How CIBC Can Help With Your Banking

As a newcomer to the country, you’ll likely have questions about banking in Canada. CIBC can help.

It’s important to arrange your finances in a way that’s convenient for you. You’ll need a place to keep your money safe, but where you can still access it easily. You may also need to borrow or have access to credit for the things that matter to you, like a home or a car.

From the bank accounts you use every day, to credit and borrowing products, to savings and investment solutions that help you reach your personal or business goals, CIBC can help you find a complete range of financial solutions for the things that matter most to you.

CIBC offers flexibility, access and choice with convenient hours, including evening and Saturday banking hours in many of its more than 1,000 branches and 24 hours a day, 7 days a week access to CIBC Telephone Banking. CIBC clients also benefit from access to almost 4,000 CIBC bank machines.

CIBC also has a network of accredited financial professionals with experience and expertise who will work with CIBC clients to help them meet their financial goals. Many of these professionals can speak at least one other language in addition to English. Find your local CIBC branch.

How to bank with CIBC

You can do your banking from almost anywhere, at anytime. You can get cash from a CIBC bank machine, and pay a bill through telephone, or online or mobile banking online using your computer or smartphone.

With a CIBC debit card, you can bank when you want, where you want - 24 hours a day, 7 days a week.

Your CIBC debit card enables you to bank online, with an internet-enabled mobile device, by telephone or by bank machine, as well as at any CIBC branch. CIBC has one of the largest networks of automated bank machines in Canada.

With your unique card number and the password you choose, you have secure access to CIBC's full suite of day-to-day banking services.

The CIBC Advantage Debit Card is a type of chip-enabled debit card that allows you to make debit purchases, transfer money and do other transactions such as direct deposit, pre-authorized payments and INTERAC e-TransferTM2 transactions. With this card, you also get access to your accounts to shop worldwide:

  • In Canada, shop in stores that accept INTERAC® Direct Payment
  • Internationally, shop at stores that accept Visa™ cards
  • Online, by phone or by mail order wherever Visa/Visa Debit is accepted

For more information on how to become a CIBC customer, please visit the nearest CIBC branch or call us at 1-866-525-8622.

Bank accounts

Your accounts should meet your individual needs and banking habits. For example, if you make a lot of day-to-day transactions, a chequing account that offers unlimited transactions can be a real money saver.

And if you are putting money aside to save for something important, a savings account with competitive interest rates and easy access to your funds might be a good choice.

Compare our bank accounts to see which one is best for you.

To open a bank account with CIBC, you don't have to be employed and no minimum deposit is required. You will need to show two pieces of identification.

For more information on how to become a CIBC customer, please visit the nearest CIBC branch or call us at 1-866-525-8622.

Credit cards

At CIBC, we understand that establishing a credit history is important. Your credit history is a record of your past borrowing and repayment. This information is used by lenders, such as credit card companies, to determine your means and ability to repay debts.

If you have recently immigrated to Canada and don’t have the credit history or employment income required for a credit card, we can help. A secured CIBC Credit Card allows you the convenience and security of a credit card without the credit history and employment income usually required.

A secured Credit Card requires a security deposit equal to the value of the credit card limit. The deposit is placed in a CIBC interest-bearing savings investment, so your money grows while you establish your credit rating.

A CIBC Credit Card is an easy and convenient way to make your everyday purchases. At CIBC, we have a selection of personal credit cards to choose from with different annual fees, interest rates and reward programs, or other benefits.

All CIBC Credit Cards come with features that will help you organize your spending, eliminate guesswork and allow you to establish personalized budget guidelines.

Whether you're looking for a credit card that offers a low (or no) annual fee or rewards, CIBC has the credit card that suits your needs.

Compare our credit cards to see which one is best for you.

For more information on any of our credit cards, please call CIBC Credit Card Services at 1-800-465-4653 or visit your local CIBC branch.

Borrowing

At one point or another, everyone needs to borrow. Whether it's for a new home, new car or a trip back home - borrowing money can help you achieve what is important to you. We can help you choose the borrowing solution that best suits your needs.2

CIBC Mortgages

Buying a home is a huge financial decision. With so many different kinds of mortgages available, it's important to choose one with features that suit your needs. CIBC can help you determine how much you can afford, and help you choose the mortgage that's best for you.

CIBC is committed to assisting newcomers to Canada who have recently received Canadian immigration status, but who haven't had sufficient time to establish a credit history or banking relationship in Canada.

Realise your dream of home ownership with a CIBC Newcomer Mortgage. Take advantage of low down payment options - you can qualify, even with no Canadian credit history. You can also use foreign or domestic income sources, or a combination of both, for employment income verification.

CIBC also offers financing options for non-residents looking to purchase a second home, vacation property or investment property in Canada. Please visit your nearest CIBC branch or call us at 1-866-525-8622 for details.

CIBC Personal Loan

A loan is for a fixed period of time with an initial balance and fixed regular payments. If you know exactly how much money you need, or want structured payments to help you budget, the CIBC Personal Loan may be for you. It can allow you to lower your monthly payments by extending them over a longer period of time.

CIBC Personal Line of Credit

A CIBC Personal Line of Credit (PLC) provides flexible access to funds for your ongoing needs. Not only can you save with a low variable interest rate, you only pay interest on the funds you use. If you don’t use your CIBC PLC, there will be no interest charges or minimum payment due.

You can access the funds using your CIBC debit card up to your available limit, or make direct purchases or transfer funds into another CIBC account.

Whether you’re looking to consolidate debt, build your credit or expect your borrowing needs to vary through the year, consider a Personal Line of Credit. It's a flexible way to get extra funds for the things that matter to you.

How to qualify

You will need a good credit rating or assets to use as collateral before you can be approved for a loan or line of credit.

A credit rating is a measure of how dependable you are in repaying your debts. Your credit rating is not established by the government or by financial institutions - it is established by you.

If you pay your bills on time and repay your loans as per their terms or conditions, your repayment history will be favourably reflected in your credit rating. This information is used to evaluate your credit worthiness, which can affect your ability to borrow money.

To learn more about the application process, call Telephone Banking at 1-866-525-8622 or visit one of our branches to talk to a CIBC advisor.

Investing

Investing is one of the key ways to save - whether it's for retirement, your children's education or any other important goal.

At CIBC, we will sit down with you to discuss your needs and goals, and help you to develop a plan that meets your current and long-term needs.

There are two principal types of investments - registered and non-registered. Registered investments are held inside a government-registered plan, where they can grow on a tax-sheltered basis.

Examples include Registered Retirement Savings Plans and Registered Retirement Income Funds for retirement and RESPs for education.

Non-registered investments are held outside a registered plan, and any income generated is taxable in the year it is earned.

Some of the ways you can save and invest at CIBC include savings accounts, GICs, mutual funds and managed portfolio solutions.

If you're interested in making your own investment decisions, trading online and choosing from a variety of investment options, a CIBC Investor's Edge® account may be for you.

Insurance

Insurance on your life, property, car and debt obligations can help you protect what is most important to you.

Types of insurance available in Canada include: life, disability, property, travel and creditor insurance.

At CIBC, if you get a loan, line of credit, mortgage or credit card, you can also apply for optional Creditor Insurance. Through Creditor Insurance, we offer a variety of insurance solutions from disability and job loss protection to life insurance through various insurance companies.

We also offer travel insurance to help protect you from unexpected costs due to emergencies - no matter where in the world you travel.

For information on other types of insurance you may need, talk to an insurance professional.

Financial advice

No matter what type of financial advice you need, CIBC has an expert who can help with your personal or business banking needs.

If you want to talk to a CIBC advisor about managing your day-to-day finances, planning for your retirement and working towards your goals, consider a CIBC Financial HealthCheck™.

For a comprehensive plan for your more complex banking, borrowing and investing needs, consider CIBC Imperial Service®.

CIBC Wood Gundy®2 offers one-to-one expertise in developing a customized investment plan for larger portfolios, and CIBC Private Wealth Management® offers advice on managing significant wealth.

CIBC also has banking specialists to help you with your unique financial needs, for example agricultural banking and small business.

Managing your business

As a small business owner, you have unique financial needs that will change as your business grows. We have the financial solutions and advice that are right for you and your business.

A CIBC business advisor can offer assistance with everything from accounts, to cash management services, to credit and debit card payment processing solutions. Learn more about our products and services for small business owners.

CIBC can help you get your new business up and running, and take your startup to the next level. Visit a CIBC branch to find out how.


Legal disclaimers:

1 An INTERAC e-Transfer may be sent to anyone with a Canadian personal bank account. Account holders at financial institutions that do not yet offer the e-Transfer service can still receive a transfer and deposit it using CIBC’s service provider, Certapay; however, this method usually takes 3-5 business days.

2 All loan/mortgage products are subject to credit approval. Certain conditions and restrictions may apply.

® Registered trademark of CIBC

™ TM Trademark of CIBC

*Visa Int./lic. user.

®2 CIBC Wood Gundy is a registered trademark of CIBC World Markets Inc.

TM2 Trademark of INTERAC Inc.; CIBC authorized user of mark.