CIBC No Fee Savings Accounts Review

CIBC offers three savings accounts to Canadians and none of them carry a monthly fee. Two of these accounts pay very little interest however. And the one account that pays a competitive interest rate of 1.20%, has a minimum balance of $5,000. So as far as no fee savings accounts are concerned, CIBC is really low on the list of top Canadian banks. They do have a great promotion running for their "eAdvantage Savings Account". You get the base 1.20% interest, but will receive bonus additional interest of 1.80% on new deposits. That's 3.00% total interest. Not bad!

1.) CIBC eAdvantage Savings Account Review (1.20% Base Interest + Special 1.80% New Deposit Promotion)

By far the best savings account option at CIBC is the eAdvantage Account. This account pays a very competitive rate of 1.20% which is higher than many of the other major banks, but it does come with a minimum balance requirement of $5,000 or more. This account carries no monthly fee and unlimited transfers to and from your CIBC accounts for free. Most other transactions carry a fee of $5.00 per.

CIBC eAdvantage Savings Account Details

Monthly Fee: Free
Minimum Balance: $5,000
Interest Rate: Base 1.20% + 1.80% Special Bonus
Transfers: Free Transfers to and from CIBC accounts
ATM and Other Debits: $1.50 for Interact eTransfers, $5.00 ATM all other Debits

2.) CIBC Bonus Savings Account Review (0.05-0.10% Interest)

The CIBC Bonus Savings Account is a free account that pays tiered interest but not at a very competitive rate. You will receive 0.05% interest on all balances, and 0.10% interest when you carry a monthly balance of $3,000 or more. This is really not a great savings account option for Canadians. The only good thing about this account is that it does offer one free transaction each month unlike the eSavings Account.

CIBC Bonus Savings Account Details

Monthly Fee: Free
Minimum Balance / Interest Rate: 0.05% up to $3,000, 0.10% on $3,000+
Transfers: Free CIBC transfers in and out of account
ATM and Other Debits: 1 Free Transaction per month, $1.50 Interact eTransfers, $5.00 for all other Transactions

3.) CIBC Premium Growth Account Review (0.05% Interest on all balances)

The Premium Growth Account is the third no fee account offered by CIBC and its also not a great option. It pays pretty low interest, even some Canadian chequing accounts pay more than this savings account. The only good thing about it is that transactions are a little cheaper at $1.50 instead of $5.00 like the above listed accounts.

CIBC Premium Growth Account Details

Monthly Fee: Free
Minimum Balance: No Minimum
Interest Rate: 0.05% on all balances
Transfers: Free to and from you CIBC accounts
ATM and Other Debits: $1.50 per transaction