About bank
Canadian Imperial Bank of Commerce (CIBC) is a banking and financial services corporation based in Toronto, operating in Canada, the US, Asia, the UK, and the Caribbean. CIBC was established on June 1, 1961, as the merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873).
A long story of the organization is also a list of acquisitions, which allowed the Canadian Imperial Bank of Commerce to become one of the largest banks in Canada. According to Bloomberg, its total assets are about $837 billion.
This leading financial institution consists of four strategic business units operating worldwide: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets.
The financial institution offers a full range of financial and banking products, services, and tools to more than 11 million personal and corporate customers around the world. It's one of the most reputable banks in Canada with more than 1,000 banking centers and over 3,000 ATMs across the country. Every year the corporation gets recognition from a variety of organizations for business success, community commitment, and innovative ideas.
Features
- CIBC is one of the oldest and largest financial institutions in Canada with a wide network of branches. It allows you to easily get the services you need and be sure of their quality. Don't worry about facing a scam.
- If you want to get a wide range of resources, products, and tools in one place, it's a great idea to choose CIBC. But rates may be not the most advantageous and fees are applicable.
- Mobile banking application lets CIBC be an innovative company which is known as the organization with the easy to use and popular application, online banking and brokerage concentrated on clients service.
Pros and cons
Read a quick review to evaluate the advantages and disadvantages.
Pros
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A part of the Big 5 banks in Canada
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Full-service banking institution
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Easy and functional mobile app with good reviews
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Popular and top-rated online broker and online banking
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Easy to find (over 1,000 locations)
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Safe and secured
Despite its high rating, long history, and multinational size there are some downsides that are worth mentioning.
Cons
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Additional fees, some are rather high
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Not the best interest rates
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Bad customers reviews at TrustPilot and BBB
Products
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CIBC Everyday Chequing Account with monthly fees and Smart and Smart Plus chequing accounts having unlimited transactions and ATM withdrawals. They are fee-free with a minimum deposit.
Smart Start Chequing Account has unlimited transactions and no monthly fees for clients under 25 years. Also, there are options for students, seniors, and people who are new to Canada. -
Savings accounts include eAdvantage, US$ Personal, TFSA Tax Advantage, and RRSP Daily Interest offers with no monthly fees.
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24 different credit card options to match your financial needs: travel, cashback, no-fee, low-interest, student, or business credit cards. Popular Aventura and Aeroplan cards with annual fees and cash-back give travel rewards.
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Mobile Banking app is a top-rated application that has all the necessary functions in an easy-to-use interface and is popular in Canada.
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CIBC fixed and variable rate mortgage options may be also closed and open in order to serve any life plans. Wealth Builder Mortgage lets you purchase a home and build up your savings. Convertible Mortgage offers you to change options.
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Home Power Plan allows you to combine a mortgage with a home equity line of credit (HELOC).
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Investor's Edge is an online and mobile trading application with a low, flat commission for investors who want to self-manage their portfolio.
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Personal Portfolio Services with professional investment management.
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Private Wealth Management is provided through specialists and advisors of Private Banking, Wood Gundy, Private Investment Counsel, and Trust.
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Online banking with 24/7 support is available through the convenient Canadian Imperial Bank of Commerce website.
Services
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Bank accounts are: chequing accounts for personal and commercial everyday banking and accounts for retirement, education, tax-free, business, and other savings;
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Credit cards with advantageous conditions and fees that might be eliminated by rewards;
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Business banking: Canadian Commercial banking services include specialized business accounts, credit cards, investing solutions, cash management, and support service which assist in commerce and finance decisions;
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Online and mobile banking are designed to make all bank options convenient and easy to access;
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Insurance offers for borrowers, credit card holders, and travelers;
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Line of credit and loan service provides borrowing options for personal and business use;
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CIBC mortgages offer a wide range of options at competitive rates and useful resources allow to get pre-approved and apply for a home loan online;
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Investing products as mutual funds and GICs, available for any investors through an online and mobile trading app or individual advisor;
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Wealth management services are provided for personal and commercial or small firm banking with the aim to give ideas for growing and saving money.
