CIBC savings account options

See how fees and features compare between CIBC savings accounts, and view CIBC saving account interest rates. Plus, check out alternative savings account options.

Compare CIBC savings account options

• Best CIBC high interest savings account: CIBC TFSA Tax Advantage Savings Account
• Runner-up best CIBC high interest savings account: CIBC eAdvantage Savings Account
• Best for saving US dollars: CIBC US$ Personal Account
• Best for making tax deductible deposits: CIBC RRSP Daily Interest Savings Account

CIBC savings account info is independently collected by Finder. CIBC savings accounts are not available through this site.

CIBC TFSA Tax Advantage Savings Account

Earn an impressive 3.00% interest rate with the CIBC TFSA Tax Advantage Savings Accounts. Make tax-free contributions to grow your money (annual contribution limits apply) with zero monthly fees. The minimum investment amount is $25.

Alternative: EQ Bank TFSA

This account comes all the advantages of a TFSA including tax-free contributions and growth. Earn interest at a rate of 3%. Pay $0 per month, enjoy no withdrawal fees and get unlimited transactions. Learn more here.

CIBC eAdvantage Savings Account

For those with more ambitious financial savings plans, the CIBC eAdvantage High Interest Savings Account might be for you. You’ll definitely accelerate your savings with the 0.4% interest rate return on any amount in your account. Earn up to 0.7% on balances up to $24,999.99 when you save $200+ per month. This account may not be right for you if you need to transfer funds frequently, as you’ll have to pay $5.00 per transaction — there are no freebies.

Alternative: Neo Everyday Account

Offered by Neo Financial — a Canada-based online bank founded in 2019 — the Neo Everyday Account is both a spending and saving account, paying 1% interest on every dollar you save and giving you the opportunity to earn cashback on purchases made at 10,000+ partner retailers. The minimum balance required is $0, and the monthly fee is $0. Learn more here.

CIBC US$ Personal Account

If you have a good amount of US dollars and want to start earning more, you can do so with the CIBC US$ Personal Account. For every US dollar you keep in this account, that will earn you an interest rate of 0.05%. The monthly fee is $0, and each transaction costs $0.75 USD.

Alternative: Scotia U.S. Dollar Daily Interest Account

Earn 0.01% for balances of $1,000 – $4,999, 0.02% for balances of $5,000 – $9,999 and 0.05% for balances of $10,000 or more. No interest is paid on balances under $1,000. Comes with 2 free (including transfers) per month, then $1.25 each, and US dollar bank drafts are free.

CIBC RRSP Daily Interest Savings Account

Make tax deductible contributions to this savings account, which pays 0.35% on all balances. The minimum deposit to open an account is $25. Bonus rates are periodically offered to new account holders, giving you the opportunity to grow your funds even faster.

Alternative: Motusbank RRSP Savings Account

Save for retirement with a competitive 2.5% interest rate, $0 monthly fees and a $0 minimum required balance. There are no transaction fees, but as with all RRSPs, you’ll be taxed on withdrawals.

Compare other savings accounts

The Neo Everyday Account comes with a 1% interest rate, $0 transactions and a $0 monthly fee. The EQ Notice Savings Account also offers a competitive interest rate of 5% and comes with $0 transactions and a $0 monthly fee.

You can accelerate your savings for a limited time by looking for promotional offers with high introductory rates. For instance, the Simplii High Interest Savings Account is offering 5.90%, after which you’ll continue to earn at the regular interest rate of 0.4%.

Related: Compare Canada's big 5 banks

CIBC interest rates

Depending on the CIBC savings account you have, the interest rate can vary from 0.05% with the CIBC US$ Personal Account to 3.00% with the CIBC TFSA Tax Advantage Savings Account. Here are regular, non-promotional CIBC interest rates for savings accounts as of February 21, 2023.

Account	Regular minimum rate	Regular maximum rate
CIBC eAdvantage Savings Account	0.4%	0.7%
CIBC US$ Personal Account	0.05%	N/A
CIBC TFSA Tax Advantage Savings Account	3.00%	N/A
CIBC RRSP Daily Interest Savings Account	0.35%	N/A

The benefits of banking with CIBC

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 saving account plans come with zero monthly account 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 Equifax 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 saving goals faster by setting up recurring transfers between your CIBC accounts whenever it’s convenient for you.

Related: CIBC chequing accounts

How to open a CIBC saving 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.
• Residency. You need to be a Canadian resident.

Information you’ll need to open a CIBC savings account

You’ll need to gather the following information in order to proceed with your application:

• Personal information. Provide details such as your full name, address and contact information. You’ll also need to verify your identity with your driver’s license, passport or other acceptable ID.
• Consent to a credit check. CIBC must perform a credit check for anyone who wants to open an account. During the online application process, you’ll be asked to consent to this.

Related: How to open a bank account online in Canada

CIBC savings account: Frequently asked questions

• Is there a monthly fee for CIBC savings accounts?

  No, CIBC savings accounts do not 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:

  • Sign the back of your cheque
  • Write For deposit only
  • Login to the app and 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 Deposit. You'll be able to access the money within 4 business days.