Finding a high-interest savings rate that beats inflation and truly increases the ‘value’ of your savings is a tough business these days.
The offerings by the Big 5 banks are next to nothing, and you must look further afield if you want a real “high-interest savings account (HISA).”
The CIBC eAdvantage Savings Account is CIBC’s HISA with a 1.25% interest rate.
You could also look at the other savings accounts offered by this bank; however, the most you will get right now is a maximum base rate of 1.25%.
While the odd bonus rate offer could bolster your return by a few basis points, high-interest rate seekers will have to look elsewhere.
This CIBC eAdvantage Savings Account review covers its features, interest rates, fees, and alternatives.
The Canadian Imperial Bank of Commerce is a top-five bank in Canada.
Formed in 1961 by a merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, its roots date back to 1867.
CIBC serves over 10 million clients worldwide and has 45,000 employees, nearly 4,000 ATMs, and 1,024 bank locations.
It trades on the Toronto and New York stock exchanges under the symbol ‘CM’.
CIBC eAdvantage Savings Account
The CIBC eAdvantage Savings Account offers CIBC’s highest interest rate for savings.
As of this update, you earn a regular 1.25% interest on every dollar and can apply if you are a Canadian resident and have reached the age of the majority in your province.
When you save an additional $200 or more monthly, you earn a bonus of 0.75% interest rate (on account balances up to $200,000).
Here are its features:
- $0 monthly account fee
- Up to 1.25% interest rate that is calculated daily and paid monthly
- Transactions cost $5 each
- Interac e-Transfers (sending) cost $1.50 each plus applicable transaction fees
- Access to CIBC Global Money Transfer
Transfers between your savings account and your other CIBC personal accounts are free and can be done using online, mobile, or telephone banking.
CIBC clients who are opening their first eAdvantage Savings Account may qualify for bonus interest for the first 120 days.
CIBC Savings Accounts
Besides the CIBC eAdvantage Savings Account, the bank offers 4 additional savings accounts you can check out.
CIBC US$ Personal Account: You can keep your U.S. dollar currency holdings in this account and earn 0.25%. It offers U.S. dollar cheques and access to U.S. currency ATMs in Canada. Transaction fees cost $0.75 each.
Learn about U.S. dollar accounts in Canada.
CIBC Advantage for Youth and the CIBC Premium Growth accounts are no longer offered.
CIBC Savings Account Fees
Even though you won’t pay a monthly maintenance fee for a CIBC savings account, some transaction fees may apply depending on your use.
|CIBC eAdvantage Savings Account||CIBC Advantage for Youth||CIBC US$ Savings Account|
|Fee per transaction*||$5 each, no free transaction included||Unlimited free transactions||$0.75 USD each|
|Fee per Interac e-Transfer||$1.50 each||Free||Not applicable|
|Non-CIBC ATM withdrawals in Canada||$2 each||$2 each||Not applicable|
|Paper statements||Not applicable||Free; $4.50 each for Interim statements||$0.75 to $2.25 USD each month, depending on frequency; $5 each for Interim statements|
Transaction fees apply to debit purchases, cheques, CIBC withdrawals (including CIBC ATM), transfers, pre-authorized debits, Interac e-Transfer transactions, and bill payments.
Depending on the CIBC savings account you have, the Interac e-Transfer and ATM withdrawal fees are in addition to the base transaction fee.
Other service fees may also apply to non-sufficient funds, money orders, bank drafts, stop payments, and account transfers to other financial institutions.
CIBC eAdvantage High-Interest Savings Account Alternatives
Some of the best savings account rates in Canada are from online subsidiaries of big banks and financial technology companies.
For example, EQ Bank offers 2.50%* on its Savings Plus Account, which also functions as a mini-chequing account. Features of the EQ Bank Savings Plus Account include unlimited free transactions and Interac e-Transfers, mobile cheque deposits, and CDIC insurance.
KOHO Earn Interest pays interest on your entire balance when you set up a direct deposit, e.g. payroll. A KOHO account also offers free and unlimited debit transactions, bill payments, Interac e-Transfers, up to 5% cash back, and CDIC protection.
The Neo Financial Savings account offers 2.25% interest on your savings. You can pay bills, make deposits, send and receive Interac e-Transfers, and more from your account.
The HSBC High Rate Savings Account offers up to 4.75% interest on new deposits for a limited time (October 17, 2022, to January 27, 2023). This account includes 3 free debits monthly.
Below, we show how these savings accounts compare to the CIBC eAdvantage savings account.
|CIBC eAdvantage Savings||EQ Bank Savings Plus||KOHO||Neo Financial|
|Number of free transactions||Free transfers to your personal CIBC accounts||Unlimited debits and bill payments||Unlimited debits and bill payments||Unlimited debits and bill payments|
|Number of free Interac e-Transfers||None; $1.50 each||Unlimited||Unlimited||Unlimited|
|Fee per transaction*||$5 each||$0||$0||$0|
|Learn more||–||Get this rate||Get this rate||Get this rate|
Do you have a CIBC savings account? Let us know about your experiences in the comments below.