Advertiser Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

CIBC eAdvantage Savings Account Review 2022

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.

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 Savings Account review

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 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.

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 SavingsEQ Bank Savings PlusKOHONeo Financial
Monthly fee$0$0$0$0
Interest Rate1.25%2.50%* 1.20%2.25%
Number of free transactionsFree transfers to your personal CIBC accountsUnlimited debits and bill paymentsUnlimited debits and bill paymentsUnlimited debits and bill payments
Number of free Interac e-TransfersNone; $1.50 eachUnlimitedUnlimitedUnlimited
Fee per transaction*$5 each$0$0$0
Insurance coverageCDICCDICCDICCDIC
Learn moreGet this rateGet this rateGet this rate

Do you have a CIBC savings account? Let us know about your experiences in the comments below.

Top Banking Offers in December

Get a top-rated chequing account and up to a $400 bonus

Unlimited debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated/mo.).

Get up to $400 cash bonus when you meet minimum requirements.

Access a high-interest savings account (up to 4.90% interest rate* offer).

Get a free chequing account and a $350 cash bonus

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

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Get a high-interest rate on your savings (5.00% limited-time interest rate offer).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and insurance coverage benefits.

Retirement 101 eBook - 3D

Author

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Shares
Share
Pin
Tweet
WhatsApp
Reddit