CIBC reviews | Our take

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Updated: October 09, 2024

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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

Pros

  • Extensive product range: CIBC offers a full suite of banking products and services, including chequing and savings accounts, mortgages, credit cards and investments.

  • 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.

  • Rewards programs: CIBC's credit cards, such as the Aventura Visa Infinite and Dividend Visa Infinite, offer attractive rewards and cash back options.

  • Wide branch network: With a vast network of branches and ATMs across Canada, CIBC provides easy access to in-person banking services.

  • 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.

  • Investment options: CIBC offers a variety of investment accounts and advisory services, helping customers grow their wealth and plan for the future.

  • Financial planning: The bank provides financial planning services, including retirement planning, estate planning and wealth management.

Cons

Cons

  • 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.

  • Complex fee structure: The fee structure for certain accounts and transactions can be complex and difficult to understand.

  • Limited international presence: While CIBC is strong in Canada, its international presence is more limited compared to some of its big bank competitors.

  • 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.

  • Customer service wait times: Some customers have reported long wait times when trying to reach customer service representatives, especially during peak hours.

  • 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.

  • Technical issues: Like many large banks, CIBC occasionally experiences technical issues with its online and mobile banking platforms, which can disrupt service.

  • 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 Smart Plus Account

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    The CIBC Smart Plus Account is an all-in-one banking solution designed for customers who value convenience. This account offers unlimited transactions, including free Interac e-Transfer services. Additionally, account holders enjoy perks such as no fees for ATM withdrawals worldwide, free personalized cheques and complimentary bank drafts and money orders.

    One of the standout features of the CIBC Smart Plus Account is that it comes with a CIBC credit card and has the fees waived. for the primary cardholder and up to three authorized users. Customers can avoid the $29.95 monthly fee by maintaining a minimum daily balance of $6,000 or $100,000 in combined eligible savings and investments. With features like the CIBC Smart Balance Alert to prevent overdrafts and digital payment options like Apple Pay and Google Pay, this account caters to those who prioritize convenience and value in their banking experience.

CIBC chequing accounts

  • CIBC Smart Account

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    The CIBC Smart Account is a flexible chequing account that adapts to your spending. With this account, you pay a monthly fee that varies based on your transaction activity, offering a pay-as-you-go model. The base monthly fee is $4.95, which includes up to 12 transactions, with each additional transaction costing $1.25. However, if your balance remains above $3,000, you can enjoy unlimited transactions without incurring additional fees.

    If you frequently manage your transactions to stay within the included limit, you can keep your monthly costs low. The account also offers convenient digital banking options through the CIBC Mobile Banking App and online banking platform. On the downside, the transaction fees can add up quickly if you exceed the included limit, making it less suitable for those who require frequent banking activities. Additionally, the $3,000 balance requirement to avoid fees might be challenging for some customers.

    This account is ideal for individuals who prefer a customizable banking experience and can maintain a higher balance. It’s perfect for those who conduct fewer monthly transactions and want to manage their banking costs by limiting their transactions. If you’re looking for a chequing account that offers flexibility and rewards careful transaction management, the CIBC Smart Account could be a fit for you.

  • CIBC Everyday Chequing Account

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    The CIBC Everyday Chequing Account is a basic option designed to offer essential services at a low cost. With a monthly fee of $4.00, you get up to 12 transactions included, and each additional transaction costs $1.25. Interac e-Transfer transactions are $1.50 each, while receiving transfers is free. This account provides you with the fundamental features needed for everyday banking without unnecessary extras.

    One of the main benefits of the CIBC Everyday Chequing Account is its affordability, making it a suitable option for those who only need a limited number of transactions each month. The account includes convenient digital banking features, such as online and mobile banking, which allow you to manage your finances on the go. However, a significant drawback is the additional transaction fees, which can add up quickly if you exceed the 12 included transactions. There's also no option to avoid the monthly fee through maintaining a minimum balance, unlike some other accounts.

    This account is best suited for individuals who perform a moderate number of monthly transactions and seek a straightforward, low-cost banking solution. It's ideal for those who value simplicity and don't require a high volume of banking activities. If you prefer to keep your banking expenses predictable and manageable, the CIBC Everyday Chequing Account could be the right choice for you.

  • CIBC Bank USA Smart Account

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    The CIBC Bank USA Smart Account is for Canadians who frequently travel between Canada and the US, offering unlimited transactions with no monthly fee. This account provides seamless access to your funds while living, travelling, shopping or working in the US, making it ideal for those needing flexible, cost-effective banking.

    While it eliminates monthly transaction fees, be mindful of other potential charges like currency exchange fees.

    This account is perfect for frequent travellers, cross-border workers, or those who regularly shop in the U.S., providing convenience and flexibility for managing finances across borders.

CIBC void cheque sample

CIBC Savings accounts

  • CIBC eAdvantage Savings Account

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    The CIBC eAdvantage Savings Account is a high-interest savings account designed to help you maximize your savings. This account offers comparatively low interest rates – ranging from 0.4% to 1.7%, based on your account balance – compared to some fintech and small bank competitors. However, there’s no monthly fee, which makes it cost-effective for savers.

    The account charges $5 per debit transaction, which can add up if you need frequent access to your funds.

    This account is ideal for individuals who want to save money over the long term. If you’re looking to earn a higher interest rate on your savings without worrying about monthly fees and do not need frequent access to your funds, the CIBC eAdvantage Savings Account might be a goodt choice.

  • CIBC US$ Personal Account

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    The CIBC US$ Personal Account is a specialized savings account that allows you to hold and manage funds in US dollars. This account is perfect for those who frequently travel to the US, have US-based expenses, or receive payments in US dollars. It has no monthly fees and offers interest on every dollar saved.

    A significant benefit of this account is the ability to avoid currency conversion fees by holding US dollars directly. It also offers easy access to your funds through online banking and CIBC ATMs. However, the interest rates on this account may be lower compared to Canadian dollar savings accounts, and there are fees for transactions like transfers and withdrawals.

    This account is best suited for individuals who regularly deal with US currency and want to avoid the hassle and costs associated with currency conversion. If you travel frequently to the US, have cross-border expenses or get paid in US dollars, the CIBC US$ Personal Account can help you manage your finances more effectively.

  • CIBC TFSA Tax Advantage Savings Account

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    The CIBC TFSA Tax Advantage Savings Account is a tax-free savings account that allows you to grow your savings without paying taxes on the interest earned. This account offers a competitive interest rate and does not have any monthly fees, making it an attractive option for tax-free savings.

    One of the main benefits of this account is the tax-free growth on your savings, which can significantly boost your returns, over time. Additionally, the competitive interest rate helps your money grow faster. However, there are transaction fees for certain activities, such as transfers and withdrawals, which can add up if you frequently access your funds.

    This account is ideal for individuals looking to save money tax-free for long-term goals, such as retirement or a major purchase. If you want to take advantage of tax-free interest earnings and can minimize frequent transactions, the CIBC TFSA Tax Advantage Savings Account is an excellent choice.

Related: Best TFSA accounts in Canada

  • CIBC RRSP Daily Interest Savings Account

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    The CIBC RRSP Daily Interest Savings Account is designed for those looking to save for retirement with the added benefit of tax-deferred growth. This account offers daily interest accumulation and no monthly fees, making it a straightforward and cost-effective retirement savings option.

    A key benefit of this account is the tax-deferred growth, allowing your savings to compound without immediate tax implications. Additionally, the daily interest calculation ensures that your money is always working for you. However, similar to other registered accounts, there are restrictions and penalties on withdrawals, making it less flexible that CIBC’s TFSA option for accessing funds before retirement.

    This account is best for individuals focused on building their retirement savings in a tax-efficient manner. If you are looking for a simple, fee-free way to save for retirement and can commit to keeping your funds invested until retirement, the CIBC RRSP Daily Interest Savings Account is a solid choice.

  • CIBC First Home Savings Account (FHSA)

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    The CIBC First Home Savings Account (FHSA) is designed to help first-time homebuyers save for their down payment. This account combines the benefits of a TFSA and an RRSP, offering tax-free growth and tax-deductible contributions. There are no monthly fees, and the account provides a competitive interest rate.

    One of the major benefits of the FHSA is the dual tax advantage: contributions are tax-deductible, and withdrawals for a home purchase are tax-free. This can significantly accelerate your savings towards a down payment. However, there are contribution limits and eligibility requirements, and using the funds for non-home purchases may result in tax penalties.

    This account is great for individuals planning to buy their first home and looking for a tax-advantaged way to save. If you want to maximize your savings with tax benefits and are focused on purchasing your first home, the CIBC First Home Savings Account is an excellent tool to help you achieve your goal.

Related: Best FHSA accounts in Canada

CIBC Bank promotional offers

Promotion
Details
CIBC Smart Account and CIBC Smart Plus Account
Up to $600 Cash Offer: Open a CIBC Smart Account as your first chequing account and a CIBC eAdvantage Savings Account, then complete qualifying activities to earn up to $600. Activities include setting up recurring direct deposits, pre-authorized debits, and online bill payments​. 
CIBC Smart Account for Newcomers​
No Monthly Fee for Newcomers: Newcomers can enjoy no monthly fee for up to 12 months when they open a CIBC Smart Account for Newcomers​.
CIBC Mortgages
Up to $3,500 Cash Back: Select CIBC mortgages come with up to $3,500 cash back, plus an extra $1,000 if you switch your mortgage to CIBC​.

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

CIBC personal loan
Ideal if you have a specific purchase in mind such as a big vacation, new furniture or an investment opportunity. Plus, if you secure the loan against your assets you’ll get an even lower rate.Available for: consolidating debt or making large purchases.You can borrow*: $3,000 and up.Repayment: 1 month to 5 years, paid weekly, bi-weekly, bi-monthly or monthly.
Personal line of credit
Ongoing access to funds for everyday purchases.You can borrow: $5,000 to $200,000.Repayment: Continuous line of credit paid back monthly.
CIBC Home Power Plan Line of Credit
Ongoing access to funds for larger purchases, debt consolidation or home renovations and is secured by the equity in your homeYou can borrow: $10,000 and up to no maximum (typically 80% of your home’s value).Repayment: Continuous line of credit paid back monthly.
CIBC Education Line of Credit
Ideal for helping you with post-secondary education costs (tuition, rent, books, school supplies and living expenses).You can borrow: From $5,000 to $80,000 with no security required. Repayment: Variable interest rate, repaid monthly based on outstanding balance. 
CIBC Professional Edge Student Line of Credit
Ideal for covering your education, living and residency costs (tuition, rent, books, school supplies, and living expenses).You can borrow: From $5,000 to $350,000, with no security required.Repayment: Variable interest rate, repaid monthly based on outstanding balance. 
CIBC Personal car loan
Ideal for purchasing a new or used vehicle. Finance up to 100% of the cost of the vehicle with up to eight years to pay.You can borrow: From $5,000 and up. Repayment: 1 month to 8 years at a fixed rate. The amount is determined based on a selected term and loan amount. 
CIBC RRSP Maximizer Loan
Ideal for topping off your RRSP and taking advantage of unused contribution room.You can borrow: $1,000 to $50,000.Repayment: 12 months fixed or 10 years fixed or variable. The amount is determined based on selected term and loan amount. 

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
Details
Investment products
StocksETFsOptionsMutual fundsGICsPrecious metalsIPOsStructured notesFixed income
Account types
TFSA, RRSP, RESP, FHSA, RRIF and non-registered cash accounts and margin accounts
Account ownership
Individual
How to open an account
Online or in-branch
Platforms
Web platform and mobile app (CIBC Mobile Wealth)

CIBC Investor’s Edge fees

Account
Annual account fee
Minimum balance
Stocks and ETFs trade fee
Options fee
Money market mutual funds
All other mutual funds
Young Investor: You’re under 25 and have a chequing account with CIBC Smart Start.
$0 
$0 
$0 per online stock or ETF trade
$6.95 + $1.25 per contract
$0 
$6.95
Student investor: You’re over 25 and have a chequing account with CIBC Smart™for Students.
$0 
$0 
$5.95 per online stock or ETF trade
$5.95 + $1.25 per contract
$0 
$6.95
Investor: You make less than 150 trades per quarter.
$0 
$100 When the total market balance of all your accounts is $10,000 or less
$6.95 per online stock or ETF trade
$6.95 + $1.25 per contract
$0 
$6.95
Active investor: You make more than 150 trades per quarter.
$0 
$100 When the total market balance of all your accounts is $10,000 or less
$4.95 per online stock or ETF trade
$4.95 + $1.25 per contract
$0 
$6.95

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 Mutual fund category
Description
Example + fast facts
CIBC Global Equity Fund
These funds aim for long-term capital growth by investing primarily in equities. They are higher risk but have the potential for higher returns over time.
Benchmark: MSCI World IndexMER: 2.20%Historical Performance: Over the past 5 years, this fund has averaged an annual return of approximately 7.5%. This fund primarily invests in global equities, aiming for long-term capital growth with higher risk and potential return.
CIBC Canadian Bond Fund
Designed to provide regular income, these funds invest in a mix of fixed-income securities and equities. They typically carry low to medium risk.
Benchmark: FTSE Canada Universe Bond IndexMER: 1.55%Historical Performance: This fund has averaged a return of around 3.2% annually over the past 5 years. It focuses on generating steady income through investments in Canadian bonds, suitable for conservative investors looking for regular income with lower risk.
CIBC Balanced Fund
These funds offer a mix of income and growth by investing in both fixed-income securities and equities. They aim for a balance between risk and return.
Benchmark: 40% S&P/TSX Composite Index, 40% FTSE Canada Universe Bond Index, 20% MSCI World IndexMER: 2.00%Historical Performance: This fund has delivered an average annual return of 5.0% over the past 5 years. It aims to provide a balance between income and capital growth by investing in a mix of equities and fixed income securities.
CIBC Canadian Index Fund
CIBC's index funds track the performance of specific market indices, providing broad market exposure with lower management fees.
Benchmark: S&P/TSX Composite IndexMER: 1.18%Historical Performance: Over the past 5 years, this fund has returned an average of 6.8% per year. It seeks to replicate the performance of the Canadian stock market by investing in companies included in the S&P/TSX Composite Index.
CIBC Sustainable Canadian Equity Fund
These funds focus on companies that are leaders in environmental, social, and governance (ESG) practices, appealing to investors looking for responsible investment options.
Benchmark: MSCI Canada ESG Leaders IndexMER: 2.40%Historical Performance: This fund has averaged an annual return of 7.2% over the past 5 years. It focuses on investing in Canadian companies with strong environmental, social, and governance (ESG) practices, appealing to socially conscious investors.

CIBC Guaranteed Investment Certificate (GIC) Rates

CIBC GIC
Term & rate
CIBC Variable rate GIC
1-year at 3.75%
CIBC Bonus Rate GIC
1-year at 3.75% or 2-year at 3.50%
CIBC Bonus Rate TFSA GIC
1-year at 3.75%
CIBC Bonus Rate RRSP GIC
2-year at 3.50%

*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. 

App name
Description
Review
CIBC Mobile Banking
Manages your everyday banking, including transactions, bill payments and account management.
Apple Store: 4.6 stars, 40,000+ reviewsGoogle Play: 4.3 stars, 68,000+ reviews
CIBC Mobile Wealth
Access and manage investments with CIBC Investor’s Edge, CIBC Imperial Investor Services and more.
Apple Store: 3.7 stars, 1,000+ reviewsGoogle Play: 3.6 stars, 2,000+ reviews

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

Inquiry type
Contact details
General banking inquiries
1-800-465-2422
CIBC Investor's Edge
1-800-567-3343
International phone calls 
1-902-420-2422
Customer complaints 
1-800-465-2255Email: [email protected]: 1-877-861-7801
Emergency assistance line
1-800-663-4575 (Canada & U.S.)1-514-861-9898 (Elsewhere)

Insurance

Inquiry type
Contact details
Hours of operation
Life and health insurance
1-888-393-1110 
Monday to Friday, 8:00 AM to 8:00 PM (ET)
Travel insurance
1-800-281-9109
Monday to Friday, 8:00 AM to 8:00 PM (ET)
Travel insurance claims
For claims: 1-800-281-9109 or [email protected] emergency assistance (24/7): 1-800-848-8454  (Canada and the U.S., toll free) or 1-416-340-0049 (Collect from anywhere)
Monday to Friday, 8:00 AM to 8:00 PM (ET)

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

  • What does CIBC Bank stand for?

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    CIBC stands for the Canadian Imperial Bank of Commerce.

  • Is CIBC a good bank?

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    CIBC is generally considered a reliable bank, known for its comprehensive financial products and high customer satisfaction ratings, especially in digital banking.

  • How much money do you need in a CIBC savings account?

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    CIBC savings accounts typically have no minimum balance requirement, though maintaining a higher balance can help you avoid fees and earn more interest.

Justin da Rosa Freelance Writer

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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