CIBC (Canadian Imperial Bank of Commerce) is the fifth of Canada's Big 5 banks, formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. CIBC serves over 11 million customers across Canada and is often seen as the "underdog" among the Big 5 — it has fewer international operations than Scotiabank and fewer branches than RBC or TD, but has invested heavily in digital banking and its Aventura travel rewards program. Here's how CIBC stacks up in 2025.
CIBC operates roughly 1,000 branches and 3,400 ATMs across Canada. The bank has focused its growth strategy on domestic banking innovation and its US subsidiary, CIBC Bank USA. CIBC's digital banking platform has received significant investment, and the bank consistently scores competitively in J.D. Power Canadian retail banking satisfaction surveys.
CIBC's entry-level account costs $4.95/month and includes 12 monthly transactions. Slightly more expensive than BMO's Practical Plan at the basic tier, but includes one free Interac e-Transfer monthly.
At $4.95/month with 12 transactions included, the Smart Account charges $1.25 per additional transaction up to $16.95/month maximum — which then effectively gives unlimited banking. This graduated structure is unusual and potentially convenient for moderate users who don't want to commit to a higher flat monthly fee.
Priced at $16.95/month (waived at $4,000 minimum balance), this account delivers unlimited debit transactions and unlimited Interac e-Transfers. Standard offering comparable to TD Unlimited Chequing.
At $29.95/month, CIBC's premium bundle includes unlimited transactions, a credit card annual fee rebate, overdraft protection, and a free safety deposit box. No minimum balance waiver is available for this account.
Free for full-time students, the CIBC Student Account includes unlimited transactions and unlimited e-Transfers — matching Scotiabank's generous student offering and outperforming TD and RBC at the student level.
CIBC's eAdvantage Savings Account offers standard big bank rates — typically around 1-2% for everyday balances. Like others, CIBC runs promotional rates to attract new savings deposits, sometimes reaching 4-5% for limited periods. For ongoing competitive savings rates, CIBC's digital bank subsidiary Simplii Financial offers better rates than CIBC itself — a notable quirk of the Big 5 subsidiary banking model.
CIBC offers a comprehensive mortgage product lineup including fixed, variable, and adjustable-rate options. CIBC's mortgage application process can be completed fully online, and the bank has invested in making the process faster and more digital-friendly than traditional big bank mortgage applications.
CIBC's prepayment privileges allow up to 20% annual lump-sum payments on most mortgage products, which is competitive. The CIBC Home Power Plan combines a mortgage with a line of credit, giving homeowners flexible access to their equity as they pay down their balance.
CIBC's Aventura rewards program is one of the more flexible travel loyalty programs offered by a Canadian bank. The CIBC Aventura Visa Infinite card earns 2 points per dollar on travel purchased through the CIBC Rewards Centre and 1.5 points on gas, groceries, and drug stores. Aventura points can be redeemed through the CIBC Travel Service, where a $1,000 flight typically costs around 10,000-15,000 points depending on the route and airline.
While Aventura isn't as aspirational as Aeroplan or transferable to as many partners as Amex Membership Rewards, it offers a simpler fixed-value redemption model that many Canadians find easier to use than complex airline loyalty programs.
CIBC's mobile app is well-designed and consistently receives high ratings. The bank's digital capabilities include Smart Investor tools, CIBC Goal Tracker for savings, and real-time transaction categorization. CIBC has been notably proactive in adopting digital payment methods — it was among the first Canadian banks to support Google Pay, Samsung Pay, and Apple Pay simultaneously.
CIBC's online investing platform, CIBC Investor's Edge, charges $6.95 per trade, making it the most affordable self-directed investing option among the Big 5 banks. This is a genuine advantage for active investors who want big bank stability without paying TD's or RBC's higher per-trade rates.
CIBC's no-fee digital banking subsidiary, Simplii Financial, is worth mentioning in any CIBC review. If you want the stability of CIBC's banking infrastructure without monthly fees, Simplii Financial offers free unlimited chequing, a high-interest savings account, and mortgages. Many Canadians bank with both — using Simplii for day-to-day banking and CIBC for mortgages or investing.
CIBC is particularly well-suited for self-directed investors who want big bank stability with lower trading fees. Students get one of the more generous free accounts among the Big 5. Tech-savvy Canadians who value early payment technology adoption and a strong mobile experience will find CIBC satisfying.
For those who want no monthly fees, Simplii Financial — CIBC's subsidiary — is often the better choice. You still get access to CIBC ATMs and infrastructure without the fees.
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Open KOHO Free — No Fees — Code 45ET55JSYACIBC earns a 3.5 out of 5. It offers real advantages for investors (lowest Big 5 trading fees), students, and digital banking enthusiasts. The Smart Account's graduated fee structure is genuinely innovative. However, CIBC's standard monthly fees remain expensive for everyday banking, and the existence of Simplii Financial as a free alternative within the same ecosystem creates an odd incentive — many of CIBC's best features don't require actually banking with CIBC.