Institution profile · Big Six bank (Schedule I)
CIBC
ActiveCanadian Imperial Bank of CommerceCDIC
Canadian Imperial Bank of Commerce is a Big Six Schedule I bank headquartered in Toronto. It runs the Simplii Financial direct-banking division under the same CDIC membership.
Profile facts checked October 30, 2026
At a glance
- Legal name
- Canadian Imperial Bank of Commerce
- Type
- Big Six bank (Schedule I)
- Head office
- Toronto, ON
- Founded
- 1961 — Formed June 1, 1961 by the merger of The Canadian Bank of Commerce and Imperial Bank of Canada.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- CIBC Smart Account — $203 a year for the Everyday example
- Best posted savings rate
- 0.3% on $10,000 (CIBC eAdvantage Savings Account)
- OBSI banking cases
- 1,013 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.cibc.com
Deposit protection
CDIC member. Simplii Financial is a CIBC division, so Simplii and CIBC deposits share one set of CDIC limits.
Names CDIC lists for these members: CIBC, Renaissance, Simplii Financial, Wood Gundy, CIBC Mortgages, CIBC Trust.
Our assessment: 40/100, #11 of 13 in our bank review
Trails on savings rate and everyday cost. Cheapest account for everyday use: $203 a year.
Cost 44 · Savings rate 11 · App rating 61 · not scored: access, service. How the review works.
CIBC chequing accounts and what they cost
CIBC lists 2 chequing accounts with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is CIBC Smart Account at $203 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| CIBC Smart Account | $0.00–$16.95/mo, or $0 with a $4,000 minimum balance | Unlimited | $203 |
| CIBC Everyday Chequing Account | $4.00/mo, no balance waiver | 18 a month | $447 |
CIBC savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| CIBC eAdvantage Savings Account | 0.3% | No monthly fee |
On the official lists
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Canadian Imperial Bank of Commerce | OSFI — Schedule I domestic bank | Yes |
| CIBC Mortgages Inc. | OSFI — loan company | Yes |
| CIBC Trust Corporation | OSFI — trust company | Yes |
Facts, with sources
- Registered and head office at CIBC SQUARE, 81 Bay Street, Toronto.Source: cibc.com
- Created by the June 1, 1961 merger of The Canadian Bank of Commerce and Imperial Bank of Canada.Source: cibc.com
- Operates the Simplii Financial direct-banking division.Source: simplii.com
Your own pattern can change the order. Put your numbers into the true-cost finder to rank CIBC’s accounts against everyone else’s.
Complaints that reached the ombudsman
OBSI, the ombudsman for banking, opened 1,013 banking cases about Canadian Imperial Bank of Commerce in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 1,047, and resolved 280 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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