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CIBC Premium Growth Account review

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CIBC Premium Growth Account
Promotional Rate
Interest Rate
Minimum Balance
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Our verdict

The CIBC Premium Growth Account is a simple savings account that can be used for a variety of purposes and by a broad range of people.

The CIBC Premium Growth Account is a basic savings account that could be a good fit for lots of people. There is no minimum balance or monthly fee with this account. However, potential account users should be wary of transaction fees and the cost of using other banking services. If you're looking for a savings account with more features, continue researching other products.


  • No monthly fee. It's free to use this account.
  • Earn interest. All balances earn interest at a rate of 0.01%.
  • No minimum balances. You are not required to have a minimum amount of cash in the account to earn interest, avoid fees or hold the account.
  • Comprehensive online banking. CIBC's desktop and mobile platforms allow you to do the majority of your banking from home.


  • Transaction fees. Each transaction costs $1.50 each. Examples of transactions include debit purchases, Interac e-Transfer transactions, transfers, bill payments and cheques.
  • Fees for other services. Additional banking services such as overdraft protection, wire payments and money orders are not included with this account. You'll likely incur a fee to use these services.

In this guide

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Minimum balance$0
Monthly account fee$0
Fee per transaction$1.50
Interest rate0.01%
Minimum deposit$0
Minimum age required18

How do I open a CIBC Premium Growth Account?

  1. Go to CIBC’s website.
  2. In the search bar at the top right, type Premium Growth Account then click enter.
  3. Select Premium Growth Account | Bank Accounts | CIBC from the search results.
  4. Click Fees and details, then Apply now.
  5. 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.
  6. Indicate how you intend to use the Premium Growth Account. Click Next.
  7. Review the information you entered and click Next.

Eligibility requirements

To be eligible for the CIBC Premium Growth Account, you must meet the following criteria:

  • 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 hasn’t clearly stated whether you can withdraw or deposit money directly from or to the Premium Growth Account. If you can, you will incur a $1.50 fee for every transaction including cheque deposits, ATM withdrawals and pre-authorized payments.

It’s better to withdraw and deposit money to your savings account using a chequing account as an intermediary. Cash withdrawals can be performed at ATMs and branches using your debit card. Cheques can be deposited at a branch, ATM or using CIBC’s online services. Cash can be deposited at a branch or CIBC ATM.

How can I get in touch with customer service?

You can contact CIBC customer service using one of the following methods:

  • Ask a virtual assistant. A virtual assistant can answer common banking questions anywhere, anytime.
  • Book a meeting. Schedule an appointment to chat with an expert in person. Book meetings online through CIBC’s website.
  • Visit a branch. Stop by a branch near you to discuss your banking questions with a professional.
  • Call customer service. Contact CIBC by phone to chat with an expert.

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