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Canadian Imperial Bank of Commerce (CIBC) vs Tangerine Bank
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Tangerine Bank 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.
Tangerine Bank, or Tangerine as it’s known, is a subsidiary of Scotiabank, formerly part of ING Direct. Operating with its own coverage from the Canadian Deposit Insurance Corporation (CDIC), Tangerine has a sound reputation. Forbes even ranked the institution as number one in Canada on its list of the World’s Best Banks 2026 for two consecutive years.
The institution has a strong lineup for a digital bank, offering no-fee chequing and savings accounts as well as highly rated credit cards. Tangerine also provides lending services to its customers with mortgages, HELOCs, and lines of credit, and even has business banking, though it’s not a complete offering.
Unlike the major Canadian banks, many of its premium services come from partners or the Scotiabank network, rather than Tangerine itself. For example, the bank has insurance through its partner Sonnet Insurance and free ABM access through Scotiabank and its Global ATM Alliance. Tangerine does, however, have an in-house offering of mortgages and lending services.
Overall rating
4.1
4.2
Customer experience
3.1
3.5
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.
Tangerine is best suited for Canadians who want low-cost digital banking and competitive cashback rewards.
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 fee chequing account with unlimited transactions
Minimum balance not required for savings or chequing accounts
Competitive no-annual-fee credit cards
Attractive promotional rates for eligible customers
Backed by Scotiabank, making it more reliable than standalone digital banks
Free access to over 3,500 Scotiabank ABMs in Canada and 44,000 international machines through Scotiabank’s Global ATM Alliance
Cons
No traditional branch network or in-person service
Ongoing savings rates are relatively lower than competing products from other digital banks
Narrow product lineup compared to the major banks
Mixed customer service reviews
Limited premium rewards
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: No fee everyday banking
GET OFFER
on Tangerine's website
Exclusive · From FinlyWealth$50 rebate
+ Move your pay to earn $250(1)
Welcome Bonus
Move your pay to earn $250(1)
Regular Interest
Up to 0.1%
Monthly Fee
$0
Account Type
Chequing • Personal
Move your pay to earn $2501
- Become a client: sign up in minutes on your phone and get ready to have simple banking at your fingertips.
- Open your Chequing Account: It’s the original no monthly fee digital bank Account, designed to uncomplicate your life.
- Switch your payroll deposits to earn $2501: Move your paycheques to your Tangerine Chequing Account for 2 consecutive months, and we’ll give you $250.
Offer validity: May 1, 2024 - October 31, 2026
No monthly Account fees with no minimum balance
You don’t have to keep a bunch of money in the Account just to avoid a fee. No monthly fee means no monthly fee at all.
Free Interac e-transfer® transactions
Send money securely within Canada, directly from your Account. And when you register for Autodeposit, any money sent to you via Interac e-Transfer is deposited into your Account automatically.
Shop with confidence
With Interac & Visa Debit Zero Liability protection, you’re protected from unauthorized purchases.
Unlimited number of daily transactions
This includes an unlimited number of debit purchases, bill payments, and pre-authorized transactions.
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$1.5
USA
$3
International
$3
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
19% annually (if used)
Bank Draft
$10
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%
Tangerine Savings Account
Tangerine Savings Account
3.7 Our rating
GET OFFER
on Tangerine's website
Exclusive · From FinlyWealth$50 rebate
+ 4.50% rate for 5 months
Welcome Bonus
4.50% rate for 5 months
Regular Interest
0.3%
Monthly Fee
$0
Save with Tangerine at a great 4.50% interest rate for 5 months.2
You’ll earn it in your first Tangerine Savings Account and on other Savings Accounts you open during that time period, too – including TFSA and RSP Accounts.
Offer validity: November 13, 2025 - July 31, 2026
Great rate with no minimum balance
Grow your savings with an interest rate of 0.30%† since September 10, 2024. Earn the same great rate on every dollar in your Account.
No unfair^ fees or service charges
We simply don’t believe in unfair fees. So you won’t have to pay to save with us.
Reach your goals faster
A Tangerine Savings Account comes with tools to make it super simple to reach your goals.
Automate your savings
With an Automatic Savings Program, you can save without even thinking about it.
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 Tangerine's website
Welcome Bonus
Get $100 with a Tangerine® Money-Back World Mastercard®* and a limited time promo rate on balance transfers
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.6/5
While we think Tangerine World Mastercard isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. For no annual fees
Pros
- Customizable cashback
- No annual fee
- Unique cashback categories available
- High recurring transactions optimization
- High pharmacy purchase optimization
- Airport lounge membership
Cons
- Income requirements
- Low base earn rate
Rewards
- 2% Money-Back Rewards on your choice of two categories from the 13 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reccurring Bill Payments, Home Improvement, Public Transportation and Parking and more). Change them up every 90 days to match spending habits.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account and get a third 2% Money-Back Category.
- 0.5% cashback on all other eligible purchases.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
1 year
Mobile Device Insurance
$1,000.svg?dpl=dpl_6xm5FaR6yFNog4jKCkmUjH18M9nN)
Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!
Wireless Credit
FlexiRoam 1GB Global Data Roaming Plan and 15% off on purchase of Data Plans.
Mastercard On-Demand and Subscription Services
Access 50+ live-stream sports channels and save $30 on your first three months of Fubo (excludes Quebec)
Eligibility
Credit Score
GoodAnnual Income
$50,000 personal or $80,000 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