CIBC reviews | Our take
Updated: October 09, 2024
CIBC, or the Canadian Imperial Bank of Commerce, if you want to get formal, is one of Canada's Big 6 banks.
It’s been around for over 150 years, so they’re no stranger to the banking scene. It’s also trusted by over 14 million clients
CIBC offers tons of banking products, from personal and business banking accounts to mortgages, credit cards and investment services. Really, like all big banks, it can be treated as a one-stop-shop for everything money related.
As a formal brick and mortar bank, it has over 1,000 physical branches as well as a strong digital presence. So, regardless of how you like to bank, CIBC makes it easy.
However, some customers have noted areas for improvement, such as fees on certain accounts, and services compared to other banks. Over the next few pages (or scrolls, we should say) you’ll find everything you need to know about CIBC.
Who’s CIBC Bank best for?
CIBC has many products and services to serve a wide range of individuals, making it a versatile choice, no matter your financial needs.
Younger Canadians and students benefit from CIBC's student banking packages, which offer no monthly fees and unlimited transactions. The CIBC Smart Account for Students is tailored to help students easily manage their finances so they can focus on their studies. CIBC also offers student credit cards with no annual fees and attractive rewards programs, making it easier for young adults to build their credit history, responsibly.
Working professionals might be drawn to the bank’s comprehensive suite of services to manage day-to-day finances and long-term goals. The CIBC Advantage for Professionals program offers tailored banking solutions, including high-limit credit cards, mortgage options and investment advice. With a focus on convenience and efficiency, CIBC's mobile and online banking platforms help busy professionals manage their finances on the go, ensuring that their banking experience is seamless and efficient.
Older adults and retirees can take advantage of CIBC's specialized accounts and investment options designed to provide financial security and growth. The CIBC Smart Account for Seniors offers lower fees and additional benefits, while the bank's wide range of retirement planning services, including RRSPs, TFSAs and mutual funds, ensures that retirees can maximize their savings and enjoy a comfortable retirement. Personalized financial advice from CIBC advisors helps older adults make informed decisions about their financial future and make sure they’re on track for retirement.
When it comes down to it, CIBC Bank appeals to those seeking a reliable and versatile bank with few frills. Its extensive range of products and services make CIBC a good choice for individuals at various life stages. Whether you're a student, a working professional or a retiree, CIBC has the tools and products to help you achieve your financial goals.
CIBC Bank pros and cons
Pros
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Extensive product range: CIBC offers a full suite of banking products and services, including chequing and savings accounts, mortgages, credit cards and investments.
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User-friendly digital banking: The CIBC Mobile Banking App and online platform are intuitive and feature-rich, allowing customers to manage their finances easily on the go.
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Rewards programs: CIBC's credit cards, such as the Aventura Visa Infinite and Dividend Visa Infinite, offer attractive rewards and cash back options.
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Wide branch network: With a vast network of branches and ATMs across Canada, CIBC provides easy access to in-person banking services.
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Tailored services for different life stages: From student accounts to senior banking packages, CIBC caters to Canadians of all ages at different life stages. It’s a bank you can grow with as you get older.
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Investment options: CIBC offers a variety of investment accounts and advisory services, helping customers grow their wealth and plan for the future.
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Financial planning: The bank provides financial planning services, including retirement planning, estate planning and wealth management.
Cons
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Higher fees: Some of CIBC's accounts and services come with higher fees compared to other banks, which can be a drawback for cost-conscious customers.
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Complex fee structure: The fee structure for certain accounts and transactions can be complex and difficult to understand.
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Limited international presence: While CIBC is strong in Canada, its international presence is more limited compared to some of its big bank competitors.
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Interest rates on savings accounts: The interest rates offered on CIBC's savings accounts may not be as competitive as those from online-only banks or credit unions.
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Customer service wait times: Some customers have reported long wait times when trying to reach customer service representatives, especially during peak hours.
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Branch availability in rural areas: Although CIBC has a wide branch network, availability in some rural areas can be limited, making in-person banking less convenient for anyone who lives outside major cities and towns.
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Technical issues: Like many large banks, CIBC occasionally experiences technical issues with its online and mobile banking platforms, which can disrupt service.
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Sales pressure: There have been reports of high sales pressure from CIBC representatives to open new accounts or purchase additional products and services, which some customers find off-putting and unethical.
CIBC bank product summaries
CIBC bank accounts
From no-fee student accounts to specialized options for seniors and comprehensive chequing and savings accounts, CIBC has bank products for all types of Canadians.
Before we break down each account, know that CIBC has an “everything” type of plan they call the CIBC Smart Plus Account that bundles various banking services and offers many benefits as a result. This can be a smart option (no pun intended) if you’re someone who likes to have all their financial products and services in one place.
CIBC chequing accounts
CIBC void cheque sample
CIBC Savings accounts
Related: Best TFSA accounts in Canada
Related: Best FHSA accounts in Canada
CIBC Bank promotional offers
CIBC credit cards
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Related: Best CIBC credit cards
CIBC Mortgages
CIBC offers a range of mortgage products designed to meet diverse financial needs.
These mortgage products include fixed and variable rate mortgages, a Home Equity Line of Credit (HELOC), mortgage pre-approval services, refinancing options and incentives for switching your mortgage to CIBC. These products cater to first-time homebuyers, those looking to leverage home equity and people seeking to refinance or switch their current mortgage.
On the internet, the customer feedback about CIBC mortgages is varied.
Many users appreciate the competitive rates and flexibility to switch from variable to fixed rates, highlighting the bank's adaptability to changing financial circumstances. However, some customers mention that, while CIBC's rates are competitive, they are not always the best on the market, suggesting that it might be beneficial to shop around for the most favourable terms.
A few people also noted the absence of certain mortgage features, such as the ability to pause monthly mortgage payments, which can be useful during financial difficulties. Another point raised was the relatively high penalty for breaking a fixed mortgage compared to other lenders, making it essential to spend some time researching alternatives before making a decision.
CIBC loans and borrowing
CIBC offers several different kinds of loans, meant to help you access funds for things like purchasing a vehicle, improving your home or pay for schooling.
Related: Best personal loans
Related: Car loan calculator
CIBC Investing products
CIBC offers a comprehensive suite of registered investment accounts, including a TFSA (tax-free savings account), RRSP (registered retirement savings plan), RESP (registered education savings plan), RRIF (registered retirement income fund), RDSP (registered disability savings plan) and FHSA (first home savings account).
CIBC self-directed investing
Related: CIBC Investor's Edge review
CIBC Investor’s Edge fees
Reviews on CIBC Investor's Edge
CIBC Investor's Edge, the online brokerage platform of CIBC, has earned mixed reviews from users. On the positive side, it’s praised for its competitive trading fees, which are among the lowest offered by major Canadian banks, at $6.95 per trade for stocks and ETFs. There are also discounts available for students and active traders, which further reduce the costs.
Users appreciate the platform’s integration with CIBC’s banking services, making it easy to transfer funds between accounts. The platform offers a variety of research tools, including access to reports from CIBC World Markets and Morningstar, which help investors make informed decisions. The mobile app is another highlight, providing a user-friendly interface for managing investments on the go.
However, there are some drawbacks noted by users. One common complaint is the $100 annual maintenance fee for RRSPs with balances under $25,000 and non-registered accounts with balances under $10,000. Some users also report dissatisfaction with the customer service, describing it as less responsive compared to other brokerages. Additionally, the platform’s technical analysis tools and charting capabilities are considered basic, which might not meet the needs of more advanced traders.
Overall, CIBC Investor's Edge is well-suited for investors looking for a cost-effective trading platform with useful research tools and integration with their CIBC banking accounts. However, those seeking advanced trading features or top-tier customer service might want to explore other options.
Does CIBC Canada have a robo-advisor?
CIBC does not offer a proprietary robo-advisor service like some other Canadian banks.
Instead, investors might consider other top robo-advisors available in Canada, such as Wealthsimple, Questrade and Justwealth, which are highly rated for their low fees, automated rebalancing, and user-friendly platforms.
CIBC mutual funds
Related: How to invest in Mutual Funds
CIBC offers a variety of pre-built mutual funds designed to meet different investment goals and risk tolerances. Here are examples from five categories of funds they offer, including their benchmarks, management expense ratios (MERs) and historical performance:
CIBC Guaranteed Investment Certificate (GIC) Rates
*terms and conditions apply
*as of October 9, 2024
Related: Best GIC rates in Canada
CIBC investments high interest savings account
The CIBC high interest savings account (HISA) is available to both registered and non-registered investment account holders, offering a secure place to grow your short-term savings.
This account is available in two series: Series A and Series F.
Series A is designed for retail investors who purchase through financial advisors, incorporating higher management expense ratios (MER) to cover advisor commissions.
Series F, on the other hand, is for investors in fee-based advisory accounts, featuring lower MERs since advisor fees are charged separately. Both series provide the benefit of daily accrued interest paid monthly and are eligible for CDIC insurance, ensuring added security.
Access to CIBC HISA is typically through CIBC investment platforms like CIBC Investor’s Edge or CIBC Wood Gundy, making it primarily available to CIBC investing customers. The main advantage of this account is the higher interest rates compared to standard savings accounts, offering greater earning potential without a lock-in period. However, the drawback includes the need for a minimum initial investment of $50 and the possibility of changing interest rates. Series A is suitable for those who prefer traditional advisor-led services, while Series F is ideal for fee-based advisory clients looking for cost efficiency.
CIBC insurance products
CIBC offers insurance products that will help you protect your home, vehicle and yourself and your family. Their suite of products includes car and home insurance, life insurance and travel insurance.
Car and home insurance
CIBC does not directly offer home and auto insurance products under its own brand. Instead, CIBC partners with Kanetix Ltd. to provide auto insurance quotes and comparison services for customers in Alberta and Ontario. Through this partnership, you can access quotes from multiple insurance providers, making it easier to find a policy that fits your needs. Similarly, property insurance quotes are also available through Kanetix for these provinces
CIBC life insurance
CIBC sells life insurance at cibcinsurance.com. They sell directly, or as an agent, so you won’t find them in life insurance comparison websites.
In addition to traditional life insurance, they also offer critical illness insurance, which offers a lump benefit if you're diagnosed with a covered critical illness, such as cancer, heart attack or stroke. This insurance helps cover expenses that arise from serious health conditions, allowing you to focus on recovery without financial stress. With this insurance, you can buy coverage from $15,000 to $200,000. The policy can be purchased for a 10-year or 20-year term.
Their core focus is on term life insurance.
CIBC provides 10-year and 20-year term life insurance policies with coverage ranging from $50,000 to $5,000,000. These policies feature level premiums for the term duration and are convertible to a permanent life policy (term 100) before the age of 65. They also offer a terminal illness benefit, allowing you to receive up to 50% of your coverage amount if diagnosed with a terminal illness. It’s worth comparing quotes using a life insurance comparison site to be sure the rates are competitive.
Many life insurance companies—Sun life, Canada life and Manulife to name a few—offer more options from term length to packaging critical illness, short and long-term disability and ability to access a portion of your life insurance due to a negative change in health (e.g. heart attack or seizure).
Customer reviews of CIBC life insurance products highlight several positive aspects, such as the convenience of online applications and the availability of policies for those previously denied coverage.
However, some customers noted limited term lengths and fewer customization options through additional riders (e.g. life insurance for your child). Overall, while CIBC provides solid life insurance solutions, the product offerings might be less varied compared to other insurers.
Other CIBC insurance offerings
Health insurance
CIBC offers a range of health insurance products designed to provide financial protection in the event of critical illness, accidents or disability. Here's a summary of the key offerings:
- Critical illness insurance: Provides coverage if you're diagnosed with a serious illness such as cancer, heart attack or stroke. Policies are available with 10-year or 20-year terms, offering coverage amounts from $15,000 to $200,000.
- Accident protection plan: Covers accidental death and hospitalization expenses due to accidents. This plan does not require any medical exams or health questions, making it easy to apply. You can choose coverage amounts ranging from $25,000 to $200,000 for accidental death, and daily coverage for hospitalization expenses starting at $100 per day. Premiums for accidental death coverage start as low as $2.97 per month.
- Mortgage disability insurance plus: This insurance helps cover your CIBC mortgage payments if you become disabled or lose your job involuntarily. It provides up to $3,000 per month for up to 24 months for disability and up to six months for job loss. The premiums are conveniently added to your mortgage payments, ensuring seamless protection for your home.
While some customers report an easy application process and the comprehensive coverage for common critical illnesses, other internet users find the list of covered illnesses limited compared to other providers and mention the need for more customizable options.
Travel insurance
CIBC offers a range of travel insurance plans to protect you and your family while seeing the world. The travel medical insurance plan provides up to $10 million in emergency medical coverage, ensuring you're financially protected against unexpected medical expenses. The trip cancellation and trip interruption enhanced plan offers up to $50,000 in coverage, safeguarding your travel investment from unforeseen disruptions. For comprehensive protection, the comprehensive travel insurance plan includes medical insurance, trip cancellation and interruption coverage, baggage and personal effects insurance and accidental death and dismemberment insurance.
One of the main benefits of CIBC travel insurance is the extensive coverage, especially the $10 million medical expense coverage, which provides peace of mind during international travels. These plans offer 24/7 travel assistance through Allianz Global Assistance, ensuring help is available whenever needed. However, there are some drawbacks, such as limited coverage for pre-existing conditions and potentially higher costs compared to basic travel insurance plans, particularly for older travellers or those with existing health conditions.
The cost of CIBC travel insurance varies based on factors like age, trip duration and coverage amount. For instance, a single trip plan for a 21-year-old travelling for 15 days might cost around $50, while a multi-trip annual plan could be approximately $85.
Know that many CIBC credit cards, like the CIBC Aventura Visa Infinite Card, include travel insurance benefits, which can provide a cost-effective way to obtain coverage without purchasing a separate policy.
Protection insurance
CIBC offers several creditor insurance products designed to provide financial protection in case of unforeseen events such as illness, injury or job loss. These products include:
Creditor insurance for CIBC mortgages: helps cover your mortgage payments in the event of job loss, death or critical illness.
Creditor insurance for CIBC personal lines of credit: covers your personal line of credit payments to help manage your debt obligations by paying off the balance or making regular payments on your behalf, ensuring that your credit remains intact.
CIBC Payment Protector Insurance for credit cards: covers your CIBC credit card payments.
Creditor insurance for CIBC personal loans: covers loan payments.
While these insurance products provide valuable protection, it's important to consider the cost and the limitations. Premiums for these plans can be higher than traditional life and disability insurance policies and they often come with exclusions that may make it difficult to qualify for benefits.
Most importantly, benefits are typically paid directly to CIBC to cover the debt, which may limit your ability to use the funds for other financial needs during a crisis.
CIBC web and app insights
CIBC's mobile banking app has consistently performed well in customer satisfaction studies. According to the J.D. Power 2023 Canada Banking Mobile App Satisfaction Study, CIBC received the highest ranking for customer satisfaction, tied with TD Bank. The study measures satisfaction based on navigation, visual appeal, speed and information/content. CIBC particularly excelled in the navigation category.
Cool new features include CIBC Smart Balance Alerts, CIBC Virtual Assistant and CIBC Smart Planner.
However, some users have mentioned that advanced features, like personalized financial advice and virtual assistants, are not as widely utilized, which aligns with findings from J.D. Power indicating that customers are slow to adopt these newer tools
Below, we’ve aggregated all the CIBC Apps without thousands of reviews from users on the different platforms.
CIBC customer service reviews
Reviews of CIBC's customer service on platforms like Reddit, Quora, the Better Business Bureau (BBB) and Trustpilot are generally negative.
Common complaints include long wait times, unhelpful or rude staff and issues with account management, such as unauthorized account closures and transaction delays. High fees and poor communication regarding charges and policy changes are also frequently mentioned.
While some positive experiences highlight helpful staff and convenient services, the predominant sentiment suggests widespread dissatisfaction. On the BBB, CIBC has a low rating of 1.16 out of 5 stars based on 79 customer reviews, with 138 complaints closed in the last three years, indicating significant unresolved issues.
While these reviews offer a general gauge of customer sentiment, remember that people often take to the internet to voice their concerns and complaints rather than praise.
It may be beneficial to experience the bank's services, firsthand while also asking specific questions to a CIBC representative to address concerns directly.
Key questions might include inquiries about their typical response times, dispute resolution processes and any recent changes to fees or policies. If you’re considering using CIBC despite negative reviews, I suggest starting with a single account or service to evaluate their performance before considering using other products and services.
CIBC Banking contact details
Insurance
How to open a CIBC Bank account
- Choose the type of account you want to open
- Hit the apply button underneath that section which will take you to the appropriate page on CIBC’s website
- Click “Open an Account” and follow the prompts
- Provide personal information and upload required documents
- Verify your identity through the online process
- Review and accept terms and conditions
What you need to open a CIBC Account
- Government-issued photo ID (e.g., passport, driver’s license, or permanent resident card).
- Proof of address (e.g., utility bill, lease agreement).
- Social Insurance Number (SIN) or proof of immigration status.
- Additional documents may be required depending on the type of account.
CIBC FAQ
Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.
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