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CIBC savings accounts

CIBC has four savings account options to help you start saving now and for your future.

Please note: All information about CIBC has been collected independently by Finder and products from CIBC are not available through this site.

Start saving with a CIBC savings account by earning interest on the balance in your account and begin to plan for your future. With four different account options, there is a savings plan for all Canadians, even those who want to start saving their US dollars.

Our guide below will go through the different savings accounts that CIBC offers, including the features and benefits of each. Find out how to apply for the savings account that’s right for you and stick around to read answers to some of the most frequently asked questions about these savings accounts.

Compare CIBC savings accounts

CIBC Bonus Savings Account

A great way to build on your savings is through the CIBC Bonus Savings Account. With this account, you’ll earn an interest rate of 0.05% on a balance of less than $3,000 and 0.05% on any amount above. You’ll only receive 1 free transaction per month and any transaction after that will incur a $5 fee per transaction.

CIBC eAdvantage High Interest Savings Account

For those with more ambitious financial savings plans, the CIBC eAdvantage High Interest Savings Account just might be for you. You’ll definitely accelerate your savings with the 0.02% interest rate return on any amount in your account. You’ll be expected to not touch your money in this account frequently, or at all, as it includes no free transactions per month and there is a $5 transaction fee when you do want to move your money.

CIBC Premium Growth Account

If you’re just looking to begin saving for your future, the CIBC Premium Growth Account is a worthwhile option to do just that. No matter how much money you have in this account, you’ll earn a 0.01% interest rate on every dollar. To help you begin to save your money, CIBC offers reduced transaction rates of $1.50 per transaction.

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%. You could also get an additional 0.50% if you also have the CIBC Bank USA Smart Account.

The benefits of banking with CIBC

Like most big banks, you can expect a high level of customer service with CIBC and a number of benefits including:

  • No monthly account fees. CIBC savings accounts generally have no monthly account fees.
  • CIBC Internet and mobile banking. If you have a CIBC savings account, you can access your account online through the CIBC Online Banking portal. You can also download the CIBC Mobile Banking app and access your savings account via your smartphone.
  • Paperless statements. Avoid the record-keeping fees associated with paper statements and request eStatements that are free and better for the environment.
  • Mobile deposit. Use the CIBC eDeposit feature on the CIBC Mobile Banking app to deposit cheques to your savings account.
  • Automated transfers. Set up recurring transfers between your CIBC accounts, at the frequency you want, to help you reach your savings goals faster. You can also compare CIBC chequing accounts here.

How to open a CIBC savings account

Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific savings account that you are interested in. You also need to have the necessary documents on hand so that you can correctly fill out the application form. Eligibility requirements might vary between savings accounts but generally include the following:

  • Age. In most cases you’ll need to be the age of majority in your province or territory of residence.
  • Residency. You need to be a Canadian resident.

Information you will need to open a CIBC savings account

After checking that you are eligible for the savings account you want, you will need to gather the following information in order to proceed with the application process:

  • Personal information. You’ll need to provide personal information such as your address and your contact information. You’ll also need to verify your identity by providing an accepted form of identification, such as your driver’s licence number or passport. Lastly, you’ll also need to consent to a credit check to confirm your credit is in good standing to be eligible for the CIBC savings account you want.

Compare other savings accounts

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
EQ Bank Savings Plus Account
$0 / $0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
Neo Financial High Interest Savings Account
$0 / $0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
KOHO Earn Interest
$0 / $0
Opt into earning interest for free and earn 1.2% on your entire balance in KOHO plus an additional 0.5% in cash back on every purchase you make.
CI Direct Investing High Rate Savings Account
$0 / $0
With no fees and no restrictions, you'll earn 0.5% interest with the CI Direct Investing High Rate Savings Account.

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Frequently asked questions about CIBC savings accounts

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