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 0.05% rate.

What this means is that if you hold $10,000 for one year at this rate, you can expect to end the year with approximately $10,005 … a “whopping” increase of $5.

A rate this pathetic means you have lost purchasing power given the significantly higher inflation rate of 1-2%.

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 is currently offering a 1.25% non-promotional rate.

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 had a market capitalization of $44.4 billion and total assets of $769.6 billion for the year ended October 31, 2020, and trades on the Toronto Stock Exchange under the ticker symbol ‘CM’.

CIBC High Interest Savings Account

CIBC offers a number of savings accounts, including:

  • CIBC eAdvantage Savings Account: This HISA offers its best rates on savings in Canadian dollars at 0.05%.
  • CIBC Premium Growth Account: The rate offered by this account as of April 12, 2020, was 0.01%.
  • CIBC Advantage for Youth Account: This kid’s bank account has a 0.05%. it is available to anyone under 18 years of age.
  • CIBC US$ Personal Account: Offers a tiered interest rate up to 0.05%.
  • CIBC Bonus Savings Account: This HISA offers a tiered interest rate of up to 0.02%.

CIBC eAdvantage Savings Account

The CIBC eAdvantage Savings Account earns 0.05% on every dollar and has no monthly account fee.

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

It 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

Transfer 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 will need to look beyond the big 5 banks.

Our top choices are EQ Bank and Wealthsimple Cash.

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 1.25% that is up to 30x more than the big banks.

Its main features include:

  • 1.25%* 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 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 more than $35 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 here.

You can also learn more about EQ Bank’s personal banking products, TFSA and RRSP rates (2.30%), GICs, and more in my detailed review of the bank.

Wealthsimple Cash

Wealthsimple Cash is the savings account offered by Wealthsimple, Canada’s most popular online wealth manager.

This cash account has a 0.75% rate and the following features:

  • Free peer-to-peer payment platform
  • Instantly send up to $5,000 daily or $20,000 monthly
  • No minimum balance
  • Available on desktop and mobile devices
  • Free deposits and withdrawals
  • Deposits are eligible for CDIC insurance

Open a Wealthsimple Cash account or read our review.

CIBC High Interest Savings Account Vs. EQ Bank Savings Plus

 CIBC eAdvantage Savings AccountEQ Bank Savings Plus AccountWealthsimple Cash
Monthly fee$0$0$0
Interest rate0.05%1.25%*0.75%
Free transactionsTransfers to personal CIBC accountUnlimited free debits, bill payments, electronic fund transfersFree transfers to contacts on app
Free Interac e-Transfers$1.50 eachYes (unlimited)N/A
Free per debit transaction$5 each$0N/A
CDIC insuranceYesYesYes
Other featuresN/AMobile cheque deposit, cheap global money transferP2P payment system
Learn moreGet this rateGet this rate

CIBC HISA FAQs

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 April 12, 2021, the best interest rate on CIBC’s savings account is 0.05%.

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 1.25% on general savings and 2.30% 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:

What’s your take on CIBC’s high interest savings account? Let us know in the comments.

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

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

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