CIBC eAdvantage Savings Account review
- Promotional Rate
- 4.60% for 3 months
- Interest Rate
- 0.2%
- 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 0.2%.
- Special offer. Get a special 4.60% offer for 3 months when you open your first account.
- 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
- Earn up to 2.75% interest for 12 months
- Unlimited free transactions
- $0 account fee
- Zero everyday banking fees
- No min. balance required
- CDIC protection for balances up to $100,000
- Earn up to 4.75% for 3 months, 0.40% thereafter
- Can earn interest rate boosts
- No account fee
- No minimum balance required
- CDIC protection up to $100,000
- Earn 4.50% for 5 months, then 0.30% thereafter
- No monthly account fee
- Automatic savings option
- Free access to Scotiabank ABM network
- CDIC Deposit insurance up to $100,000
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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