RBC vs CIBC: A Comparison of the Banks

Canada’s banking system is robust, sound, and widely considered one of the safest in the world. There are numerous major banks that have a stake in the market, though not all of them have the exact same offer. 

In this review, we’ll analyze two bank giants: RBC vs CIBC. These institutions are among the largest in the country, so we’ll highlight their main services. 

RBC Bank Review

RBC (Royal Bank of Canada) is one of the Big Five banks in the country. It’s suitable for personal, business, as well as corporate checking accounts. People like feeling connected to their bank and that’s why RBC’s helpful and quick customer-centric service is something that clients appreciate.  

Individuals can get the option for high-interest savings accounts. At the same time, RBC is a good option for businesses, since the better business banking services offer includes high-interest rates and practical advice. 

RBC deduction plans are very useful for customers in need of debt relief, since not all banks offer this kind of service. 

Another service that many banks are reluctant to offer, especially to new customers are unsecured loans. RBC, on the other hand, makes the credit process easy and might be able to offer clients a personal or business loan at decent terms. 

RBC offers credit cards to a variety of individuals, small businesses, and corporations. It also provides loans at main-street banking rates. Moreover, the Royal Bank of Canada offers several other personal and business financial services, such as currency exchange, international trade solutions, and insurance products.

CIBC Bank Review

CIBC (Canadian Imperial Bank of Commerce) is an established national banking leader, with branches developed all around the country, as well as in the US. It’s also one of the Canadian banking system’s Big Five banks. 

CIBC offers personal and business checking accounts, along with private banking services for high-net-worth individuals and different lending services.

When opening a regular CIBC savings account, customers need a $50 minimum balance. The account can be opened at any branch location in Canada or the United States. 

For opening a CIBC Agility online savings account, clients need a $1,000 as a minimum deposit. With this account, there are no monthly fees and the interest rate is pretty competitive.  

The savings account, myChoice checking account, and the money market account have to meet certain set balances in order to earn higher interest rates. The more money a customer leaves in their account, the higher the interest rate of return will be. 

The account balance must be over $5,000 in your myChoice and $1,000 in your iCan account in order to waive your checking account fees. For waving the service fees on the savings account, you’ll need a minimum balance of $250.

The Canadian Imperial Bank of Commerce (CIBC) offers CD products and other investment accounts. If you want to open a CD, you’ll need to go to a branch location. The minimum balance on your investments counts towards the total balance with the bank, which helps you avoid monthly fees on your CIBC accounts.

The Final Word

Both banks offer a nice range of products. Either bank is an excellent choice and will give you the full-service banking features. Both banks come pretty close to having  everything you need for banking transactions, 

RBC is appreciated for its line of business products, deductions plans, and unsecured loans. 

CIBC is an excellent choice for banking online. The Agility product offers competitive interest rates. 

If you’re in Canada and looking to adopt, check our guide on how to pay for an international adoption.