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CIBC eAdvantage Savings Account Review 2024


Fact Checked

Finding a high-interest savings rate that beats inflation and truly increases the ‘value’ of your savings is a tricky 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 tiered 0.65% to 1.90% 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 1.90%.

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.

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 0.65% to 1.90% 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 0.50% interest rate (on account balances up to $200,000).

Here are its features:

  • $0 monthly account fee
  • Up to 1.90% 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.

Daily Closing BalanceRegular Interest Rate
Balance up to $9,999.990.65% 
Balance $10,000 to $24,999.990.85% 
Balance $25,000 to $99,999.991.50% 
Balance $100,000 to $499,999.991.70% 
Balance $500,000 and over1.90% 
CIBC eAdvantage Savings Account review

CIBC Savings Accounts

Besides the CIBC eAdvantage Savings Account, the bank offers 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 up to 0.50%. 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 AccountCIBC Advantage for YouthCIBC US$ Savings Account
Monthly fee$0$0$0
Fee per transaction*$5 each, no free transaction includedUnlimited free transactions$0.75 USD each
Fee per Interac e-Transfer$1.50 eachFreeNot applicable
Non-CIBC ATM withdrawals in Canada$2 each$2 eachNot applicable
Paper statementsNot applicableFree; $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.

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 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 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 up to 4.00%* on its Personal Account, which also functions as a mini-chequing account. Features of the EQ Bank Personal Account include unlimited free transactions and Interac e-Transfers, mobile cheque deposits, and CDIC insurance.

Neo Financial High Interest Savings Account pays competitive interest on your entire balance. You can also access free and unlimited debit transactions, bill payments, Interac e-Transfers, up to 5% cash back, and CDIC protection when you open a Neo Money account.

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

Simplii High-Interest Savings Account


5.90%* rate for 5 months

Unlimited debits and bill payments

Unlimited Interac e-Transfers

$400 cash bonus offer with a free chequing account

 CIBC eAdvantage SavingsEQ Bank Personal AccountNeo Financial
Monthly fee$0$0$0
Interest Rate1.90%Up to 4.00%* 4.00%
Number of free transactionsFree transfers to your personal CIBC accountsUnlimited debits and bill paymentsUnlimited debits and bill payments via Neo Money
Number of free Interac e-TransfersNone; $1.50 eachUnlimitedUnlimited via Neo Money
Fee per transaction*$5 each$0$0
Insurance coverageCDICCDICCDIC
Learn moreGet this rateGet this rate

Top Banking Offers for July

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 5.00% interest on your savings account

Earn up to 5.00% interest on every dollar when you set up a 30-day notice.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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