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Canadian Imperial Bank of Commerce (CIBC) vs Neo Financial
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.
In 2026, Neo Financial continues to stand out as a strong digital first alternative in Canada, offering competitive rates and no fee everyday banking products across its lineup.
Neo provides a high interest savings account with one of the more attractive rates in Canada, along with a streamlined spending account designed for daily use.
Its suite of credit cards includes both secured and unsecured options, with several no annual fee choices as well as premium cards that offer enhanced rewards. In fact, some of the credit cards offered are among the best in Canada. For example, the Neo World Elite Mastercard has earned the award for best overall cashback credit card in Canada, while the Neo World Mastercard Secured has received the award for best overall secured credit card.
While Neo’s products are offered separately rather than as a bundled account, they are designed to work together within a single app experience, making it easy to manage spending, saving, and rewards in one place. To unlock the highest savings rates and best rewards, customers may need to meet certain activity requirements such as maintaining balances or using Neo’s ecosystem regularly.
Overall rating
4.1
4.0
Customer experience
3.1
3.0
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.
Those who want strong no fee financial products and are comfortable managing their banking entirely online or through an app. Neo offers a no fee high interest savings account with one of the most competitive rates in Canada, a solid everyday spending account, and a range of credit cards both secured and unsecured including options with no annual fees as well as premium cards with added perks.
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
No monthly fees on most core products.
Competitive savings interest rates in Canada.
Wide range of credit cards including secured options.
Strong cashback rewards on credit cards, especially with partner merchants.
Well designed and easy to use mobile app.
Cons
No physical branches.
Cash deposits are not supported
Mixed customer service experiences reported by some users.
Top chequing accounts
CIBC Smart Account
CIBC Smart Account
3.9 Our rating
OPEN ACCOUNT
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
OPEN ACCOUNT
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
Best for: Everyday banking without monthly fees
Neo Chequing Account
Neo Chequing Account
4 Our rating
OPEN ACCOUNT
on Neo Financial's website
Welcome Bonus
N/A
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$0
International
$0
International & Currency
Foreign Currency Conversion
2.5%
Top savings account
OPEN 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: High interest savings
Neo Savings Account
Neo Savings Account
4.8 Our rating
GET OFFER
on Neo Financial's website
Exclusive · From FinlyWealth$50$100 rebate
Limited offer · ends
Welcome Bonus
N/A
Regular Interest
Up to 2.75%
Monthly Fee
$0
Earn up to 2.75% interest1
- Get up to 2.75% interest, determined by your balance1
- No promotional or limited-time offers — rates increase as your balance grows
- Earn up to $508 more each year than at traditional banks
- Personalize up to 10 accounts with custom names, icons, and amounts for each goal. Whether it’s a vacation or an emergency fund, you’ll accomplish them sooner.
- Manage your money instantly between multiple accounts on the Neo app. Connect an external bank account and make money transfers between institutions a snap.
¹Interest Rates (based on balance):
Balance | Interest Rate |
|---|---|
$0 - $4,999.99 | 2.00% |
$5,000 - $19,999.99 | 2.25% |
$20,000+ | 2.75% |
Top credit card
APPLY NOW
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
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
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
APPLY NOW
on Neo Financial's website
Welcome Bonus
N/A
Annual Fee
$149
Interest Rates
19.99% - 26.99%□ / 22.99% - 28.99%
RECOMMENDED CREDIT SCORE
300Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.6/5
This card offers some of the highest cash back rates in Canada for gas, groceries, and recurring purchases, which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, if you're the average person whose spending is generally below $12k per year in groceries, $6k per year in recurring bills and $12k per year in gas, then you'll be doing pretty well, especially with the great insurance and benefit offers.
Awards & Recognition
Best Cash Back Credit Card
2026
Pros
- High cashback rates
- Premium insurance coverage
- Airport lounge membership
- Boosted partner cashback
- Instant approval and access
Cons
- High income requirements
- Spending caps
- Annual fee
Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month
- 4% cash back on recurring purchases up to $500 spending per month
- 3% cash back on gas purchases up to $1,000 spending per month
- 1% cash back on all other purchases with no spending caps
- Up to 15% cash back at over 10,000 Neo Partners
Insurance
Coverage
Travel Medical Insurance (64 & under)
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500Baggage Delay
$1,000
Hotel Burglary Insurance
$1,000
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
Car Rental Damage & Theft
Yes.svg?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
Car Rental Personal Effects
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Lost or Stolen Baggage
$1,000
Benefits
Details
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Eligibility
Credit Score
FairAnnual Income
$80,000 personal or $150,000 household
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
10 products
Savings
Neo Savings Account
Chequing
Neo Chequing Account
Credit cards
Neo Mastercard®
Neo Secured Mastercard®
Neo World Mastercard® – Gas & Grocery
Secured Neo World Mastercard® – Gas & Grocery
Neo World Elite® Mastercard – Gas & Grocery
Secured Neo World Elite® Mastercard – Gas & Grocery
Neo Cathay World Elite® Mastercard®
Neo Cathay World Elite® Mastercard® Secured