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Banks
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Canadian Western Bank

Advertiser Disclosure

About bank

Canadian Western Bank is a part of CWB Financial Group, established in 1984 in Edmonton, Alberta, as a single branch of a financial services organization. It is still based in the west but has more than 40 banking offices in Canada. 

CWB Financial Group operates through its subsidiaries in business banking services, personal banking, trust, and wealth management services. 

Features

  1. Established and based in Alberta, CWB is concentrated in the country's west. But it's the member of THE EXCHANGE Network that lets the customers use ATMs of this network with no extra fee. However, most CWB branches are in Alberta and British Columbia (the most significant number of banking centers are in Edmonton, Vancouver, and Calgary). 

  2. Business banking is a great portion of Canadian Western Bank's financial products and services, specialized for small, medium, and large-scale businesses. It provides online banking services, financing of different types, wealth management and support, a great choice of everyday operating and savings accounts with great rates in Canadian and American dollars, and no monthly fee options.

  3. CWB is developing digital banking services and currently offers CWBdirect Online Banking and CWBdirect Business Online Banking, a Canadian Western Bank mobile app. It enhances the work on the functions, but currently, you aren't able to apply online for a wide range of products like loans or open some types of accounts. 

Pros and cons 

Pros 

  • Online, mobile, and in-person banking

  • A lot of options for business clients

  • Reputable bank 

  • No fee unlimited transactions options

  • Special offers for seniors, youth, students 

  • Great interest rates

  • Get your card 100% instantly

  • Equal rewards for any purchases

  • Use EXCHANGE Network ATMs

Cons

  • Lack of branches in the east of Canada

  • Most of the branches are located in the provincial capitals

  • Not all products are available for online application 

  • No promo offers and bonuses

  • Lack of lending and investing products 

  • Limited choice of credit cards 

Products

  1. Flex Notice Account lets you combine the flexibility of access to your money from savings accounts and premium interest earning with a variable rate of locked-in investment products.

  2. Apex Account is a checking account with a monthly fee, which could be waived, and unlimited transactions, most of which are free. 

  3. Youth Account is a free checking account especially for 0-18 years old, with an opportunity to earn interest; the rate is good with a balance over $500.

  4. WestEarner RRSP account lets you contribute a small sum and transfer your money to a CWB RRSP GIC or RIF GIC anytime. 

  5. HOMEWORKS is a lending solution with conditions allowing you to access the value of your home through a mortgage, term loan, or home equity line of credit (HELOC), manageable from a CWB checking account. 

  6. CWB Business Advantage Account offers unlimited electronic transactions, free ongoing Interac e-Transfers, and 60 paper transactions per month with a $35 monthly fee, which could be waived if you maintain a balance over $50,000.

  7. CWBdirect Online Banking is an online account available from a computer or mobile phone (using CWB mobile app or CWB Mobile web). It allows you to easily and quickly make digital transactions such as transfers, arrange auto payments, receive and send Interac e-Transfers, etc. 

Services 

  1. Bank accounts: chequing and savings accounts with no fee, minimum balance options, and special offers for seniors, students, and youth for personal and business use.

  2. Special financing services for small- and medium-sized companies. 

  3. Credit cards with rewards, insurances included, and no fee option.

  4. Lending: vehicle loans, RRSP loans, consolidation loans, lines of credit, mortgages with the optional Creditor life and disability insurance from the Canada Life Assurance Company.

  5. Investing: registered savings plans and GICs of several types with competitive rates. 

  6. ATM banking with THE EXCHANGE Network allows you to use 3,625 surcharge-free ATMs in Canada and 40,000 in the USA. 

  7. Resources for seniors: Wealth management, retirement planning, Gold Leaf Plus Account, advice, and assistance from the Senior Support Team. 

  8. Business banking: checking and savings accounts, financing, credit cards, online business banking, cash management, and financial planning with special business solutions for agriculture and professionals. 

  9. Online banking for personal and business clients and mobile app for personal banking providing an overview of balances, electronic transactions, cheque deposits for chequing, savings, and credit card accounts. 

Canadian Western Bank

FAQ

Is CWB legitimate?

Yes, it's a subsidiary of CWB Financial Group, based in Edmonton, Alberta, since 1984. Canadian Western Bank operates mainly in western Canada, with over 40 branches in Alberta, British Columbia, Saskatchewan, and Manitoba.

Is my money safe with CWB?

CWB is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits held in CWB Financial Group registered savings accounts (i.e., RRSPs, RIFs, RESPs, RDSPs, TFSAs, LIRAs, and LIFs), chequing, and high-interest savings accounts are eligible for CDIC insurance coverage of up to $100,000.

How can I withdraw my money from CWB?

Canadian Western Bank is a member of THE EXCHANGE Network, which lets you use 3,625 ATMs in Canada and 40,000 ATMs in the USA. For most of CWB checking accounts, these operations are free. However, non-EXCHANGE Network ATMs withdrawals are usually charged with additional fees.

Company documents

CWB Financial Group Privacy Statement

CWB Financial Group is a diversified financial services organization that provides specialized service across Canada in business and personal banking, equipment financing, trust services and wealth management.

© CWB Financial Group

Canadian Western Bank service available provinces

  • Ontario
  • Quebec
  • Nova Scotia
  • New Brunswick
  • Manitoba
  • British Columbia
  • Prince Edward Island
  • Saskatchewan
  • Alberta
  • Newfoundland and Labrador
  • Northwest Territories
  • Yukon
  • Nunavut
Canadian Western Bank service available provinces

Financial products

Canadian Western Bank
CWB No Fee Cash Back Visa Business card®
Rating by Finanso®
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Canadian Western Bank
CWB Visa Infinite Business card®
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Canadian Western Bank
CWB Low Rate Visa Business card®
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Recommended FinScore™
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Canadian Western Bank
Consolidation loan
Rating by Finanso®
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
$50,000
Term
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Loan term for the financial product

10 years
Canadian Western Bank
Vehicle loans
Rating by Finanso®
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Canadian Western Bank
Line of credit
Rating by Finanso®
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Recommended FinScore™
0
300
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$3,000 and up
Canadian Western Bank
WestEarner® fully redeemable RRIF GIC
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$5,000 minimum deposit
Rate
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Effective interest rate on the product

0.900%
Term
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Loan term for the financial product

12-60 months
Canadian Western Bank
WestEarner® Premium RRIF GIC
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$5,000 minimum deposit
Rate
i

Effective interest rate on the product

up to 4.400%
Term
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Loan term for the financial product

12-120 months
Canadian Western Bank
WestEarner RRIF account®
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$50 minimum deposit
Rate
i

Effective interest rate on the product

0.900%
Canadian Western Bank
WestEarner® Convertible RRSP GIC
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$500 minimum deposit
Rate
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Effective interest rate on the product

4.450%
Term
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Loan term for the financial product

12 months
Canadian Western Bank
WestEarner® Premium RRSP GIC
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$500 minimum deposit
Rate
i

Effective interest rate on the product

up to 4.400%
Term
i

Loan term for the financial product

30 days - 120 months
Canadian Western Bank
WestEarner® RRSP account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$50 minimum deposit
Rate
i

Effective interest rate on the product

0.900%
Canadian Western Bank
WestEarner® TFSA Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$50 minimum deposit
Rate
i

Effective interest rate on the product

1.000%
Canadian Western Bank
WestEarner® TFSA GIC
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$1,000 minimum deposit
Rate
i

Effective interest rate on the product

up to 4.400%
Term
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Loan term for the financial product

12-120 months
Canadian Western Bank
US dollar investments
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$1,000 minimum deposit
Rate
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Effective interest rate on the product

up to 3.500%
Term
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Loan term for the financial product

30 days - 10 years
Canadian Western Bank
Registered education savings plan (RESP)
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Canadian Western Bank
Short term GICs
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$500 minimum investment
Rate
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Effective interest rate on the product

up to 3.100%
Term
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Loan term for the financial product

30-180 days
Canadian Western Bank
Long term GICs
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$1,000 minimum investment
Term
i

Loan term for the financial product

1-10 years
Canadian Western Bank
Student Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Canadian Western Bank
Youth Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Rate
i

Effective interest rate on the product

up to 0.500%
Canadian Western Bank
Gold Leaf PLUS® Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Canadian Western Bank
Standard Chequing Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

up to $4.00 monthly fee
Canadian Western Bank
Apex® Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

up to $14.25 monthly fee
Canadian Western Bank
US Dollar Chequing Account
Rating by Finanso®
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$0 monthly fee
Canadian Western Bank
USD Flex Notice Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Canadian Western Bank
Flex Notice Account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Canadian Western Bank
CWB Prestige™
Rating by Finanso®
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Canadian Western Bank
US dollar savings account
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Rate
i

Effective interest rate on the product

0.800%
Canadian Western Bank
Summit Savings Account®
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
Rate
i

Effective interest rate on the product

1.400%
aggregation.company.all-products

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Recommended FinScore™
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Effective interest rate on the product

20.99% - 22.99%
Rating by Finanso®
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Effective interest rate on the product

21.99% - 22.99%
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Effective interest rate on the product

21.99% - 22.99%
Coast Capital Savings
Personal loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
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$500-$50,000
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Effective interest rate on the product

7.5%
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60 months
Borrowell
Personal loan
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Recommended FinScore™
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Effective interest rate on the product

up to 39.99%
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Loan term for the financial product

up to 84 months
Refresh Financial
Credit builder loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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$1,250-$10,000
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Effective interest rate on the product

up to 19.99%
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Loan term for the financial product

up to 60 months
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Mogo
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
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650
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$500-$15,000
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Effective interest rate on the product

up to 46.96%
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Loan term for the financial product

up to 60 months
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goPeer
Personal loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000 - $25,000
Rate
i

Effective interest rate on the product

up to 33.92%
Term
i

Loan term for the financial product

up to 60 months
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