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Canadian Imperial Bank of Commerce (CIBC) vs Desjardins Group
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Canadian Imperial Bank of Commerce (CIBC) edges ahead on our overall rating (4.1 vs 4.0), but the right pick depends on which products and fees matter most to you.
Overview
Known as CIBC, the Canadian Imperial Bank of Commerce sits among the biggest banks in Canada. Customers seeking full-service banking can access a range of banking, borrowing and investing options. Its product lineup is comparable to the other major banks, though some of its savings rates and fees are less competitive.
CIBC’s banking includes accounts for students, seniors, foreign workers, and newcomers to Canada. The CIBC Smart Account is one of its core everyday banking products and comes with a monthly fee rebate when customers maintain the minimum balance. While it may appeal to those who qualify, other customers might find more value elsewhere.
The bank has a wide selection of credit cards including those for cash back, travel, Aeroplan, Aventura and Costco. Its borrowing options are also comprehensive including mortgages, personal loans, lines of credit and home equity borrowing. CIBC’s product lineup as well as its highly rated online and mobile banking tools make the bank a well-rounded choice for Canadians looking to build a banking relationship with a single institution.
Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.
Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.
Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.
As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.
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