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CIBC eAdvantage Savings Account Overview

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The CIBC eAdvantage Savings Account offers an interest rate starting at 0.4% and could increase to 1.6%. This might not be too enticing compared to other savings accounts with higher interest rates. However, there are some perks you’d enjoy by saving your earnings in this account.

A good savings account to supplement your checking account is the CIBC Advantage Saving Account. You can make unlimited transfers to other CIBC personal accounts and earn up to 1.6% interest, all without monthly fees.

However, each transaction (including debit purchases, withdrawals, ACH transfers, and bill payments) costs $5. Plus, it may impose fees for other services like wire payments, money orders, and Interac e-Transfers

This piece is a textual tour through the eAdvantage Savings account. You’d learn about its features, eligibility criteria, and fees, among others.

Features of CIBC eAdvantage Savings Account

The features of this Canadian savings account are as follows:

  • Get between 0.4% and 1.6% interest rate.
  • Get access to CIBC Global Money Transfer.
  • There’s no monthly fee.
  • The interest rate is paid monthly.
  • The interest rate is calculated daily.
  • Transaction fees are charged at $5 each.
  • Transfers through Interact Electronic are charged at $1.50 per transaction.
  • Mobile/online banking is enabled for transfers between your eAdvantage savings account and your other CIBC accounts.
  • The account is eligible for Canadians only.
  • $0 minimum balance requirement.

Pros of CIBC eAdvantage Savings Account

Here are the benefits you’d enjoy when you join other eAdvantage savings account holders:

$0 Monthly Fee

This feature is found in almost every savings account in Canada. So, you won’t be required to pay monthly fees for maintaining your account when you save your earnings with this account.

$0 Charges On Transactions Between CIBC Accounts

You are not charged for all your in-bank transactions. So, you might have other CIBC (Canadian Imperial Bank of Commerce) accounts and need to transfer funds from your savings account into them. These transactions cost as much as $0.

$0 Fees On Receiving Funds Through Interact e-Transfer

While sending money through Interact e-transfer costs $1.50 per transaction, you won’t be charged for receiving funds through the same channel. This seems to be the only free, eternal transaction on this account.

Cons of CIBC eAdvantage Savings Account

CIBC eAdvantage Savings Account - comparewise

Here are the downsides to consider before opening a CIBC eAdvantange savings account.

Limited Free Transaction

Almost all transactions you’d carry out on the CIBC eAdvantage savings account come at a cost. The only free transaction is on in-bank transfers.

Low-Interest Rate

The low interest rate is another drawback to this account. With a minimum rate of 0.4% and a maximum of 1.6%, the dollars earned from interest will be tiny.

High Fees Per Transaction

This is another drawback you should prepare your pocket to deal with. Transactions are charged at $5 each, and you’d also be paying $1.50 per Interac e-transfer.

Fees of CIBC eAdvantage Savings Account

As stated earlier, you should be prepared to pay transaction fees since the free transactions on this savings account are limited. Here is a breakdown of all the fees to look out for:

  • $0 monthly maintenance fee
  • $5 transaction fee.
  • $1.50 interact e-transfer fee.
  • $2 non-CIBC ABM withdrawal charges.

CIBC eAdvantage Savings Account special offers

There are no charges for transfers between your eAdvantage savings account and other CIBC account that you own.

Other savings account options

CIBC offers a variety of savings accounts tailored to meet different customer needs.

The CIBC US$ Personal Account is an excellent choice for those frequently dealing with US currency. This account allows depositors to save, deposit, and withdraw in US dollars, offering regular tiered interest from 0.05% to 0.25%. The rates increase as your savings grow. There’s no monthly fee, and transactions are $0.75 US each.

The CIBC TFSA Tax Advantage Savings Account provides flexibility, allowing customers to access their money anytime and set up recurring deposits to accelerate savings growth. The account offers an interest rate of 0.50%, carries no monthly fee, and requires a minimum investment of $25.

Finally, the CIBC RRSP Daily Interest Savings Account offers a guaranteed principal and interest for those planning for their golden years. It helps you build your retirement savings. And it comes with an interest rate of 0.01%, has no monthly fee, and requires a minimum investment of $25.

These accounts cater to different financial strategies, whether you’re looking to handle foreign currency, optimize tax-free growth, or secure your retirement.

How to open the CIBC eAdvantage Savings Account

Opening a CIBC account isn’t rocket science. It’s pretty easy. Here is a step-by-step guide for you:

The first step is to meet the eligibility requirements. One is reaching the age of majority in your jurisdiction, and another is being a Canadian citizen.

The next step is to apply for the eAdvantage savings account by following these steps:

  1. Access CIBC’s official website: Start by going to CIBC’s website in your preferred web browser.
  2. Navigate to the ‘Bank Accounts’ section: From the homepage, look for the ‘Bank Accounts’ tab, then select ‘Savings’ from the dropdown menu.
  3. Choose the ‘CIBC eAdvantage Savings Account’: Within the ‘Savings’ section, you’ll find different types of savings accounts. Click on ‘CIBC eAdvantage Savings Account’ to proceed.
  4. Start the application process: Once on the eAdvantage Savings Account page, you will see an ‘Apply now’ button. Click it to initiate your application.
  5. Enter your personal details: Fill out the application form with all the required details. This includes your full name, date of birth, residential address, residency status, and contact details. After inputting each piece of data, click on the ‘Next’ button to continue.
  6. Specify your account usage: You will be asked to describe the purpose of opening this eAdvantage Savings Account. Detail your intentions, then click ‘Next’ to proceed.
  7. Review your application: At this stage, double-check all the information you’ve provided. If everything is accurate, click ‘Next’ to finalize your application.

CIBC eAdvantage Savings Account conclusion

Similar benefits are available with the CIBC eAdvantage savings account as with other Canadian banks. However, they offer low interest rates on savings.

It is okay if you’re looking for a well-secured bank to stash your savings without worrying about profit. If otherwise, you might want to research other alternative savings accounts to this one, like those highlighted above.

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FAQs about the CIBC eAdvantage Savings Account

How do I Access and Manage my eAdvantage Savings Account?

You can access and manage your eAdvantage Savings Account through CIBC's online banking platform or the CIBC mobile app. Simply log in to your account using your credentials to view balances, make transfers, set up automatic savings plans, and perform other banking transactions.

Can I Link my eAdvantage Savings Account with Other CIBC Products and Services?

Yes. The eAdvantage Savings Account seamlessly integrates with other CIBC banking products and services. You can link your savings account with CIBC chequing accounts, credit cards, and investment options, ensuring a holistic approach to managing your finances.

Is the eAdvantage Savings Account Available to Non-Canadian Residents?

The eligibility criteria for the eAdvantage Savings Account may vary depending on factors such as residency and citizenship. It is best to check with CIBC directly to determine if you qualify for the account as a non-Canadian resident.

CIBC eAdvantage Savings Account Details

Interest Rate
0.4%
Number of Monthly Transactions
Unlimited
Bank Draft Cost
No fee
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Paperless Statements
No fee
Mailed Monthly Statements
No fee
Other Features

CIBC eAdvantage Savings Account Contact

Phone Number
Hours
Monday - Friday: 9:00am - 5:00pm
Website
Address
199 Bay Street, Commerce Court Toronto Ontario M5L 1A2 Canada
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  • Monthly Transactions : Unlimited
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