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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 0.05% 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 0.05%.

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 rate, fees, and alternatives.

About CIBC

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, 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 review

CIBC eAdvantage Savings Account

The CIBC eAdvantage Savings Account offers CIBC’s highest interest rate for savings.

As of this writing, you earn up to 0.05% interest on every dollar and can apply if you are a Canadian resident and have reached the age of the majority in your province.

Here are its features:

  • $0 monthly account fee
  • Up to 0.05% 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 Bonus Savings Account: This account pays a tiered interest rate on your balance. You earn 0.01% on balances up to $2,999.99, and 0.02% on balances of $3,000 or more. The CIBC Bonus Savings Account also comes with one of free transaction per month.

CIBC Premium Growth Account: This account pays a flat rate interest of 0.01% on all balances. Transaction fees are cheaper at $1.50 each, making this savings account an option if you plan on making frequent transactions.

CIBC US$ Personal Account: You can keep your U.S. dollar currency holdings in this account and earn 0.05%. 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: This children’s bank account is available to kids who are 18 or younger.

It pays a 0.05% interest rate, offers unlimited free transactions, and has no monthly fee.

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 how you use it.

CIBC eAdvantage Savings Account
CIBC Bonus Savings Account
CIBC Premium Growth Account
CIBC Advantage for Youth
CIBC US$ Savings Account
Monthly fee
$0
$0
$0
$0
$0
Fee per transaction*
$5 each, no free transaction included
$5 each; 1 free transaction/month
$1.50 each; it includes no free transaction
Unlimited free transactions
$0.75 USD each
Fee per Interac e-Transfer
$1.50 each
$1.50 each
$1.50 each
Free
Not applicable
Non-CIBC ATM withdrawals in Canada
$2 each
$2 each
$2 each
$2 each
Not applicable
Paper statements
Not applicable
$0.75 to $2.75 each month depending on type and frequency; $4.50 for Interim statements
$0.75 -$2.75 each month depending on type and frequency; $4.50 for Interim statements
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 fintechs.

For example, EQ Bank offers 1.50%* on its Savings Plus Account that also functions as a mini-chequing account.

Tangerine Bank, a subsidiary of Scotiabank has a 2.15% promotional offer for 5 months followed by a regular 0.15% interest rate.

Wealthsimple Cash, a hybrid account provided by Wealthsimple, is offering 0.75%.

Below, we show how these savings accounts compare to the CIBC eAdvantage savings account.

 
CIBC eAdvantage Savings Account
EQ Bank Savings Plus Account
Wealthsimple Cash
Tangerine
Monthly fee
$0
$0
$0
$0
Interest Rate
0.05%
1.50%*
0.75%
0.15%; 2.15% promo rate for 5 months
Number of free transactions
Free transfers to your personal CIBC accounts
Unlimited debits and bill payments
Free transfers to linked bank account
Free transfers to linked bank account
Number of free Interac e-Transfers
None; $1.50 each
Unlimited
None (upcoming feature)
None with savings; unlimited free with Tangerine chequing
Fee per transaction*
$5 each
$0
Not applicable
Not applicable
Insurance coverage
CDIC
CDIC
CIPF
CDIC
Learn more