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CIBC Review 2026: Chequing and Savings
Written by Lauren Brown,
Edited by Kevin Shahnazari
Last updated on June 29, 2026
Fact Checked
FinlyWealth rating
🏅
4.1
Products they offer:
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.
Open account
on Canadian Imperial Bank of Commerce (CIBC)'s website
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.
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
Product Reviews
Savings Accounts
OPEN ACCOUNT
on CIBC's website
Welcome Bonus
N/A
Regular Interest
Up to 0.6%
Monthly Fee
$0
The CIBC eAdvantage® Savings Account incentivizes regular saving and charges no monthly fee. Earning interest on every dollar, the account is more accessible than savings accounts that require a minimum balance.
The eAdvantage® Savings Account also offers Smart Interest, which pays customers an extra 0.25% when they increase their balance by $200 per month. This feature improves the account’s value proposition for those who regularly add to their savings. The total ongoing interest rate does, however, remain modest compared to some of the promotional rates you can earn elsewhere. The real value in this account is for existing CIBC customers who want to keep their savings at the same institution where they regularly bank.
- 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%
Chequing Accounts
OPEN ACCOUNT
on CIBC's website
Welcome Bonus
N/A
Regular Interest
Up to 0%
Monthly Fee
$4
Account Type
Chequing • Personal
The CIBC Everyday® Chequing Account is a lower-cost chequing account made for Canadians who have lighter banking needs. Its $4 monthly fee includes 18 transactions per month, making it ideal for those who do not rely heavily on their account each day. Those who use their chequing account frequently could find the account limiting and may be better off selecting one without a cap on the number of transactions.
If you want basic chequing access from a major bank and don’t want to pay for an expensive monthly plan, the Everyday® Chequing might be the right fit. However, consider reviewing your transactions as there may be more value from an unlimited chequing account or a no-fee digital banking option.
- 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
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
The CIBC Smart Account is a practical option for those who use their chequing account frequently. Featuring unlimited transactions and rebates starting at one non-CIBC ATM withdrawals, the account offers other perks for those customers who have a higher relationship balance with the bank.
Starting at the lowest tier, it is possible to receive a monthly fee rebate on up to 3 accounts when you maintain an end-of-day balance of $4,000. This feature improves the account’s overall value, particularly for those who already plan to keep extra cash with CIBC.
As a strong fit for existing CIBC customers, the Smart Account is best for those who want unlimited everyday banking and access to in-person support. If, however, you value lower fees and do not qualify for the fee rebate, the monthly fee is relatively high and can make other lower-cost chequing accounts more appealing.
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
Customer Experience
3.1/5
The overall customer experience at CIBC is mixed. Those making a query via phone say it is “difficult to connect with a human representative,” and even if they can get into the queue, it takes over an hour to get through it.
Bringing up the bank’s score is its mobile application. According to the JD Power 2026 Canada Banking Mobile App Satisfaction Study, CIBC received the top rank in online banking satisfaction for a second straight year. With many Canadians choosing to manage their finances digitally, this factor adds to the bank’s overall customer experience rating.
Rating Methodology
How We Rate Canadian Imperial Bank of Commerce (CIBC)
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes. CIBC offers both a Canada-based US Dollar account and a US-based US Dollar account.
CIBC is among the biggest banks in Canada but it does not sit at the top of the list. When ranked by size, the bank comes in at number five with approximately USD 725 billion in total assets.