Types of CIBC deposits
Canadian Imperial Bank Of Commerce offers a wide range of savings accounts for accumulating funds for short-term goals and chequing accounts for everyday finance operations.
Savings accounts don't have a monthly fee, you make payments only when you make transactions. But other fees such as Non-sufficient funds (NSF) fees may apply.
CIBC Savings accounts include:
- CIBC eAdvantage® Savings Account with an interest rate of 0.80% on all balances and additional "Smart interest" of 0.75% on balances up to $200,000 when you save over $200 per month. Available for four months after the first time account's opening. Transactions cost $5.00 each.
- CIBC TFSA Tax Advantage Savings Account® with a minimum investment of $25 you get a rate of 0.50%. There is no fee for interest or investment income. It allows you to keep and save money as long as you want, make tax-free withdrawals, and re-contribute the amount you’ve withdrawn next year or later. The limit is $6,000.
- CIBC RRSP Daily Interest Savings Account (DISA) offer with a rate of 0.35% for a minimum investment of $25. It guarantees principal and interest and lets you use your money when you need it.
- CIBC US$ Personal Account lets you deposit and withdraw USD without converting currencies. The rate is 0.25% on any balance, and the cost for transactions is $0.75 US each. You may use cheques in US dollars and withdraw them from any branch or U.S. currency ATMs in Canada.
- option with rates 1-1.10%. No minimum balance.
Chequing accounts have options for different Canadians and foreign citizens with various needs and budgets:
- CIBC Everyday® Chequing Account is a basic option without fee rebate.
- CIBC Smart™ accounts are available with features for customers under 25, students, seniors, newcomers, and foreign workers, and might have fee rewards or lower fee offers.
- CIBC Smart™ Plus Account is an offer combined with eligible credit cards and additional options.
- Different business operating accounts with a variety of monthly fees and minimum balances for businesses of all sizes.
Requirements
You must:
- live in Canada
- Be the age of majority (18 or older according to your province)
- Have a valid Social Insurance Number (SIN).
Pros and cons
Pros:
- No monthly fee for savings
- Easy and fast online and mobile service
- Savings for any purpose
- Manage and use the funds anytime
Cons:
- Not the best interest rate
- High NSF fee and other applicable fees
How to make a deposit?
If you have a CIBC account and apply online with your desktop or mobile, you could start savings immediately. Click "Personal" — "Bank accounts" — "Savings" and choose an option, then press the "Apply now" button. Otherwise, visit the nearest office.
Be ready to provide personal information, contact address, and social insurance number. Go through a credit check.
You may automate your savings by setting up transfers between your chequing and savings accounts with Auto Save using online banking or the mobile app.
