CIBC eAdvantage Savings Account Review (2024)

Are you looking for the CIBC eAdvantage Savings Account review? Well, here it is. CIBC is one of the big five banks in Canada with a market cap of 50B Canadian Dollars. “Big Five Banks” is a term used in Canada to describe the five largest banks: Royal Bank of Canada (RBC), The Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), The Bank of Nova Scotia (BNS), and TD Canada Trust (TD Bank).

With the CIBC eAdvantage Savings account, you’ll earn interest on every dollar you save, every day. That’s not everything, you’ll also get benefits such as FREE Interac e-Transfers, Free money transfers in Canada, a low International money transfer rate, and no minimum account balance or fees required.

Opening the eAdvantage Savings Account is very easy and straightforward (which can be done online too!). The basic eligibility is that you’re a Canadian resident and you’ve reached the age of majority in your province of residence.

In this article let’s take a look at everything the CIBC eAdvantage Savings Account has to offer and if it’s right for you. Let’s begin.

What Is The CIBC eAdvantage Savings Account?

As I said in the Intro paragraph, CIBC is one of the premier banks in Canada. It is considered among the five biggest banks in Canada based on its market cap and annual revenue.

CIBC’s eAdvantage Savings Account (HISA or High-Interest Savings Account) offers you a 0.05% interest rate on every dollar saved in this account. You’ll earn the interest every single day as long the amount is kept in the savings account.

There are absolutely no monthly account fees for opening or maintaining the account. However, there are certain transaction fees that need to be considered.

CIBC eAdvantage Savings Account

Features of the CIBC eAdvantage Savings Account

I’ve summarized the Features & Benefits of the CIBC eAdvantage Savings account below:

No Monthly fees – That’s right, the eAdvantage Savings Account comes with a $0 monthly fee and there are no maintenance fees as well.
You’ll earn high interest on every dollar you save with no minimum balance required ever.
You’ll always have the flexibility to transfer money for free between your CIBC personal bank accounts. In addition, you can also set up recurring transfers to reach your goals even faster.
Money saved in the CIBC’s eAdvantage Savings Account can be accessed anytime, 24 hours a day and 7 days a week.

CIBC Interest Rate Offered

Right now, CIBC is offering the “BONUS” interest rate of 1.50% for the first 120 days of opening the eAdvantage Savings Account.

Once the bonus period expires, you’ll be eligible for the regular 0.05% (base interest rate) with no monthly fees as mentioned before.

Simply put, the interest rate of 0.05% translates to $50 per $1000 in the eAdvantage savings account.

Note that, even though the interest is paid on the outstanding balance at the end of the day, the actual amount will only reflect by the end of the month. Till then, you’ll not be able to access or withdraw the Interest paid out to you on a daily basis.

Other Considerations: Canadian High-Interest Savings Accounts (HISA Account)

We just looked at the HISA Savings Interest Rates offered by CIBC and the eAdvantage Savings Account.

In comparison to CIBC, Tangerine Bank and EQ are currently running a promotion and offer some of the best interest rates in Canada.

Tangerine Savings Account (HISA)

Let’s start with Tangerine.

Product Name: Tangerine Savings Account

Monthly Account Fees: $0

No Minimum Balance

Promo Interest Rate Offered: 2.10% for the first 5 months + $150 Payroll Cash Bonus

Interest Rate after the Promo period: 0.15%

Reasons To Pick The Tangerine Savings Account:

No unfair fees, no service charges
No minimum balance required
Set up an Automatic Savings Program (ASP), and your money grows on its own (recurring payments compounded)

Click here to sign up for the Tangerine Savings Account

EQ Bank Savings Plus Account

With the EQ Bank Savings Plus Account:

You’ll earn a 1.50% everyday interest rate
No minimum account balance as others
Free unlimited transaction throughout the month
Cheap International money transfer rates
Free Bill payments
Free Interac e-Transfers
EQ to EQ free money transfers

Please note that there’s a max limit of $200,000 per customer for the HISA account.

Click here to sign up for the EQ Bank Savings Plus Account

CIBC eAdvantage Savings Account

Final Words

eAdvantage Savings Account is the High-Interest Savings Account or HISA from CIBC.

Even though the interest rates are pathetic and low, CIBC is one of the safest banks in Canada to park your money and make that extra buck in interest.

Especially during these uncertain times and pandemic, with businesses shut and closed, people losing jobs everywhere, it’s important to make that extra money from the savings account. Every penny earned counts at the end of the day.

You might not be the one investing in the stock markets or the stock markets might even scare you from losses. So better save your money in the HISA account and reap that 0.05% interest rate which will help you in offsetting the bills.

Thanks for reading! Let me know your thoughts and comments below.

CIBC eAdvantage Savings Account Review