Not all high-interest savings accounts (HISA) in Canada pay a decent interest rate. This is especially common with the accounts offered by the big banks in the country.
The CIBC High-Interest Savings Account as the name suggests is an account that offers a high-interest rate compared to other traditional savings accounts.
This makes it an attractive option for individuals looking to earn more on their savings.
Apart from the high-interest rate the CIBC high-interest savings account offers, what are the other perks you can enjoy with this account?
This CIBC high-interest savings account review covers everything you need to know about the account.
So continue reading to find out the details!
Table of Contents
About CIBC
The Canadian Imperial Bank of Commerce (CIBC) is one the largest banks in Canada by assets.
Current records on the CIBC website show that the bank has a total of $837.7 billion in assets under management and a total of 11 million clients.
CIBC was founded on June 1, 1961, after a successful merger between the Canadian Bank of Commerce and the Imperial Bank of Canada. It was the largest merger ever recorded between chartered banks in the country.
Over the years, CIBC has built a formidable reputation in the Canadian banking sector with world-class financial products and services.
Like other traditional banks, CIBC offers multiple types of savings accounts to cater to the needs of different customers.
CIBC High-Interest Savings Accounts
CIBC currently offers four different types of savings accounts that cater to the needs of its clients.
Here are the CIBC savings account types and their regular interest rates:
- CIBC eAdvantage Savings Account – 1.40%
- CIBC US$ Personal Account – 0.25%
- CIBC TFSA Tax Advantage Savings Account – 0.75%
- CIBC RRSP Daily Interest Savings Account – 0.35%
As you can see, all the CIBC savings account types are designed to meet the specific savings needs of many Canadians.
From the list, you might also notice that the CIBC eAdvantage savings account type has the highest interest rate. This is so because it is the high-interest savings account (HISA) offered by CIBC.
Let’s take a closer look at the CIBC eAdvantage savings account below.
CIBC eAdvantage Savings Account – HISA
This high-interest savings account offered by CIBC gives a regular interest rate of 1.40% on every dollar that you save into the account.
The CIBC eAdvantage savings account gives another 0.50% interest when you save up to $200 or more every month into the account.
This interest of 0.50% is what CIBC refers to as a “Smart Interest rate”. It is only applicable to an account balance of $200,000 or less.
In addition, CIBC offers you a bonus interest rate of up to 2.35% within your first four months of opening the account. You can get this bonus interest rate up to the balance of $1,000,000.
If you qualify for the three interest rates, then you can expect to earn an interest rate of up to 4.25% on your savings in the account.
Aside from additional interest rates, some other important features of the CIBC eAdvantage saving account include.
- No monthly fee
- No minimum opening balance
- Automated savings with AutoSave
- Accessible online and on the CIBC mobile banking app
- Mobile cheque deposit
- Low balance alert with CIBC Smart Balance Alert
- International money transfer with CIBC Global Money Transfer
The table below shows a breakdown of some fees that apply to the CIBC eAdvantage savings account.
| Service | Fee |
| Paperless statements | Free |
| Interac e-Transfer | Sending – $1.5 per transferReceiving – Free |
| ATM Withdrawals (Non-CIBC) | $2.00 each + applicable transaction fee |
You can also visit the official CIBC website to see a complete overview of all additional service fees charged by the bank.
How to Open a CIBC High-Interest Savings Account
You can open and access a CIBC high-interest savings account online from anywhere you are in Canada. The signup process is relatively easy and can be completed in minutes.
To open a high-interest savings account with CIBC, you need to meet the following criteria:
- Be a Canadian resident
- Be of maturity age (the age of majority in your province or territory)
If you meet the above criteria, proceed to the CIBC website and do the following:
- Navigate to “Bank Accounts”
- Click on “Savings”
- Locate the CIBC eAdvantage Savings Account info bar
- Click on “Apply now” and follow the prompts
The entire process of opening a new CIBC eAdvantage savings account shouldn’t take you just 5 minutes on average.
Another way to open a CIBC HISA is by walking into any of the bank branches and applying in person.
CIBC High-Interest Savings Account Alternatives
Compared to other big banks in Canada, CIBC offers one of the highest interest rates on its eAdvantage savings account.
However, If you want a higher savings rate in Canada, it is better to go for the HISA offerings of digital banks.
They are the best alternatives to CIBC HISA and the ones offered by other big banks.
Here are the HISA offerings of some of the popular digital banks in Canada that you may want to consider:
EQ Bank Savings Plus Account
EQ Bank is one of the leading digital banks in the country. It offers a high-interest savings account called the EQ Bank Savings Plus account.
Without any promotions, the EQ Bank savings plus account gives a standard interest rate of 2.50% on every dollar you save in it. This is nearly double the CIBC HISA regular rate.
Aside from having a higher savings rate, the EQ Bank savings plus account also offer the following:
- No minimum opening balance
- No monthly fees
- Unlimited free transactions
- Combination of chequing account features
- EQ Bank card
- Cashback on purchases with EQ Bank card
- Free ATM withdrawals in Canada
- Mobile cheque deposit
- No FX fees
- CDIC deposit insurance
Neo Money Account
The Neo Money account is offered by Neo Financial, a digital bank that is also gaining so much attention from Canadians.
The account offers a 2.25% savings rate which is higher than the CIBC HISA regular rate.
Just like the EQ Bank Savings Plus account, the Neo Money account also combines the features of a savings and chequing account into one.
Some of the key features of the Neo Money account include the following:
- No minimum deposit or balance required
- No monthly or annual fees
- Unlimited free transactions
- Automated/scheduled payments
- Interac e-Transfers
Oaken Savings Account
Oaken Financial is a digital bank owned by the reputable Home Trust company.
The Oaken savings account currently gives an interest rate of 3.40% which is one of the highest non-promo rates in Canada right now.
Other features of the Oaken savings account include the following:
- No minimum balance requirement
- No monthly fees
- Unlimited free transactions
- Easy money transfer to any Oaken GIC
How to Choose a High-Interest Savings Account in Canada
Before choosing a high-interest savings account in Canada, you need to consider the following important factors:
Fees
You should always consider the fees associated with a high-interest savings account before choosing it over others.
Most of the HISA offerings in Canada often come with no monthly fees. But not all HISAs give you access to free unlimited transactions.
For instance, the CIBC eAdvantage saving account charges $5 per transaction for ATM withdrawals, bill payments, debit purchases and so on.
On the flip side, such transactions are free with the EQ Bank savings plus account, Neo Money account and the Oaken savings account discussed above.
Minimum Required Balance
Most HISA offerings in Canada usually don’t have a minimum balance or deposit requirement.
However, you should ensure that the HISA you are choosing does not require a specific balance to access some of its features.
Regular Interest Rate
Many Canadian banks offer a higher promotional interest rate for a limited period on new savings accounts. However, their regular interest rates are usually very low.
Don’t get too distracted by the high promotional rate without also comparing the regular interest rate of the HISA offerings before choosing one.
Additional Features
Not all HISAs in Canada come with additional features like debit cards, Interac e-Transfer support, mobile cheque deposits and so on.
If any of these will be useful to you, you should choose a high-interest savings account that has your desired feature. It will even make more sense if such a feature is free to use.
RELATED:
- Simplii High-Interest Savings Account Review
- TD High-Interest Savings Account Review
- Tangerine High-Interest Savings Account Review
- BMO High Interest Savings Accounts Review
Final Thoughts on CIBC High-Interest Savings Account Review
The CIBC high-interest savings account is an excellent option for individuals looking to earn more on their savings from the big banks in Canada.
Apart from the regular interest rate, CIBC offers bonus interest rates to attract new customers and reward existing ones.
The CIBC eAdvantage Savings Account also comes with additional benefits like mobile cheque deposits and international money transfers.
Nevertheless, if you want to earn higher regular interest and also enjoy unlimited free transactions, you can check any of the digital banks above.
