The CIBC Savings Account is a deposit account provided by one of Canada’s large banks, the Canadian Imperial Bank of Commerce. Several of these savings accounts include the eAdvantage, TFSA, Tax Advantage, etc.
With an interest rate range of 0.1% to 1.6% paid monthly, bonuses, and no minimum balance, one can start enjoying a CIBC Savings Account while earning daily.
In this article, we’ll discuss everything you need to know about CIBC Savings Account. This will include explanations of the available portfolios, steps to open an account, interest rates, bonuses, and lots more.
So, whether you are new to saving or looking for better ways to grow your funds, a CIBC Savings Account may be the right option for you. Let’s find out, shall we?
What is a CIBC savings account?
A CIBC savings account allows you to save money and earn interest on your funds. This account is provided by the Canadian Imperial Bank of Commerce. It’s a quick and secure option to keep your money safe while also earning some extra income.
Who can benefit from opening a CIBC savings account?
There are different categories of individuals that can benefit from opening any type of CIBC savings account. They include:
- Those looking to earn interest on their savings
- People saving for a specific goal or target
- People who want easy access to their funds
- Individuals looking for automated savings
- Those that just want to save
The best CIBC savings accounts
Well, one thing I’ll say is: there are no best or worst CIBC savings accounts. In Fact, when it comes to savings, your choice of account depends on your financial capabilities. That being said, with CIBC, there is a savings account for everyone, irrespective of your pocket size. This includes:
- CIBC eAdvantage Savings Account
- CIBC RRSP Savings Account
- CIBC TFSA Tax Advantage Savings Account
CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account is a high-interest savings account that gives you value for your money on any day or at any time. This type of savings is suitable for ambitious people with higher savings targets.
Here is all you need to know about this type of CIBC Savings Account:
Interest Rates
- Get up to 0.40% to 1.60% on all available balances as regular interest.
- Earn a 0.50% smart interest when you save up to $200 to $200,000 in a month.
- Also get a 3.10% bonus interest for the first four months of opening this type of savings account.
Eligibility
- Canadian residents only
- Must have attained maturity age in your province
Features
- Autosave
- Zero monthly maintenance fees
- Free online transfers
- Starting balance of $1,100
- Paperless account statements
- Funds transfer can be done through: Walk-in, online banking, mobile banking, telephone banking, or ATM.
- A $1.50 to $5 transaction fee applies for pre-approved payments, withdrawals, debit purchases, and sending money with Interac e-Transfer.
CIBC RRSP Daily Interest Savings Account
The CIBC Registered Retirement Savings Plan is a long-term savings account helping Canadians save for the future while reducing taxes. Although the “Retirement” is there, it goes beyond that. This type of savings account can be used to build or buy your home or as college tuition for your partner or children.
Here is all you need to know about this type of CIBC RRSP Savings Account:
Interest Rates
- 0.10% daily interest accumulated and paid monthly on $5,000 with no maximum amount.
Eligibility
- Canadian resident
- With a registered Social Insurance Number (SIN)
- Must have an existing or new CIBC RRSP account.
- Must be eligible to contribute to an RRSP
- Under 71 years and earning an income
Features
- $25 minimum investment
- No time limit for withdrawals
- No maintenance fees required
- $100 penalty fee for moving part or all of your funds to another bank
- Full access to your funds
- Tax deductible and tax-sheltered until funds are completely withdrawn
- Allows investments into mutual funds, stocks, bonds, or Guaranteed Investment Certificates (GICs).
CIBC TFSA Tax Advantage Savings Account
The CIBC Tax Advantage Savings Account is designed to allow you to save for both long-term and short-term targets while reducing the amount of funds affected by taxes. The Tax Advantage Savings feature means you earn a daily tax-free interest and can withdraw funds anytime without penalties.
Here is all you need to know about this type of CIBC Savings Account:
Eligibility
- Canadian resident
- With a valid Social Insurance Number (SIN)
- At least 18 years of age
Features
- Access to your funds anytime through mobile and online banking
- Allows you to set up recurring deposits to grow your savings faster
- Tax-free interest
- Flexible as you can transfer funds to your other CIBC accounts
- No restrictions with withdrawals
- Lifetime contribution limit of $50,000
- Insured by CDIC for up to $100,000
- $100 penalty fee for moving part or all of your funds to another bank
- Paying 0.55% interest
Opening a CIBC savings account
For any CIBC savings account opening, follow these guidelines for a swift process. The first thing to do while considering opening any CIBC Savings Account is research. Yes! Check thoroughly which savings account is suitable for your needs.
Next, gather all necessary documents for eligibility. The next steps will depend on whether you’ll like to visit a CIBC branch in person or apply online.
For a walk-in application, ask to speak with a representative once you get to the bank. This person is responsible for guiding you through the opening process. You’ll be required to present documents for eligibility.
Read through the terms and conditions before you sign. Then move ahead to pay the minimum amount for account opening. This amount depends on the type of CIBC Savings Account you are looking to get.
However, for an online application, visit the CIBC website and select the type of account needed. Then, click on apply. Click on “Yes, sign on now” if you already have a CIBC account. Otherwise, click on “No, continue the application.”
Then review and agree to the terms and conditions. Upload all necessary documents, pay the minimum opening amount to activate your account, and finally, start enjoying your savings account.
CIBC savings account interest rates
CIBC savings account interest rates depend on the account in particular. There are CIBC savings accounts with low-interest rates and others with higher interest rates. However, the interest rate ranges from 0.10% to 1.60%.
CIBC online banking
CIBC’s online banking platform makes financial transactions swift for its customers. With cutting-edge technology features, sending and receiving funds have been made accessible through these platforms. For CIBC, it’s online platform is best to know for the following:
- User-friendly
- Ease of access
- Security
CIBC login
Your CIBC Login is your credentials used to access your mobile banking platform. This includes your username and password. With a CIBC Login, you can access your accounts, make transfers, pay bills, and manage your funds anywhere, provided you have an internet-enabled device.
CIBC sign in
Your CIBC Sign is how you log in to your CIBC online and mobile banking platform. For a successful CIBC sign-in, you must provide the correct CIBC login details. This will allow you to manage your funds and account from anywhere and anytime.
CIBC savings account minimum balance
The CIBC Savings Account Minimum Balance varies depending on the savings account. Majority of savings accounts do not have a minimum balance. However, there is a minimum investment on some CIBC savings accounts, which ranges from $50 to $1,100
CIBC savings account welcome bonus
CIBC savings account welcome bonus can vary depending on the savings account. However, most bonuses come with opening an account rather than with existing accounts, and you can earn up to $400 as a bonus.
Best CIBC savings accounts conclusion
CIBC Savings Account is a convenient and secure way to save money and earn interest on your balance. There are several CIBC savings accounts depending on your financial capabilities and needs.
However, reviewing the account terms and conditions, fees, and interest rates before opening an account is important. This will ensure it meets your financial needs.
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