Canadian Imperial Bank of Commerce (CIBC) vs KOHO Financial
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
KOHO Financial edges ahead on our overall rating (4.2 vs 4.1), 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.
Since its founding in 2014, fintech company KOHO Financial Inc. has developed under the motto “no hidden fees, no fine print, no catch.” Its product offering is narrow, though full of valuable choices. For example, FinlyWealth rated the KOHO Essential Plan at 4.9 stars out of 5, naming it as the best for cash back. Meanwhile, these cash back rewards are available on all plans, as is interest, starting at a rate of 2% for the Essential plan. Considering the most basic plan comes at a low monthly cost, it’s an impressive selling point. The company also allows you to directly purchase cryptocurrencies.
One of the drawbacks of the fintech is that it does not provide the same benefits and products as a full-service bank. It doesn’t, for example, have mortgages or a complete loan offering. Instead, its lending platform limits the options to just cash advances, lines of credit, and pay later plans. It also has no in-person services, so it requires all customers to be comfortable with digital banking.
Overall rating
4.1
4.2
Customer experience
3.1
3.8
Best for
CIBC is best for Canadians looking for a traditional banking experience with a broad range of products. It may be especially appealing for customers who value a strong mobile banking experience but still want the option to visit a branch when needed.
Digital users looking for a fintech that combines spending, saving, cash back and budgeting tools.
Pros & cons
Pros
Broad product lineup for both banking and investing options as well as borrowing
Strong credit card selection
Fee rebates available for eligible accounts
Highly rated mobile banking tools
Access to US dollar and cross-border banking
Cons
Monthly account fees are high for customers who do not qualify for fee rebates
Lower relative savings rates compared to many online banks
Mixed customer reviews surrounding service wait times and issue resolution
Few no-fee banking options
Pros
Competitive interest rates depending on the plan
Ability to waive monthly fees with a minimum balance requirement
Cash back benefits available on all plans
Access to “thousands” of no-fee ATMs using partners
Provides budgeting tools
Digital-first experience with spending, saving, borrowing and credit-building options all available in its app
Cons
No traditional chequing accounts or investment options
Does not offer mortgages
Does not operate a full-service bank, limiting the products and in-person services available
No deposit insurance coverage from the Canada Deposit Insurance Corporation (CDIC)
Best rates and perks are reserved for higher-level plans
Top chequing accounts
3.9 Our rating
on CIBC's website
Welcome Bonus
Bundle to earn up to $850†,‡ in value
Regular Interest
Up to 0%
Monthly Fee
$16.95 (waivable)
Account Type
Chequing • Personal
Step 1: Open a CIBC Smart Account and set up one recurring direct deposit for a minimum of $500 within two months. The direct deposit should be from your employer, the government or a pension.
Step 2: Get $500 with your Smart Account plus as much as $350 with a CIBC Dividend Visa Infinite Card with qualifying actions†,‡ Earn 10% cashback in an amount up to $200 on net purchases of up to $2,000‡. Earn $50 in a cashback bonus by setting up your first pre-authorized payment.
- Tiered banking depending on your eligible CIBC balance
- Fee waiver for up to 3 accounts depending on your tier1,2
- Unlimited transactions5
- No fee for Interac e-Transfers6
- Annual fee credit card rebate for higher tiers
- US ATMs within the Plus™ or Visa™ network: $3 + 2.5%
- US ATM network charge outside of the Plus™ or Visa™ network: $5 + 2.5%
- Rebate on one or more non-CIBC ATM withdrawal fee each month depending on your tier8,9
Account Fees
Monthly Fee
$16.95
eStatement
Included
ATM Fees
Own Network
$0
Canadian ATMs
$2
International
$5
on CIBC's website
Welcome Bonus
N/A
Regular Interest
Up to 0%
Monthly Fee
$4
Account Type
Chequing • Personal
- 18 transactions1, 2 included per month with an additional charge of $1.25 thereafter
- No fee for Interac e-Transfers2
- Receive alerts with CIBC Smart Balance Alert™, 4
- US ATMs within the Plus™ or Visa™ network: $3 + 2.5%
- Outside Canada and the Plus™ or Visa™ ATM network: $5 + 2.5%
Account Fees
Monthly Fee
$4
eStatement
Included
ATM Fees
Own Network
$0
Canadian ATMs
$2
International
$5
KOHO Financial has no chequing account listed.
Top savings account
on CIBC's website
Welcome Bonus
N/A
Regular Interest
Up to 0.6%
Monthly Fee
$0
- Earn regular interest1 on your entire balance plus Smart Interest if you save at least $200 during the month2
- No monthly fee
- $5 fee per transaction3 including debit purchases and withdrawals at CIBC
- US ATMs within the Plus™ or Visa™ network: $3 + 2.5%
- Outside Canada and the Plus™ or Visa™ ATM network: $5 + 2.5%
Best for: No fee cash back
4.9 Our rating
on KOHO's website
+ New clients can earn 10% cash back* using promo code FW10C26
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Regular Interest
2%
Monthly Fee
$0
- New KOHO clients can earn 10% cash back in the first 3 months (up to $1,000 in eligible spending, max $100 value)*
- Use promo code FW10C26
With the KOHO Core Account, members receive:
- $0/month, with no conditions, direct deposit requirement, or minimum balance
- 2% interest earned on their balance
- 1% unlimited cash back on groceries, transportation, food & drinks
- Up to 6.5% extra cash back at selected merchants
- Cash advance of up to $500* at 0% interest with Cover
- Unlimited transactions
- Free instant e-transfers
- International money transfers to 190+ countries
- Free credit score monitoring
- Free Secured Credit Building
- Instant virtual card
*Terms and conditions apply.
Pros
- Interest on balance
- No annual fee
- Select merchant optimization
- Unlimited transactions and e-transfers
- International money transfers
- Free 30-day trial
Cons
- Limited and low cash back
- No physical branch access
- ATM fees
Top credit card
on CIBC's website
Welcome Bonus
Balance transfer 0% interest for up to 10 months with a 1% transfer fee‡
Rewards Rate
No Rewards
Annual Fee
See Rates
Interest Rates
13.99% / 13.99%
RECOMMENDED CREDIT SCORE
4/5
A nice low rate card for everyday spending.
Pros
- Low interest rates
- Balance transfer welcome bonus
Cons
- No rewards
- Missing standard coverage categories
Rewards
No rewards earned on this card
Insurance
Coverage
Common Carrier Travel Accident Insurance
$100,000
Benefits
Details
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Gas Discount†
Save up to 10 cents per litre on gas at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations with CIBC and Journie Rewards.
Discount††
Free Skip+ membership, welcome voucher, and monthly voucher available. Conditions apply.
Eligibility
Credit Score
GoodAnnual Income
N/A
on KOHO's website
Finly Special Offer
Welcome Bonus
New clients can earn 10% cash back* using promo code FW10C26
Annual Fee
$0
Interest Rates
N/A / N/A
RECOMMENDED CREDIT SCORE
4.9/5
The KOHO Core Mastercard is a great base-tier option for those who want to collect cash back and build credit with KOHO; all for no monthly fee. Unlock rewards on common purchases, earn interest on your balance, and tap into credit monitoring and secured credit building.
Pros
- No credit check
- Interest on balance
- No annual fee
- Secured credit building
- Unlimited e-transfers
Cons
- Low purchase reward rate
- Limited benefits
Rewards
- 1% cash back on groceries, eating and drinking, and transportation
- 2% interest on your entire balance
- Up to 6.5% extra cash back at selected merchants
Benefits
Details
Unlimited e-Transfers
Interest on Balance
2% interest
Secured Credit Building
Free
Eligibility
Credit Score
PoorAnnual Income
N/A
All products offered
17 products
Credit cards
CIBC Aeroplan® Visa Infinite Privilege* Card
CIBC Aeroplan® Visa Infinite* Card
CIBC Aeroplan® Visa* Card
CIBC Aventura® Gold Visa* Card
CIBC Aventura® Visa Infinite Privilege* Card
CIBC Aventura® Visa Infinite* Card
CIBC Aventura® Visa* Card
CIBC Aventura® Visa* Card for Business
CIBC bizline® Visa* Card
CIBC Costco Mastercard
CIBC Dividend Platinum® Visa* Card
CIBC Dividend® Visa Infinite* Card
CIBC Dividend® Visa* Card
CIBC Select Visa* Card
6 products