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Canadian Imperial Bank of Commerce (CIBC) vs Toronto-Dominion Bank (TD)
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 3.9), 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.
Toronto Dominion, known as TD, delivers a strong all-around banking experience through a broad product lineup and extensive branch networks including 1,100 branches throughout the United States. The bank boasts consistency across many categories with few major weaknesses.
Offering a range of banking products, TD has accounts for Canadian newcomers, youth, students, and even international students. It provides banking starting at a cost of $0 for specific groups up to an “All-Inclusive Banking Plan” with premium features and a much higher price tag. Fee waivers are available for those who maintain a certain balance in their account. Long-term savings rates may be less competitive than online banks and fintechs though.
TD has a smaller credit card offering in comparison to some of the other biggest banks in Canada. It does, however, have some strong products, including the TD® Aeroplan® Visa Infinite Card, which FinlyWealth ranks as the best overall Aeroplan credit card.
With a broad lending offering, TD receives recognition for its Canada-US cross-border services as well as various lending products. Its mortgage and lending breadth is amongst the strongest in Canada, though the bank doesn’t always have the lowest rates.
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