CIBC Review 2026 | Canadian Imperial Bank of Commerce

CIBC is the smallest of Canada’s Big Five banks by market capitalisation, but it holds two genuine advantages over its larger competitors: the cheapest self-directed brokerage among Big Five banks (CIBC Investor’s Edge at $6.95 per trade) and exclusive ownership of the CIBC Costco Mastercard partnership. If you are a Costco member or a self-directed investor who wants a bank-integrated brokerage, CIBC offers better value than RBC, TD, or BMO in those specific areas.

For everyday banking, CIBC’s fees and savings rates are comparable to the other Big Five institutions — which means the same analysis that applies to any of the major banks applies here. A standard CIBC chequing account costs $14.95/month, pays near-zero on savings, and provides ATM access through 3,400+ machines. Simplii Financial, CIBC’s own no-fee digital brand, provides the same ATM network at $0/month with unlimited transactions. For savings, EQ Bank pays 4%+ versus CIBC’s 0.01–0.05%. The question for most Canadians is not whether to pick CIBC over RBC or TD, but whether a Big Five bank is the right structure at all versus pairing Simplii for chequing with EQ Bank for savings.

CIBC’s founding came from the 1961 merger of the Imperial Bank of Canada and the Canadian Bank of Commerce, two banks with histories dating to the 1870s. Today it operates 1,000+ branches across Canada with approximately 3,400 ATMs. Institution number: 010. SWIFT: CIBCCATT.

Quick Reference

CIBC at a Glance

Chequing Accounts

CIBC’s chequing accounts follow the standard Big Five pricing structure: monthly fees ranging from $4.95 to $29.95, waivable by maintaining a minimum balance. The Everyday account’s $1,000 minimum balance for a fee waiver is one of the lower thresholds among the Big Five, making it relatively accessible for students and lower-balance customers who insist on a full-service bank.

The Smart Account at $14.95 is CIBC’s standard offering for most adults — unlimited transactions, Interac e-Transfers included, and free ATM use at all CIBC machines. The fee waiver at $3,000 is achievable for most working Canadians but still represents $3,000 sitting idle earning 0.01% when it could earn 4%+ at EQ Bank. The all-in cost of that decision is approximately $1,200 per year in foregone interest on $30,000 savings plus $180 in fees — roughly $1,380 annually — to maintain a CIBC relationship versus a Simplii/EQ Bank combination.

For students, CIBC Smart for Students is free during full-time enrollment, with a 25-transaction monthly allowance that mirrors other Big Five student accounts.

Savings Accounts

CIBC savings rates sit at or near the Big Five floor — 0.01% on standard balances, with promotional rates occasionally offered to new savings account customers. This is not a differentiating factor among the Big Five; all five banks offer effectively zero on everyday savings balances.

The Simplii promotional rate is available to new Simplii customers — not existing CIBC banking clients — and expires after a promotional period, reverting to a standard rate. The EQ Bank rate requires no relationship, no promotion, and does not expire.

Credit Cards

CIBC’s credit card lineup covers cash back, travel, and co-branded products. The two strongest offers are the Dividend Visa Infinite for cash back and the Costco Mastercard for Costco members.

CIBC Dividend Visa Infinite is the flagship cash back card at $139/year, offering 4% back on groceries and 2% on dining, gas, transit, and recurring payments. The annual fee is waivable for clients who hold a qualifying CIBC banking product — in practice, maintaining a Smart Account or higher qualifies. For CIBC banking clients, this makes the Dividend Visa Infinite effectively a no-annual-fee 4% grocery card, which is among the strongest cash back rates in Canada at that price point.

CIBC Costco Mastercard is a no-annual-fee card available only to Costco members who bank with CIBC. It earns 3% back at restaurants and Costco.ca, 2% at Costco warehouses and gas stations, and 1% everywhere else. The cash back is paid as an annual Costco Shop Card in February. CIBC is the only issuer that offers this card.

CIBC Investor’s Edge

CIBC Investor’s Edge is the most compelling product in CIBC’s lineup for a specific customer: a self-directed investor who wants a bank-integrated brokerage and is willing to pay commissions. At $6.95 per trade, it is the cheapest commission-based brokerage among the Big Five bank brokerages — meaningfully lower than RBC Direct Investing and TD Direct Investing at $9.95–$9.99 per trade.

The practical context: for a buy-and-hold investor who makes 10–20 trades per year, the commission difference between Investor’s Edge and Questrade ($4.95) is $20–$40 annually — a minor consideration. The larger comparison is against Wealthsimple Trade, which charges $0 per trade.

Where Investor’s Edge justifies itself is the banking integration: transfers between CIBC accounts and Investor’s Edge are instant, which matters for investors who want to move money quickly between chequing and their brokerage.

CIBC vs. Other Big Five Banks

Who Should Bank with CIBC

Costco members have a straightforward case for CIBC: the no-fee Costco Mastercard is exclusively available through CIBC and is one of the best no-fee cash back cards in Canada for Costco shoppers.

Self-directed investors who want a bank brokerage will find Investor’s Edge at $6.95/trade is the cheapest bank-linked option. The instant transfer between CIBC chequing and Investor’s Edge is useful for active traders who move cash frequently between banking and investing.

CIBC banking clients wanting a fee-waived credit card benefit from the Dividend Visa Infinite annual fee waiver — effectively getting a 4% grocery card at no additional cost on top of their banking relationship.

Newcomers to Canada may find CIBC’s New to Canada package a reasonable entry point: 12 months of fee-free banking, a starter credit card, and branch access for in-person support. After the 12-month waiver, switching to Simplii Financial preserves the CIBC ATM network at $0/month.

Canadians who primarily want low fees and high savings rates should use Simplii Financial for chequing (same ATM network, no fees) and EQ Bank for savings (4%+ versus CIBC’s 0.01%).

CIBC Cluster Pages

• CIBC Routing Number & Transit Numbers
• CIBC ATM Withdrawal Limit
• CIBC Interac e-Transfer Limit
• CIBC Wire Transfer Limit & Fees
• CIBC Mobile Cheque Deposit Limit
• CIBC Customer Service
• CIBC Branch Hours
• CIBC Account Fees

Related Pages

• Simplii Financial Review
• EQ Bank Review
• CIBC vs TD vs RBC
• Best Online Brokers Canada
• Bank Reviews Hub