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CIBC High Interest Savings Accounts and Alternatives in Canada

It has been a while since a high-interest savings account (HISA) paid a decent interest rate on your money in Canada.

For example, CIBC’s high-interest savings account, the CIBC eAdvantage Savings account, currently earns at a standard of 0.40% to 1.60% rate.

This means that if you hold $10,000 for one year at the 0.40% rate, you can expect to end the year with approximately $10,040 … an increase of only $40.

A rate this low means you have lost purchasing power, given the significantly higher inflation rate of 5% and more.

CIBC’s low HISA rate is similar to what’s being offered by some other big banks, such as RBC and TD.

If you want a decent return on your savings, you may need to consider an online bank like EQ Bank, which currently offers a 2.50% non-promotional rate or this 5.25% promo rate from Simplii Financial.

This review of CIBC’s high-interest savings accounts covers its features, benefits, downsides, fees, and alternatives.

Related: Best Savings Accounts in Canada.

About CIBC

The Canadian Imperial Bank of Commerce (CIBC) was founded in 1961 following a merger of the Canadian Bank of Commerce and the Imperial Bank of Canada.

It is one of the biggest banks in Canada and North America, with more than 10 million customers and 44,000 employees.

CIBC trades on the Toronto Stock Exchange under the ticker symbol ‘CM’.

CIBC High Interest Savings Account

CIBC offers several savings accounts, including:

  • CIBC eAdvantage Savings Account: This HISA offers its best rates on savings in Canadian dollars at up to 1.60%.
  • CIBC US$ Personal Account: Offers a tiered interest rate of up to 0.25%.

The CIBC Premium Growth Account and Bonus Savings Account are no longer offered.

CIBC eAdvantage Savings Account

The CIBC eAdvantage Savings Account has no monthly account fee and earns a tiered interest rate on every dollar as follows:

Daily Closing BalanceRegular Interest Rate
Balance up to $9,999.990.40% 
Balance $10,000 to $24,999.990.40% 
Balance $25,000 to $99,999.991.40% 
Balance $100,000 to $499,999.991.40% 
Balance $500,000 and over1.60% 

You can use it to set up an automatic savings plan and transfer money from your chequing on a set schedule.

When you save an extra $200 or more each month, you qualify for a bonus “Smart Interest” of 0.50%. This is paid on balances up to $200,000.

This account has the following fees:

  • $5 for each transaction (no free transactions are included)
  • $1.50 plus transaction fee per Interac e-Transfer when sending
  • $2.00 plus transaction fee for each non-CIBC ATM withdrawal

Transfers between your CIBC personal accounts are free.

CIBC High Interest Savings Account Alternatives

For some of the best high-interest savings accounts in Canada, you must look beyond the big 5 banks.

Our top choices are EQ Bank, KOHO, and Neo Financial.

EQ Bank Savings Plus Account

EQ Bank’s Savings Plus Account consistently ranks as one of the best savings accounts in the country.

It offers a savings rate of 2.50%, which is up to 200x more than some offers at the big banks.

Its main features include:

  • 2.50%* interest rate on every dollar
  • No monthly fees
  • Free and unlimited transactions, bill payments, Interac e-Transfers, and electronic fund transfers
  • Free mobile cheque deposits
  • No minimum balance
  • Cheap international money transfers

EQ Banks is the online subsidiary of Equitable Bank, a Schedule I bank with over $42 billion in assets under management.

Your deposits at the bank are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per insured category.

To open an account online and take advantage of higher interest rates, visit EQ Bank.

You can also learn more about EQ Bank’s personal banking products, TFSA and RRSP rates (2.00%), GICs, and more in my detailed review of the bank.


KOHO Earn Interest pays 0.50% to 2.00% interest on your entire balance, depending on your account tier.

KOHO users also enjoy the following perks:

  • Access to a free cash back prepaid Mastercard that pays up to 5% cash back on purchases
  • Free budgeting app with automated savings
  • Free and unlimited Interac e-Transfers
  • Free deposits and withdrawals
  • Deposits are eligible for CDIC insurance
  • No minimum balance
  • $20 welcome bonus

Open a KOHO Earn Interest account or read our review.

Simplii Financial Savings Offer

Simplii Financial offers a 5.25% interest rate on savings for a limited time. You can pair up this offer with its free chequing account and get:

  • No monthly fees
  • Free and unlimited transactions, bill payments, Interac e-Transfers, and electronic fund transfers
  • Free mobile cheque deposits
  • $400 cash bonus when you set up a direct deposit for three months

Learn more about the offer in this Simplii review.

CIBC High Interest Savings Account Vs. EQ Bank Savings Plus vs. KOHO

 CIBC eAdvantage Savings AccountEQ Bank Savings Plus AccountKOHO
Monthly fee$0$0$0
Interest rate1.00%2.50%*Up to 2.00%
Free transactionsTransfers to personal CIBC accountUnlimited free debits, bill payments, electronic fund transfersUnlimited free debits, bill payments, electronic fund transfers
Free Interac e-Transfers$1.50 eachYes (unlimited)Yes (unlimited)
Free per debit transaction$5 each$0$0
CDIC insuranceYesYesYes
Other featuresN/AMobile cheque deposit, cheap global money transfer, free ATM withdrawalsCashback card, credit building, joint accounts
Learn moreGet this rateGet this rate


Does CIBC offer a high-interest savings account?

Its HISA account is the CIBC eAdvantage Savings Account.

What is the interest rate on CIBC’s high-interest savings account?

As of June 2023, the standard interest rate on CIBC’s savings account is up to 1.60%.

Which Canadian bank has the best high-interest savings account?

Many of the best rates on savings are currently being offered by online banks such as EQ Bank, with 2.50% on general savings and 3.00% on TFSAs and RRSPs.

Is CIBC a good bank?

CIBC is a top 5 bank in Canada based on several metrics, including its balance sheet size, market capitalization, and global rankings.

You can learn about the high interest savings products for other banks below:

Top Banking Offers in September

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

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

Unlimited transactions, including debits and Interac e-Transfer transactions.

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

Access to a high-interest savings account.

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

Easy $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).

Get a $100 bonus with the top no-fee cashback credit card

Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cash back in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

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

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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 Forbes, 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.

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