Canadian Imperial Bank of Commerce (CIBC) Review 2024 - NerdWallet

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The Canadian Imperial Bank of Commerce, or CIBC, was founded in 1867 and is one of Canada’s Big Six banks.

Canadian Imperial Bank of Commerce, or CIBC, is a full-service financial institution founded in 1867. It is considered to be one of Canada’s Big Six banks. Over 1,000 banking locations and nearly 3,000 ATMs serve millions of CIBC clients every day. Clients can access most everyday banking, saving, borrowing, wealth management and other financial services via the CIBC online banking portal, mobile app and telephone.

As part of its corporate social responsibility efforts, CIBC’s climate action initiative provides resources to help clients transition to low-carbon living, sustainable investment options, and a CIBC Green Vehicle Loan.

CIBC clients have had access to online banking since 1995. These years of experience in digital banking have informed the CIBC bank’s effort in making it robust, secure and easy to use. Clients can use the award-winning website (cibc.com/en/personal-banking.html) and mobile app for everyday banking, free credit score monitoring, personal financial insights, opening new accounts and more.

The CIBC’s mobile banking app receives 3.8 and 4.2 out of 5 stars on Google Play and Apple App Store, respectively, at the time of this writing.

Canadian Imperial Bank of Commerce is a member of the Canada Deposit Insurance Corporation (CDIC). In the unlikely event of bank failure, your CIBC savings, chequing, combined savings-chequing accounts, Guaranteed Investment Certificates (GICs), and registered savings accounts are eligible for CDIC’s deposit insurance.

CIBC bank uses multiple layers of security, verification for any account changes, fraud alerts, and other enhanced security measures to protect your money. ​​Additionally, you’re covered by the ​​CIBC Digital Banking Guarantee, which promises to refund any money lost to fraud, provided you follow digital banking security guidelines.

CIBC also offers special chequing accounts to serve students, seniors, foreign workers and newcomers to Canada.

CIBC offers Visa and Mastercard options for personal, business, student and U.S. dollar spending. Clients receive travel points, privileges and cash back on CIBC reward cards from partners like Aventura, Aeroplan and Costco. Some cards even have no annual fees. Featured cards include:

» MORE: Compare CIBC GIC rates for different types of GICs.

Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using CIBC bank’s financial products and services:

Canadians who want to keep all their finances in one place, value online banking, and like the option of in-person banking.

CIBC has product offerings that are similar to the other big banks, offering account bonuses, rewards and discounted fees. Aside from the variety of banking options, personal and business clients can consider the overall client satisfaction that CIBC is propelling through technological innovation and climate action initiatives to match their unique needs.

There’s plenty to like about CIBC bank, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

» MORE: Check out our Banking reviews of other Big Banks, credit unions and online-only banks.

The CIBC telephone banking nationwide number is 1-800-465-2422 with service available 24 hours a day, 7 days a week. If you’re overseas or in the US, you can call 1-902-420-2422.

You do not need separate login credentials to access your CIBC rewards account. After you’ve registered your eligible credit card via online or mobile app banking, you’ll be able to manage your rewards from your banking portal.

We’ve reviewed Big Banks, credit unions and online-only banks — along with some of their most popular products — to help you understand the pros, cons and perks.

CIBC offers a range of credit cards that offer reward points, cash back and travel perks. Check out the best CIBC credit cards.

CIBC mortgage rates are comparable to those at other Big Six banks, but higher than what you might find by using a mortgage broker. CIBC’s prime rate today is 5.95%

Unhappy with your bank? Switching to a new bank doesn’t have to be hard — using a checklist can make for a smooth transition to your new institution.