The bank that I get my paycheques deposited to and where I pay my bills from is CIBC. This is the case mostly because of historical reasons and by the fact that I have such an old chequing account, it comes from the days where they didn’t charge you a fee for every single transaction. As such, it’s essentially a no-fee account that is very rare now. If this wasn’t the case, I’d probably have ditched CIBC as my bank a long time ago. The current set of banking products that CIBC has are terrible and are designed to extract as much money from you as possible. I also think their web site sucks.

My latest problem with CIBC stems from the fact they gave me an offer in which they stated that if I opened up a US dollar account, I’d get 3.00% until the end of the year. That’s great because that’s more than double the interest I’m getting in my most beneficial US dollar account.

So, I opened the account but there’s no where on the web site or on the app that confirms that I redeemed the offer and that this new account is earning the promotional interest. I actually can’t even verify what interest rate this account is currently accruing.

Contrast this to Tangerine, where any promotional offer is confirmed via your inbox and you can always find out the current interest rate for any of your savings accounts.

Do not bank with CIBC unless you have a really good reason. There are better alternatives out there.

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