CIBC is Canada's 5th-largest Big-6 bank with 11 million customers. Known for the CIBC Dividend Visa Infinite (one of Canada's best cash-back cards), the only Costco-branded credit card in Canada, and CIBC Simplii Financial digital subsidiary. Retail banking is middle-of-Big-6.
CIBC was created in 1961 by the merger of the Canadian Bank of Commerce (est. 1867) and the Imperial Bank of Canada. The bank has consistently been the smallest of the Big-6 by market cap but has built strong positions in specific niches: credit card portfolio (Aventura + Dividend + Costco), digital subsidiary (Simplii Financial), and wealth management (CIBC Wood Gundy).
The product highlight is the credit card lineup. CIBC Dividend Visa Infinite ($120/year) is one of Canada's best cash-back cards: 4% on groceries + gas, 2% on dining + recurring bills. CIBC Costco Mastercard is the only Costco-branded card in Canada (Costco accepts Mastercard exclusively), making it essential for Costco-loyal households. CIBC Aventura is a competitive Aeroplan transfer alternative.
Customer service follows the Big-6 pattern. Trustpilot rates CIBC at 1.4 / 5 across 1,800+ reviews. The most common complaints: 30-45 minute phone hold times, fraud disputes that drag for 6-8 weeks, account closures without explanation, and aggressive sales of high-fee mutual funds. BBB gives CIBC an A+ rating — reflecting formal complaint responsiveness rather than overall satisfaction.
Where CIBC genuinely shines: Simplii Financial, the digital subsidiary. Simplii offers no-fee chequing + competitive savings rates (currently 1.50% standing, occasional 5% promos) + free Interac e-Transfers + the same CDIC backing. For CIBC customers wanting digital-bank features at the same parent, Simplii is the answer. The CIBC ATM network (3,300+ in Canada) is among the largest. CIBC mobile app recently received major updates and now competes well with RBC and TD.
Chequing fees follow Big-6 patterns: CIBC Smart Account ($16.95/month, waivable with $4,000 minimum balance) is comparable to peers. CIBC Smart Plus Account ($29.95/month) includes free safety deposit box + investment account perks. Savings rates are below average (0.50% standard) but the CIBC eSavings account from Simplii offers competitive 1.50% standing.
Who should bank with CIBC? Dividend Visa cardholders (Canada's top cash-back card), Costco loyalists (CIBC Costco MC is the only option), Simplii Financial customers (digital subsidiary with no fees), and customers who prefer CIBC over other Big-6 for any specific reason. Who should look elsewhere? Customers seeking lowest fees (use EQ Bank), customers who rely on phone service, and borrowers seeking the absolute lowest mortgage rate (use online brokers).
CIBC's credit card lineup is genuinely the best of the Big-6: Dividend Visa Infinite + Costco Mastercard + Aventura Aeroplan transfer. For everyday banking, Simplii Financial (CIBC's digital subsidiary) offers free banking with the same CDIC backing. Customer service complaints follow the Big-6 pattern. Use CIBC for the cards and Simplii; pair with EQ Bank for savings.
Aggregated from Trustpilot, BBB, Reddit (r/PersonalFinanceCanada), and Google Reviews. We pulled the most-helpful reviews — both positive and negative — to give you a balanced picture.
"Dividend Visa is the best card I've ever had. $700+ cash back last year on groceries + gas. Pays the $120 fee back 6x. Wouldn't bank with them but the card alone is worth it."
"CIBC Costco MC is the only card that works at Costco gas pumps + bulk store. 3% at Costco. 4% gas. Saves me $500+/year on Costco trips alone."
"Disputed a $890 fraud charge in October. CIBC closed the case without action in November. Recalled in December and was told they couldn't reopen. Filed with OBSI to get attention."
"Banking with CIBC for 28 years. Always treated well at my local branch. Mobile app is great after the 2024 redesign. People should rate by branch experience."
"Branch advisor pushed me into 2.5% MER mutual funds while I asked for index ETFs. Found out 2 years later I'd underperformed market by $8,000+. Moved to Wealthsimple."
"Solid mid-tier bank. Better than I expected. Card lineup is genuinely good. Service is meh but acceptable."
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