requirements Unlimited free transactions and transfers Cons No physical branches Not available to residents of Quebec

8.6 Great Scotia High Interest Savings Account

8.6 Great

5.00% for 3 months

1.50%

$0

Receive a special welcome promotional interest rate of up to 5.00% for the first 3 months (90 days) when you open your first Scotia High Interest Savings Account. T&Cs apply.

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Why we like it The Scotia High Interest Savings Account offers a tiered interest rate structure. Balances between $0 and $10,000 will earn 0% interest. Balances above that will earn a standard interest rate of 1.5%–2.2%, plus a bonus rate boost to bring the total possible interest rate to 5.00% for 3 months, based on the total balance between all eligible Scotiabank savings accounts. Interest is calculated daily and paid monthly. Its ongoing base rate on applicable balances is higher than what the CIBC eAdvantage Savings Account offers. Pros & cons Pros $0 monthly account fee Earn ongoing rates between 1.5% and 2.2% on balances of $10,000 or more Insured for up to $100,000 Cons Balances under $10,000 do not earn any interest It's possible to earn higher rates with digital bank savings accounts

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Bottom line

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

• Is there a monthly fee for 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.

• How much money do I need to keep in my CIBC Savings account?

  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

• How do I deposit a cheque online at CIBC?

  With CIBC eDeposit, you can deposit Canadian cheques electronically using your smartphone camera and the CIBC Mobile Banking app. Here's how it works:

  1. Sign the back of your cheque.
  2. Write For deposit only.
  3. Log in to the app and select Move money.
  4. Then select eDeposit.
  5. Take a picture of the front and back of the cheque with your phone.
  6. Confirm the details of the deposit.
  7. Enter the cheque amount and select the account into which funds should be deposited.
  8. Select Next, then Yes once you verify the cheque's details again.
  9. Select Finish. You'll be able to access the money within 4 business days.

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Written by

Rebecca Low

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Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including Wise, income.ca and Indeed, writing on topics like personal finance, career development, and travel. See full bio