Canada has a robust banking system, with all the largest institutions having a stake in the Canadian market. However, it might surprise you to learn that not all banks present the same offering.
In this review, we’ll look at HSBC Vs. CIBC. These two banking giants are among Canada’s largest institutions – So, which one has the better offering?
HSBC is an established global banking leader, with branches developed around the world including in Northwest Territories. This bank is suitable for private, business, and corporate checking accounts. There are low minimum starting balances required when opening an account, with most requiring as little as $1.
Private individuals do get the option for savings accounts. Still, the interest rates are low, and you can expect your money to lose value against inflation when parking it in this facility. HSBC does offer CDs with competitive interest rates.
The CD products come in terms of 6, 12, and 24-months, allowing you to choose your investment term to suit your savings goals. When opening a CD, you’ll need to fund your account with a minimum starting balance of $1,000.
HSBC credit services provide credit card facilities to private individuals, corporates, and small businesses. There are also loan facilities available at main-street banking rates. HSBC also offers other business and personal financial services, such as insurance products and currency exchange.
Monthly fees for your accounts range from $3 to $50, depending on the type of account. However, HSBC does implement minimum balances, and if you keep to these minimums, then they waive the fee on your account.
The Canadian Imperial Bank of Commerce (CIBC), is one of the “Big-Five” banks in the Canadian banking system. CIBC offers personal and business checking accounts, as well as various lending services, and private banking for high-net-worth individuals.
The CIBC Agility online savings account offers you a competitive interest rate. You’ll need $1,000 as a minimum deposit for the account, and there are no monthly fees.
Regular CIBC savings accounts only require a $50 minimum balance to open, and you can open one at any branch location in Canada or the United States.
The myChoice checking account, savings accounts, and money market must meet set balances to earn higher interest rates. The more money you leave in your account, the higher your interest rate of return.
CIBC also offers investment accounts, such as CD products. You’ll need to visit a branch location if you want to open a CD, and your minimum balance on your investments counts towards your total balance with the bank, helping you avoid monthly fees on your accounts.
Your account balance must be over $1,000 in your iCan account or $5,000 in your myChoice account to waive your checking account fees. Savings accounts require a minimum balance of $250 to waive service fees on the account.
If you’re looking for full-service banking features, then choose HSBC. This premier bank has everything you need to transact. However, we wouldn’t recommend it for saving and investing, as interest rates provide a low return on your money.
CIBC is an excellent option for banking online. The Agility product offers competitive interest rates. However, there are monthly fees on your accounts, and not all the services are available online.
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