The Canadian Imperial Bank of Commerce, or CIBC for short, services 10 million clients within Canada and internationally. CIBC is currently the fifth largest bank in Canada with $640 billion dollars in total assets as of 2019. Because CIBC is among the largest banks in the nation, the fees to use their services tend to be higher compared to their smaller competitors. On the flip side, CIBC has a wide network, readily available services and an easy to use online portal.
CIBC Advantages & Disadvantages
Below are high level advantages and disadvantages of banking with CIBC to consider before moving onto the product details:
- Large network of ATMs and branches in Canada.
- Opportunity to bundle products and services to save.
- Comprehensive online and mobile banking portals that allow you to do the majority of your banking from home.
- Clients tend to incur higher fees to use CIBC’s services.
- Minimum individual or household income requirements for some products are applicable.
- Customer service can be impersonal or inconvenient because of the bank’s size.
Financial Product Overview
Since CIBC is one of the largest banks in Canada, they boast a wide array of products and services. All of the accounts offered by CIBC are listed below with the exception of student, senior and business products.
Find a list of all the chequing and savings accounts offered by CIBC below:
- Everyday Chequing Account. The monthly fee for this account is $3.90 and 12 transactions are included every month. Additional transactions cost $1.25 each. Fees on Interac e-Transfers still apply.
- Smart Account. Users have a lot of monthly transaction flexibility with this account. If account holders only incur 12 transactions or less, the monthly fee is $4.95. If users incur 20 or more transactions, the monthly fee is $14.95. Between 12 and 20 transactions, every deposit or withdrawal costs $1.25 each.
- Smart Plus Account. All transactions are unlimited and free with this account. The monthly fee is $29.95. Cardholders can take advantage of CIBC credit card rebates annually.
- eAdvantage Savings Account. Savings held in this account earns 0.05% interest. There is no monthly fee, but transactions cost $5 each. Transfers between CIBC accounts are free.
- US Personal Account. Deposit, withdraw and save US dollars with this account. There is no monthly fee and the interest rate is 0.05%. Transactions from this account cost $0.75 US each.
- Dividend Visa Infinite Card. This cash back rewards credit card yields 4% on gas and grocery purchases, 2% on Tim Hortons and TELUS expenditures, and 1% on all other purchases. The annual fee is $99 and additional cardholders cost $30 each. The minimum annual income is $60,000 for individuals and $100,000 for households.
- Dividend Platinum Visa Card. The annual fee is $99 and additional cards cost $30 per year each. Earn 4% cash back on gas and grocery expenditures, 2% on Tim Hortons and TELUS purchases and 1% on all other purchases. The minimum household income is $15,000.
- Dividend Visa Card. Earn 2% cash back on all grocery purchases and 0.5% cash back on all other purchases for your first $6,000 of expenditures. All other purchases past the $6,000 mark earn 1% cash back. There is no annual fee and the minimum household income requirement is $15,000.
- Aerogold Visa Infinite Privilege Card. Earn 1.5 Aeroplan miles for every dollar spent on gas, grocery, pharmacy and Air Canada purchases and 1.25 miles for every dollar spent on other purchases. The annual fee is $399 and the minimum household income is $200,000. Cardholders gain access to lucrative Air Canada benefits as well.
- Aerogold Visa Infinite Card. The annual fee is $120 and the minimum income is $60,000 for individuals or $100,000 per household. Cardholders earn 1.5 Aeroplan miles for every dollar spent on gas, grocery, pharmacy and Air Canada purchases. All other purchases yield 1 mile per dollar spent.
- Aero Platinum Visa Card. The minimum household income for this card is $15,000 and the annual fee is $39. Cardholders earn 1 mile for every $1.50 spent.
- Aventura Visa Infinite Card. Earn 2 points for every dollar spent on travel purchased through the CIBC Rewards Centre, 1.5 points for every dollar spent on gas, grocery and pharmacy, and 1 point for every dollar spent elsewhere. The annual fee is $120, but cardholders can also take advantage of a Priority Pass Membership, 4 airport lounge visits yearly and Nexus fee rebates. To be eligible for this card, you must earn $60,000 individually or $100,000 as a household.
- Aventura Visa Infinite Privilege. Earn 3 points for every dollar spent on travel purchased through the CIBC Rewards Centre, 2 points for every dollar spent on dining, entertainment, gas, grocery and transportation, and 1.25 points for every dollar spent on all other purchases. The annual fee is $499 and you must have an annual income of $200,000 as a household to be eligible.
- Aventura Gold Visa Card. The annual fee for this card is $120 and the minimum household income is $15,000. Cardholders earn 2 points for every dollar spent on CIBC Rewards Centre purchases, 1.5 points on every dollar spent on gas, grocery and pharmacy, and 1 point for every dollar spent on everything else. Take advantage of a complimentary Priority Pass Membership, Nexus fee discounts and 4 airport lounge visits per year.
- Aventura Visa Card. Earn 1 point for every dollar spent on gas, pharmacy, grocery and CIBC Rewards Centre purchases. All other purchases yield 1 point for every $2 spent. There is no annual fee for this card and the minimum household income is $15,000.
- US Dollar Aventura Gold Visa Card. The annual fee is $35 USD and additional cards are free. All purchases are charged and paid for in US dollars. Earn 1 point for every dollar spent on travel purchased through the CIBC Rewards Centre. All other purchases yield 1 point for every $2 spent. The minimum household income is $15,000.
- Select Visa Card. The interest rate on this card is lower than average at 13.99%. The annual fee is $29 and the minimum household income is $15,000. There’s a special balance transfer option with this card which is 0% interest for 10 months and a 1% transfer fee.
CIBC offers their clients fixed rate and variable rate mortgages for residential properties. Their featured rates are 1.93% on a high ratio five year term with a fixed interest rate and 2.10% (2.12% APR) on a five year term with a fixed interest rate. Whether you’re buying your first home, purchasing a secondary property or renewing a mortgage, CIBC can connect you with the financing you need.
Lines of Credit & Loans
Several loans and lines of credit are offered by CIBC, as listed below:
- Personal Line of Credit. Utilize revolving debt with a variable interest rate dependent on the CIBC Prime rate. The term is continuous and the minimum borrowing amount is $5,000. Collateral is not required.
- Home Power Plan Line of Credit. Use the equity in your home as collateral to open this line of credit. The interest rate is variable based on the CIBC Prime rate. The term is ongoing and the minimum lending amount is $10,000.
- Personal Loan. Borrow for your custom needs with this loan. The interest rate can be fixed or variable, but both options are dependent on the CIBC Prime rate. The term can range between one and five years. The minimum borrowing amount is $3,000 and security is optional.
- Personal Car Loan. Purchase a car with this loan and take advantage of a fixed or variable interest rate dependent on the CIBC Prime rate. The term must be between one and eight years. Collateral is a requirement which will likely be the vehicle you’re purchasing. The minimum borrowing threshold is $3,000.
- RRSP Maximizer Loan. Take out a loan to optimize your RRSP contributions and take advantage of tax breaks. The interest rate is fixed or variable and is dependent on the CIBC Prime rate. The term can be anywhere from one year to ten years. The maximum lending amount is $50,000 and security is optional.
CIBC has a wide range of investment opportunities given that it’s one of the largest banks in Canada. Below are all of the investments available with CIBC:
- Tax-Free Savings Account / Tax Advantage Savings Account. Build your TFSA savings with an interest rate of up to 0.05%. There is no monthly fee but a minimum investment of $25 is required. Government contribution limits apply since this is a registered account.
- Registered Retirement Savings Plan / Daily Interest Savings Account. Grow your retirement savings with an interest rate of up to 0.05%. The minimum investment is $25 and there is no monthly fee. Government withdrawal and contribution limits apply since this is a registered account.
- Guaranteed Investment Certificates (GICs). Invest your savings into one of the most safe investments, GICs. CIBC offers a variety of GIC products with differing terms, interest rates and features.
- Mutual Funds. Buy into mutual funds managed by CIBC professionals. There’s an option to invest using funds held in a TFSA, RRSP or RRIF.
- Portfolio Services. Diversify, monitor and rebalance your portfolio as needed with CIBC’s portfolio investment services.
- High Interest Savings Accounts. Available for registered and non-registered investments, this account has a 0.25% interest rate.
- Other investment services. CIBC also offers stocks, bonds, exchange-traded funds (ETFs), mortgage-backed securities, structured notes and treasury bills.