CIBC (Canadian Imperial Bank of Commerce) is Canada's fifth-largest bank by assets, serving over 13 million personal banking and business clients. Founded in 1961 through a merger of the Canadian Bank of Commerce and Imperial Bank of Canada, CIBC has a nationwide branch network and has made substantial digital banking investments in recent years. This review covers CIBC's accounts, fees, mortgages, savings products, and credit cards — with an honest verdict on whether CIBC earns its place as your primary bank.
CIBC at a Glance
CIBC Products Overview
| Product | Details | Bremo Take |
|---|---|---|
| CIBC Smart Account | $6.95–$16.95/month based on usage | Flexible pricing, but still pricey vs. free alternatives |
| CIBC Unlimited Account | $16.95/month, unlimited transactions | Overpriced — KOHO is $0 with unlimited |
| CIBC Premium Banking | $29.95/month — full package | Only if you use the full feature set |
| CIBC eAdvantage Savings | High-interest savings, varies by promo period | Check ongoing rate; promo rates can be good |
| Mortgages | Competitive rates; strong online application | Decent; compare with broker before committing |
| CIBC Aeroplan Visa Infinite | Earn Air Canada Aeroplan miles on all spending | Excellent for Air Canada frequent flyers |
| CIBC Dividend Visa Infinite | 4% cash back on groceries and gas | Strong everyday cash-back card |
| CIBC Investor's Edge | Self-directed brokerage; low commissions | One of Canada's most affordable online brokerages |
| Business Banking | Full suite for SMEs and corporates | Solid for business clients |
CIBC's Standout Products: Aeroplan Cards and Investor's Edge
CIBC has two genuine strengths. First, its Aeroplan co-branded Visa cards are among the best Air Canada travel credit cards in Canada — the CIBC Aeroplan Visa Infinite earns strong Aeroplan points on all purchases and provides Air Canada lounge access and free first checked bag benefits that frequent flyers value highly. Second, CIBC Investor's Edge consistently ranks as one of Canada's most affordable self-directed brokerages, with low trading commissions that appeal to cost-conscious investors.
CIBC Smart Account: The Most Flexible Fee Structure
Unlike most Big Five banks with fixed monthly plans, CIBC's Smart Account charges based on usage: $6.95/month includes 12 transactions, scaling up to $16.95 for unlimited. This could work for light users who rarely make more than 12 transactions a month — but most Canadians will hit that limit quickly. At $16.95 for unlimited, CIBC is on par with RBC and TD's unlimited plans and still far more expensive than KOHO's $0 fee with truly unlimited spending.
CIBC Mortgages
CIBC's mortgage offerings are competitive within the Big Five space. The bank has a strong digital mortgage application that simplifies the pre-approval process and has a well-regarded mortgage specialist network. CIBC periodically runs competitive variable and fixed rate promotions. As with all big banks, the posted rate is rarely the best available rate — always negotiate or compare with a mortgage broker before finalizing.
CIBC's Digital Banking: Significantly Improved
CIBC has invested heavily in its digital platforms over the past several years. The CIBC Mobile Banking app is reliable and functional with mobile cheque deposit, e-Transfer, bill payments, and investment account access. CIBC's digital mortgage application and account-opening processes are among the smoothest of the Big Five. The bank's virtual assistant and digital advisor tools have also improved. CIBC is now generally on par with TD and RBC in digital experience, which was not the case a few years ago.
CIBC's Weakest Areas: Savings Rates and Fee Value
Like all Big Five banks, CIBC pays essentially nothing on standard savings — approximately 0.01% annually. The CIBC eAdvantage Savings Account runs promotional rates from time to time, but the ongoing rate typically falls far below what EQ Bank (3.75%) and KOHO (3.0%) offer consistently. For Canadians holding any significant savings at CIBC, the opportunity cost is substantial: $100 earning 3.75% at EQ Bank generates $375/year versus roughly $1 at CIBC's standard rate.
CIBC Pros and Cons
CIBC Pros
- Excellent Aeroplan credit cards — best for Air Canada travelers
- CIBC Dividend Visa — strong cash back on groceries and gas
- CIBC Investor's Edge — one of Canada's most affordable brokerages
- Flexible Smart Account fee structure (good for light users)
- 1,000+ branches and 3,400+ ATMs across Canada
- Improved digital banking platform
- CDIC insured
CIBC Cons
- Lowest Bremo rating of the Big Five (3.2/5)
- Monthly fees $6.95–$30; quickly hits transaction limits
- Savings rates near zero on standard accounts
- Smaller branch and ATM network than RBC and TD
- Customer service ratings below Big Five average
- Fewer no-fee or fee-waiver options than competitors
CIBC or KOHO? One Charges Fees, One Pays You
CIBC charges $6.95–$30/month and pays near-zero on savings. KOHO charges $0 and pays 3.0% — plus a $100 welcome bonus with code 45ET55JSYA. Use CIBC for Aeroplan or Investor's Edge; use KOHO for daily spending and savings.
Referral code: 45ET55JSYA • Works everywhere in Canada
CIBC vs. Other Big Five Banks
| Feature | CIBC | RBC | TD |
|---|---|---|---|
| Monthly Fee (entry) | $6.95 (12 txn) | $11.95 (12 txn) | $10.95 (unlimited) |
| Unlimited Fee | $16.95/month | $16.95/month | $14.95/month |
| Best Credit Card | Aeroplan Visa Infinite | Avion Visa Infinite | Aeroplan Visa Infinite |
| Brokerage | Investor's Edge (low fee) | RBC Direct Investing | TD Direct Investing |
| Digital Experience | Improved — now solid | Best in class | Excellent |
| ATM Network | 3,400+ | 4,900+ | 2,700+ (longer hours) |
| Bremo Rating | 3.2/5 | 3.4/5 | 3.5/5 |
Bremo Verdict: 3.2/5 — Underdog With Real Strengths
CIBC scores the lowest among the Big Five in our review, but that doesn't mean it's without merit. Its Aeroplan credit cards are genuinely excellent for Air Canada frequent flyers, the CIBC Dividend card offers strong grocery cash back, and Investor's Edge is one of Canada's best-value online brokerages. Where CIBC falls short is in everyday banking value: fees are comparable to competitors but savings rates and transaction limits are uninspiring. CIBC's fee waiver thresholds and customer service scores also pull the rating down. Our recommendation: use CIBC specifically for Aeroplan rewards or Investor's Edge investing — but hold your daily spending and savings with KOHO (free, 3%) and EQ Bank (3.75%).
Frequently Asked Questions — CIBC Review Canada
CIBC is reliable and well-regulated but rates lowest among the Big Five in our 2025 review (3.2/5). Its strengths are Aeroplan credit cards and Investor's Edge brokerage. For everyday banking, CIBC's fees and savings rates make it a poor choice compared to no-fee alternatives like KOHO. Many Canadians use CIBC as a secondary bank for specific products rather than their primary institution.
For travel, the CIBC Aeroplan Visa Infinite is excellent — it earns strong Aeroplan miles on everyday spending and includes valuable Air Canada benefits (free checked bag, priority boarding access, lounge passes). For cash back, the CIBC Dividend Visa Infinite earns 4% on groceries and gas, making it one of the stronger everyday cash-back cards in Canada.
The CIBC Smart Account charges $6.95/month for 12 transactions, scaling up to $16.95 for unlimited. It's designed to be flexible — light users pay less. In practice, most Canadians exceed 12 transactions monthly with day-to-day purchases, tap payments, and online bill payments, so the unlimited tier ($16.95) is what most people end up on. KOHO provides unlimited transactions for free, which is objectively better value for the average Canadian.
Yes — CIBC Investor's Edge is one of Canada's most affordable self-directed brokerages. It offers low trading commissions on stocks and ETFs, access to all major Canadian and US markets, and a functional research platform. For DIY investors who want low-cost self-directed investing through a Big Five bank (rather than a standalone discount broker), Investor's Edge is a strong choice.
RBC rates higher than CIBC overall (3.4/5 vs 3.2/5). RBC wins on network size (4,900+ ATMs vs 3,400+), overall digital experience, mortgage competitiveness, and wealth management. CIBC is competitive on Aeroplan credit cards (both banks issue Aeroplan products) and wins on brokerage value (Investor's Edge vs RBC Direct Investing). For most Canadians, RBC is a slightly stronger all-around choice, though CIBC's specific products can be better depending on your priorities.
Yes. CIBC is a federally regulated Schedule I chartered bank and a member of CDIC (Canada Deposit Insurance Corporation). Eligible deposits are insured up to $100,000 per depositor per category — including chequing and savings accounts, GICs with terms up to 5 years, TFSAs, and RRSPs. CIBC is one of Canada's systemically important banks and has never failed in its history.