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CIBC High Interest Savings Accounts and Alternatives in Canada


Fact Checked

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 rate of 0.65% to 1.90%.

This means that if you hold $10,000 for one year at the 0.65% rate, you can expect to end the year with approximately $10,040 … an increase of only $65.

A rate this low means you have lost purchasing power, given the significantly higher inflation rate.

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 up to a 4.00% rate or this 6.00% 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 1.90%.
  • CIBC US$ Personal Account: Offers a tiered interest rate of up to 0.50%.

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 $9,999.990.65% 
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% 

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 Personal Account

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

It offers a savings rate of up to 4.00%, which is up to 200x more than some offers at the big banks.

Its main features include:

  • Up to 4.00%* 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 $63 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 (3.00%), GICs, and more in my detailed review of the bank.

Neo Financial

The Neo Financial high interest savings account pays 4.00% interest on your entire balance.

Neo Financial 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
  • Deposits are eligible for CDIC insurance
  • No minimum balance

Open a Neo HISA or read our review.

Simplii Financial Savings Offer

Simplii Financial offers a 6.00% 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 Personal AccountNeo Financial
Monthly fee$0$0$0
Interest rate1.00%Up to 4.00%*Up to 4.00%
Free transactionsTransfers to personal CIBC accountUnlimited free debits, bill payments, electronic fund transfersUnlimited free debits, bill payments, electronic fund transfers via Neo Money
Free Interac e-Transfers$1.50 eachYes (unlimited)Yes (unlimited via Neo Money)
Free per debit transaction$5 each$0$0
CDIC insuranceYesYesYes
Other featuresN/AMobile cheque deposit, cheap global money transfer, free ATM withdrawalsAccess to a free cashback card
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 January 2024, 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 4.00% 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 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.

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