How To Open A CIBC Bank Savings Account

The CIBC (Canadian Imperial Bank of Commerce) is one of the 5 biggest banks in Canada. They serve their customers with a range of financial products and services, such as bank accounts, credit cards, mortgages, lending, investments, and insurance, etc. If you are looking for a bank where you can open a savings account to start saving from right today, then you can consider this bank. There are different savings accounts offered by the bank so that people can easily pick one according to their specific requirements. Before we move on to show you how to open a savings account, let’s go through all available savings accounts with the bank.

Available CIBC Bank Savings Accounts

There are total 4 types of the savings accounts offered by the Canadian Imperial Bank of Commerce. Here are the highlights of all 4 savings account types that you must go through before applying for any of these:

1. CIBC eAdvantage Savings Account

If you want to open a savings account with the high-interest rate, you can take advantage of this option. On the new deposits, there is 3% interest, when the account balance is at least $5,000. You get a free telephone, mobile, online, and the CIBC ATM transfers also. There is no monthly fee and the following features are also free:

• Paperless record keeping
• Online transfers: to other personal accounts of CIBC
• Account inquiries
• Receiving your money via Interac e-Transfer

If you want to send the money via Interac e-Transfer, then there will be a $1.50 charge for each transfer plus the transaction fee, if applicable. The non-CIBC bank machine transfers will cost you $2 each.

2. CIBC Bonus Savings Account

This account type suits both types of people who have long-term or short-term objectives. You will enjoy interest on every single dollar that you save. In addition to that, you will enjoy the higher rate once your account balance is at least $3,000. You also get one free transaction, every month. You can also set up the recurring deposits with the help of their online banking for keeping the savings on the right track. The interest is calculated every day and it is paid monthly. There is one free-of-cost transaction, every month. Paper record keeping is free and you’ve got round-the-clock access to the account via CIBC Advantage Debit Card. There is no monthly fee and the following features also come without any free:

• Paperless record keeping
• Account inquiries
• Receiving the money via Interac e-Transfer

If you want to send money via Interac e-Transfer, then you will have to pay $1.5- and transaction fee for each transfer. There is also a $2 fee for the non-bank ATM withdrawals.

3. CIBC Premium Growth Account

If you are a starter who is planning to start saving, then you can opt for this savings account. It has an interest rate of 0.05% that is offered on every single dollar that you have. Recurring deposit option is also available through online banking. Interest is calculated every day and paid on a monthly basis. You get 24/7 account access and paperless record keeping comes free of cost. There is no monthly fee and the following services are also absolutely free:

• Account inquiries
• Paperless record keeping
• Receiving money via Interac e-Transfer

The non-bank ATM withdrawals cost $2 each and if you want to send money through the Interac e-Transfer, then you will have to pay $1.50 + transaction fee.

4. CIBC US$ Personal Account

If your major concern is depositing, withdrawing, and saving the US funds with convenience, then you can opt for the CIBC US$ personal account. You can withdraw and deposit the US funds deprived of any currency conversion. There isn’t any monthly fee and you would be able to earn an interest of 0.25% on every single dollar that you save. An extra 0.50% interest is available on the CIBC US$ personal account if you own both CIBC Bank USA Smart account and the US$ personal account. Account inquiries and paperless record keeping are also free.

If you still have any doubts about selecting the right account type, then you can also get in touch with their support representative for more details. Now, let’s find out how one can apply for one of their personal accounts.

Instructions To Open A CIBC Bank Savings Account

There are a few ways available by which you can apply for a savings account. You can apply online, by phone, or through their app. If you want to apply by phone, then call at 1-866-525-8622. For online applications, follow the below-listed instructions:

1. Go to the official website of the CIBC Bank, where the bank is accepting the online applications.
2. After you arrive at their website, you should see a “Bank Accounts” option in the menu of the website. Move your mouse cursor over there and you will see some new options sliding down. From the new options, click the “Savings” option under the “Bank Accounts” category.

Now, you can see all four savings accounts on your computer screen with a small summary of the account details. Click “Apply Now” button on the account type box that you want to apply. Now, read and confirm the important details on the new page and click the “Next” button. Now, tell them if you are already their client. The application starts now. Just fill up the online application form to submit your account opening request.

If you need assistance during the application process, then there is a “Live Chat” option available on the right-hand side of the page. You can use this option to ask your questions related to the application.