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 0.25% to 1.20%.
This means that if you hold $10,000 for one year at the 0.25% rate, you can expect to end the year with approximately $10,025 … an increase of only $25.
A rate this low means you have lost purchasing power, given the significantly higher inflation rate.
CIBC’s low HISA rate is similar to what’s being offered by some other big banks, such as RBC and TD.
If you want a decent return on your savings, you may need to consider an online bank like EQ Bank, which currently offers up to a 3.50% rate or this 3.90% promo rate from Simplii Financial.
This review of CIBC’s high-interest savings accounts covers its features, benefits, downsides, fees, and alternatives.
Related: Best Savings Accounts in Canada.
About CIBC
The Canadian Imperial Bank of Commerce (CIBC) was founded in 1961 following a merger of the Canadian Bank of Commerce and the Imperial Bank of Canada.
It is one of the biggest banks in Canada and North America, with more than 10 million customers and 44,000 employees.
CIBC trades on the Toronto Stock Exchange under the ticker symbol ‘CM’.
CIBC High Interest Savings Account
CIBC offers several savings accounts, including:
- CIBC eAdvantage Savings Account: This HISA offers its best rates on savings in Canadian dollars at up to 1.20%.
- CIBC US$ Personal Account: Offers a tiered interest rate of up to 0.30%.
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 Balance | Regular Interest Rate |
|---|---|
| Balance up to $9,999.99 | 0.25% |
| Balance $10,000 to $24,999.99 | 0.40% |
| Balance $25,000 to $99,999.99 | 0.75% |
| Balance $100,000 to $499,999.99 | 1.00% |
| Balance $500,000 and over | 1.20% |
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 0.25%. 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.
Its main features include:
- Higher 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.
EQ Bank Personal Account
Earn up to 3.50% interest
No monthly account fees or minimum balance
Unlimited debit transactions and e-Transfers
Free cashback card & no ATM fees
Supports mobile cheque deposits
Simplii Financial Savings Offer
Simplii Financial offers a 3.90% 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 Account | EQ Bank Personal Account | Neo Financial | |
| Monthly fee | $0 | $0 | $0 |
| Interest rate | 1.00% | Up to 3.50%* | Up to 3.00% |
| Free transactions | Transfers to personal CIBC account | Unlimited free debits, bill payments, electronic fund transfers | Unlimited free debits, bill payments, electronic fund transfers via Neo Money |
| Free Interac e-Transfers | $1.50 each | Yes (unlimited) | Yes (unlimited via Neo Money) |
| Free per debit transaction | $5 each | $0 | $0 |
| CDIC insurance | Yes | Yes | Yes |
| Other features | N/A | Mobile cheque deposit, cheap global money transfer, free ATM withdrawals | Access to a free cashback card |
| Learn more | – | Get this rate | Get this rate |
CIBC HISA FAQs
Its HISA account is the CIBC eAdvantage Savings Account.
As of January 2025, the standard interest rate on CIBC’s savings account is up to 1.20%.
Many of the best rates on savings are currently being offered by online banks such as EQ Bank, with 3.50% on general savings and 2.00% on TFSAs and RRSPs (as of January 2025).
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:
