CIBC Review (April, 2024) – Pros, Cons, Features, & Pricing

Those looking for a reliable bank with a full range of services will find this CIBC review beneficial.

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Last Updated: Apr 11, 2024


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The Canadian Imperial Bank of Commerce (CIBC) is one of the country’s five most significant banks. Established in 1867, it has a long and storied history of providing financial services to Canadians.

CIBC offers an extensive range of banking products and services. These include business, personal, and investment solutions, and wealth management. With a focus on innovation and technology, CIBC aims to ensure its customers enjoy the best possible banking experience.

As a leading financial institution in Canada, CIBC plays a vital role in shaping the country’s economy and financial landscape.

This CIBC review aims to detail some of the primary CIBC products and services. We’ll also discuss the pros and cons of this long-standing bank and how to get started with it.

What makes CIBC a good option?

CIBC bank has a long and reputable history of providing banking services to Canadians, with over 150 years of experience in the industry.

This means that this bank deeply understands the Canadian economic landscape. As such, it can provide tailored solutions to meet its customers’ needs.

Committed to innovation and technology, CIBC aims to offer a seamless banking experience for its customers. With its award-winning mobile banking app, customers can manage their finances from anywhere, anytime.

If you want a broad range of products and services, CIBC certainly delivers. It provides solutions for individual and commercial clients, including wealth management, investment opportunities and more. This means that customers can access all their financial needs under one roof.

CIBC’s long history, innovation, diverse offerings, and commitment to social responsibility make them a unique and attractive option. That’s why we feel it’s the ideal bank for those looking for a banking and investment partner in Canada.

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Pros and cons of CIBC

As we continue our CIBC review, we reflect upon the positives and pitfalls associated with its products and services. First, let’s investigate CIBC’s good points.

The pros of CIBC

Vast range of solutions

CIBC offers a diverse range of solutions for both personal and commercial banking. And its wealth management and investment solutions are some of the best in the country.

With so many options, customers can satisfy all their banking and investment needs at one institution. This makes banking with CIBC convenient and efficient.

Tailored services for different customer segments

Looking for a bank that understands your unique financial needs? CIBC focuses on providing solutions tailored to specific customer needs.

For instance, CIBC offers specialized services to seniors, such as retirement and estate planning, and advice regarding investments. And the bank offers student banking products and financial literacy resources.

Foreign workers and newcomers can access credit products, foreign currency accounts, and financial advice. This helps them navigate the Canadian financial landscape.

A future forward approach

CIBC prides itself on being ahead of the curve regarding innovative solutions. This means its customers can access cutting-edge financial solutions for a better banking experience.

For instance, the bank’s mobile app has won multiple awards for its outstanding usability and rave customer reviews.

Superb online banking experience

With its user-friendly, intuitive digital platform, customers can manage their finances with ease. Here customers can transfer funds, pay bills, and access a range of other banking services from the comfort of their homes.

Overall, CIBC’s online banking services are a key strength of the bank and a significant reason customers choose to bank with them.

Unparalleled experience

CIBC has provided Canadians with banking products and services for over 150 years. Granted, many things have changed in the banking world over these years.

But this doesn’t take away from the immense knowledge and experience CIBC has garnered. With such a solid foundation rooted at the heart of its industry, it’s no wonder it’s such a popular bank.

Competitive rates and fees

CIBC offers competitive rates and fees on their products and services. This means that customers can save money when banking with CIBC.

The bank also offers various promotions and incentives to help customers save even more.

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The cons of CIBC

Lower interest received

Compared to its online-only counterparts, CIBC falls short in terms of interest offered with savings products. In fact, the interest earned through these accounts can be considered modest at best.

In addition, customers can only earn interest through one of its chequing account options.

Higher fees for some services

CIBC’s rates and fees are generally competitive. However, some customers may find that they are higher than those other banks offer for certain products and services.

This could be a potential pitfall for those looking to save money on their banking fees. And it may result in those willing to shop around for better deals to look elsewhere.

Too many options

This financial institution offers a vast range of products and services. While this breadth of offerings can be a strength, it can also confuse customers.

Therefore, customers could feel overwhelmed when faced with the multiple options available.

CIBC products and services

Integral to any bank review, including this CIBC review, is a breakdown of the products and services offered. However, CIBC offers so many products that listing every single one would be a mammoth task.

Therefore, we’ve focused on some of the core products that are most commonly sought after.

Savings accounts

CIBC eAdvantage® Savings Account

This high-interest online savings account is perfect for those who want to earn a competitive interest rate on their savings.

With no monthly fees and the ability to make unlimited transactions, this account is a convenient and flexible option.

CIBC US$ Personal Account

The CIBC US$ Personal Account is for anyone who frequently does business or travels to the US.

With the ability to deposit, withdraw, and transfer funds in US dollars, this account is a cost-effective solution for those who need a US dollar account.

CIBC TFSA Tax Advantage Savings Account®

Intended for customers looking to save while minimizing their taxes, this account is a smart choice.

With tax-free savings and a competitive interest rate, customers can maximize their savings potential and reduce their tax burden.

CIBC RRSP Daily Interest Savings Account

This account is perfect for customers who want to save for their retirement in a low-risk, low-maintenance way.

It comes with competitive interest rates and the ability to transfer funds to a CIBC RRSP investment account.

Chequing accounts

CIBC Smart™ Account

With this simple, low-cost chequing account, customers won’t incur a monthly fee and can enjoy unlimited transactions.

There’s also the option to earn rewards, making it an excellent choice for those who want basic and affordable banking services.

CIBC Smart™ Plus

The CIBC Smart™ Plus is geared toward customers who want more benefits and rewards from their chequing account.

This account includes perks such as free withdrawals from non-CIBC ATMs and waived fees on money orders and bank drafts. It also provides a travel insurance option.

CIBC Everyday® Chequing Account

If you want a flexible chequing account with a low monthly fee, the CIBC Everyday® Chequing Account is for you. Customers can customize the account to meet their specific needs.

For example, they can add overdraft protection or additional transactions. It’s the perfect solution for those who want the ability to adapt their chequing account as their financial needs change.

CIBC Smart™ Start

This account is exclusively for students and young adults just starting out with their finances. They’ll receive unlimited transactions and the ability to earn rewards with no monthly fee.

Additionally, students can access various student-focused services and resources to help them navigate their finances.

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Credit cards

CIBC Costco Mastercard

This credit card is ideal for Costco members who want to earn cash back on their purchases. There’s no annual fee, and the ability to earn up to 3% cash back on eligible purchases.

An excellent choice for those who shop at Costco frequently. You can read our detailed CIBC Costco Mastercard review for more information about this rewards-focused card.

CIBC Aventura Visa Infinite Privilege Card

Are you a frequent traveller looking for a premium credit card that lets you earn travel rewards and enjoy VIP perks?

The CIBC Aventura Visa Infinite Privilege Card comes with exclusive benefits for travellers. These include lounge access, concierge services, and travel insurance for an enhanced travel experience.

CIBC Aeroplan Visa Infinite Card

This credit card will benefit Aeroplan members who want to earn travel rewards and enjoy exclusive perks.

Earn Aeroplan points on every purchase and perks such as priority check-in and free checked bags. The perfect choice for frequent travellers who want to maximize their rewards.

CIBC Select Visa Card

If you prefer a simple and straightforward rewards program, the CIBC Select Visa Card could be for you. Customers can earn points for certain purchases and redeem them for travel, merchandise, and more.

This card offers travel insurance and purchase protection, making it a smart choice for those who want added peace of mind.

Other products and services

CIBC offers a range of other services besides savings accounts, chequing accounts, and credit cards. For instance, the bank provides a range of investment accounts. Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) form part of these offerings.

Mortgages, loans, and lines of credit are also available to help customers achieve their financial goals. So, whether they are buying a home, renovating, or consolidating debt, CIBC has a solution for you.

Life insurance, health and dental insurance, and travel insurance are just some insurance products available through CIBC. Additionally, the bank has a wealth management division that offers financial planning, retirement planning, and more services.

CIBC also offers a range of business and commercial financing solutions. Loans, lines of credit, and leasing options are among the solutions to help businesses grow and succeed.

It doesn’t matter if customers want to start a new business or expand an existing one. CIBC’s business and commercial banking services can provide the financial support they need.

CIBC product and service quality

It’s essential for this CIBC review to highlight that CIBC is one of Canada’s largest and most reputable banks. The bank has a long history of providing high-quality financial services to Canadians.

And it has been recognized with numerous awards and accolades for its products and services. These include Best Mobile Banking Experience and Best Credit Card Provider.

Additionally, CIBC is a Canada Deposit Insurance Corporation (CDIC) member. As a result, customer deposits are insured up to $100,000, providing customers with an extra layer of security.

Given this, it’s no surprise that CIBC has garnered a strong customer service and satisfaction reputation. And CIBC bank customer reviews confirm this.

The bank is committed to providing its customers with a safe and secure banking experience. As such, it employs industry-leading encryption technology to protect customer information and transactions.

This financial institution has also implemented strict security protocols to prevent unauthorized access to customer accounts.

CIBC also possesses a dedicated team of cybersecurity experts. This team works around the clock to monitor for potential security threats and respond quickly in the event of an attack.

And the bank has implemented robust privacy policies and procedures. As such, it ensures customer data is protected in alignment with the Personal Information Protection and Electronic Documents Act (PIPEDA).

Overall, CIBC’s commitment to quality, professionalism, and security makes it a trusted and reliable banking partner for Canadians.

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How to get started with CIBC

Our CIBC review would not be complete without the finer details on how to get started with this reliable bank. And setting up an account is far easier than you might expect. New customers can either visit a physical branch or sign up online. Here’s how:

Sign Up Online

  1. Visit the CIBC website and create a CIBC online banking login.
  2. Open the page for the product or service you’re interested in.
  3. Then click on the “Apply Now” button at the top of the page.
  4. You’ll be prompted to provide some personal and financial information to complete your application.
  5. You’ll receive email confirmation when your application has been submitted successfully.
  6. Shortly after, a CIBC representative will contact you to complete the account setup process.
  7. The representative will also offer further guidance on using the product or service.

Sign Up at a CIBC Branch

  1. Head to your nearest CIBC branch. Ensure your passport or driver’s license, and proof of address, such as a utility bill or lease agreement.
  2. A CIBC representative will then guide you through the account setup process. The representative can provide information and help you choose the best products and services for your needs.
  3. You’ll be asked to provide some personal and financial information during the application process.
  4. Once complete, the representative will tell you how to use the product or service and what to expect next.

Alternatives to CIBC

Perhaps you feel that CIBC isn’t the right bank for you. In that case, this part of our CIBC review aims to provide some suitable alternatives. Ultimately, the financial institution you select will depend on your individual financial needs.

CIBC vs Equitable Bank

Equitable Bank is a good choice for customers looking for competitive rates on savings accounts, GICs, and mortgages.

The bank offers a range of innovative products, including the EQ Bank Savings Plus Account. This account offers high interest rates and unlimited free transactions.

Like CIBC, Canadians consider Equitable Bank a highly reputable financial institution in Canada. In fact, this bank is also known for its fantastic customer service. It comprises a dedicated team of advisors available to help customers with their banking needs.

That said, CIBC has a more extensive branch network than Equitable Bank. This may be something to consider if you prefer to do your banking in person. And when it comes to the product range, CIBC offers a broader range of products and services than Equitable Bank.

On the other hand, Equitable Bank specializes in savings accounts, GICs, and mortgages. So, it may be a better choice for customers looking for these specific types of products.

Both banks offer competitive rates and fees within their respective product offerings. But customers should compare these to determine which provides the best value for their individual financial needs.

CIBC vs Tangerine

If you’re looking for a simple and convenient online banking experience, Tangerine might be your bank. This financial institution offers products such as chequing accounts, savings accounts, and credit cards. And it’s also a well-known and trusted financial institution in Canada.

But there are some critical differences between Tangerine and CIBC. For instance, CIBC operates a traditional banking model with an extensive branch network and a several product and service options.

While Tangerine is an online-only bank with no physical branches and a somewhat limited product range.

That said, Tangerine offers a user-friendly mobile app and website, allowing customers to manage their finances on the go.

And the bank is known for its no-fee banking products. This makes Tangerine an affordable option for those looking to save money on banking fees.

Because Tangerine is hyper-focused on offering an online-only banking experience, its website and mobile app are incredibly user-friendly. On the other hand, CIBC’s online banking services are simply an extension of its traditional banking model.

Overall, customers looking for a wider range of products and services and prefer in-person banking may prefer CIBC. While those who prioritize no-fee banking, online convenience, and mobile banking may prefer Tangerine.

CIBC review conclusion

This CIBC review has emphasized the positives and negatives associated with CIBC bank. And we’ve concluded that this innovative bank offers numerous products and services, a strong reputation, and competitive rates and fees.

These are all pros that benefit CIBC customers. And it’s these factors that make CIBC an attractive option for those looking for a banking and investment partner in Canada.

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FAQs about our CIBC review

How does the CIBC Global Money Transfer service work?

The CIBC Global Money Transfer service allows you to send money to over 80 countries worldwide. Customers can do so using CIBC online banking or the CIBC mobile banking app. With it, you can send money in the recipient's local currency or in Canadian dollars.

How does CIBC profit from its international transfers?

CIBC profits from its international transfers by charging a transfer fee and earning a markup on the exchange rate used for the transaction. The exchange rate markup is typically a percentage of the transaction amount.

Is CIBC online banking safe?

CIBC online banking is safe and secure. The bank uses encryption and other security measures to protect your personal and financial information. In addition, CIBC guarantees that you will not be liable for unauthorized transactions on your account.

How do CIBC bank USA reviews compare to CIBC bank Canada reviews?

CIBC bank USA reviews are generally positive. However, there are fewer reviews overall compared to CIBC bank Canada reviews. Canadian customer reviews cite good customer service and easy-to-use online banking as the primary positives.

How do I review my past transfers with CIBC?

To review your past CIBC transfers, log in to your account on CIBC online banking or the CIBC app. You can view your transaction history and search for specific transfers from there.

How do I review my CIBC rewards?

You can view your rewards balance from your account dashboard once you've logged in online or via the app. There will also be a list of available rewards visible.

How do I find a CIBC bank near me?

Simply visit the CIBC website and click "Contact Us" near the top of the page. Then, scroll down the Contact Us page until you reach the “Find a banking centre or ATM” block. Select the “Find a Branch or ATM” button in that block. You can then search by postal code, city, or province to find the nearest branch or ATM.

Does CIBC have a live chat?

Yes. When you’re signed into your CIBC account online, you’ll have access to a virtual assistant who can answer your questions.

Does CIBC exchange foreign currency?

Yes. CIBC offers foreign currency exchange services through their branches and online banking platforms. You can buy and sell foreign currency in various denominations.

How does a CIBC overdraft work?

A CIBC overdraft allows you to borrow money up to a certain limit from your checking account. Interest is charged on the amount borrowed. And you will need to pay back the amount plus interest within a specific time frame. The overdraft limit is based on factors such as your credit history and income.

March 18, 2023
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