Personal Finance

Your opinion please : CIBC or Scotiabank

  • Last Updated:
  • Jun 3rd, 2018 9:36 am
[OP]
Deal Addict
Apr 14, 2006
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635 upvotes
St Johns

Your opinion please : CIBC or Scotiabank

Looking to hear your experience dealing with both banks.
Information:
* I will transfer everything to the bank including chequing, investments - I don't / can't deal with two banks (eg. one banking and one brokerage)
* I must bank with one of the two banks (only) - other banks are not an option
* Important to me : little to no fees for day-to-day banking (chequing), low to no cost overdraft
* accounts I would need: chequing, chequing USD, RRSP, TFSA, RESP..
* I'd like a tier 1 credit card to accumulate points (right now I have HSBC Premier Mastercard), mastercard is my preference as I like to collect Costco points but if only visa is available (which seems to be the case for CIBC and BNS) I will take it.
* good mobile app is a must

Please vote and feel free to provide insights on your experience banking with either (or both). Thanks.
19 replies
Deal Addict
Nov 25, 2014
1739 posts
954 upvotes
Newton Brook, ON
A $3000 minimum deposit at CIBC will give you unlimited transactions and unlimited free e-transfers. At Scotiabank it will give you 25 transactions and 2 e-transfers.

CIBC has a pay per use USD savings account, or a US checking account with a monthly fee / minimum deposit for up to unlimited transactions. Scotiabank only has a savings account with 2 USD transactions per month for a fee / minimum, but charges almost double CIBC's savings account for additional transactions. So there is a small range of 2-4 transactions per month where Scotia would be cheaper, but CIBC wins for anything less or more. Both the savings and checking at CIBC allow you to draw actual US checks on the account (not possible with Scotia) and the savings pays higher interest.
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Deal Addict
Jul 28, 2012
1044 posts
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Trois-Rivières, QC
I'm curious: any reason why you are undecided between these two only? In other words, any reason why the other banks/credit unions are out of the equation?
Deal Addict
Jan 16, 2016
1477 posts
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Hamilton, ON
CIBC hands down vs BNS -- BNS is a disaster for customer service.

You aren't out of luck at costco. Buy Costco Cash Cards online using Visa and then use the Cash Card at the store.
Member
Jun 28, 2011
449 posts
136 upvotes
VANCOUVER
I've been with CIBC for almost a year and my thoughts:

$3K minimum in chequing account gives unlimited transactions, otherwise I'm limited to 12 for $4.95 and $1.25 for every transaction until the maximum which ends up at $14.95 in fees. (I have a smart account)
Free e-transfers although they will charge $5 if you need to cancel an e-transfer.
I don't have a USD account so I can't comment on that.

I transferred my LIRA to CIBC and so far, ok. The MER is slightly less than what I being charged with RBC.
So far, I've had pretty good customer service experiences with CIBC.
CIBC's mobile app is decent.

I do find CIBC a bit slower with posting transactions on my VISA and just not as quick as what I was used to with RBC.

For whatever reason, I'm not drawn to Scotiabank as they seem behind the times compared to other banks.
[OP]
Deal Addict
Apr 14, 2006
1045 posts
635 upvotes
St Johns
airodyssey wrote: I'm curious: any reason why you are undecided between these two only? In other words, any reason why the other banks/credit unions are out of the equation?
It's a work situation, only allowed to operate with these two banks *and* I don't want to have banking with one institution and brokerage with another, need to simplify.
[OP]
Deal Addict
Apr 14, 2006
1045 posts
635 upvotes
St Johns
Altera wrote: CIBC hands down vs BNS -- BNS is a disaster for customer service.

You aren't out of luck at costco. Buy Costco Cash Cards online using Visa and then use the Cash Card at the store.
Smart idea.
[OP]
Deal Addict
Apr 14, 2006
1045 posts
635 upvotes
St Johns
travelandshoppingwoman77 wrote: I've been with CIBC for almost a year and my thoughts:

$3K minimum in chequing account gives unlimited transactions, otherwise I'm limited to 12 for $4.95 and $1.25 for every transaction until the maximum which ends up at $14.95 in fees. (I have a smart account)
Free e-transfers although they will charge $5 if you need to cancel an e-transfer.
I don't have a USD account so I can't comment on that.

I transferred my LIRA to CIBC and so far, ok. The MER is slightly less than what I being charged with RBC.
So far, I've had pretty good customer service experiences with CIBC.
CIBC's mobile app is decent.

I do find CIBC a bit slower with posting transactions on my VISA and just not as quick as what I was used to with RBC.

For whatever reason, I'm not drawn to Scotiabank as they seem behind the times compared to other banks.
I heard their website goes down often. Can you confirm?
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May 8, 2009
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Going to the Moon
CIBC>Scotia, except for credit card churning. If you wanna churn, go all out on Scotia. Also beware, excessive churning at one FI can trigger fraud prevention, and you don't want your daily driver to hold your money hostage. OTOH, CIBC cards are ok. Travel cards can be good if you burn through all of them, and they are an AP partner. Cashback cards with CIBC are silly. $20k spend on 4% categories, and 2% categories are the most random (Tims & TELUS). I guess ok if you combo CIBC with a Rogers MC WE.
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Deal Addict
Nov 8, 2017
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CIBC LOC acts like a chequing account. Free etransfers, unlimited transactions, direct deposit, and all that jazz. You can even have a + balance. Say your credit limit is 10k, you can have 5k on top of that so total limit 15k. You only pay interest if you go below 10k. It's free also.
Member
Jun 28, 2011
449 posts
136 upvotes
VANCOUVER
tradinghumble wrote: I heard their website goes down often. Can you confirm?
I haven’t experienced this myself but it does seem
it’s mainly maintenace(website and mobile app) and it usually takes place very late at night. So unless you bank very late at night, it shouldn’t be an issue.

Their overdraft is on a per use basis ($5 per transaction I think)
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May 8, 2009
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Going to the Moon
User455957 wrote: CIBC LOC acts like a chequing account. Free etransfers, unlimited transactions, direct deposit, and all that jazz. You can even have a + balance. Say your credit limit is 10k, you can have 5k on top of that so total limit 15k. You only pay interest if you go below 10k. It's free also.
While the CIBC LoC does act as a free chq account with a massive overdraft limit, Scotia's uLOC wins because it's packaged as a credit card. Can't beat that. Not sure whether Scotia's would give free chq's. Depends what's more important to each individual.

I have a uLOC with Simplii, same idea as CIBC, though already get free banking with Simplii. I'm happy with it though if Scotia's fees were lower, I'd take their uLOC too.
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titaniumtux wrote: While the CIBC LoC does act as a free chq account with a massive overdraft limit, Scotia's uLOC wins because it's packaged as a credit card. Can't beat that. Not sure whether Scotia's would give free chq's. Depends what's more important to each individual.

I have a uLOC with Simplii, same idea as CIBC, though already get free banking with Simplii. I'm happy with it though if Scotia's fees were lower, I'd take their uLOC too.
"Packaged as a credit card" What kind of advantage as that? seem limiting, especially when I can just use debit for a purchase, or better yet...pull cash out.
Last edited by titaniumtux on Jun 2nd, 2018 8:37 pm, edited 1 time in total.
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May 8, 2009
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Going to the Moon
User455957 wrote: "Packaged as a credit card" What kind of advantage as that? seem limiting, especially when I can just use debit for a purchase, or better yet...pull cash out.
It's a low interest card that allows doing cash advances at reduced fees. Also can be used at point of sale internationally. Can also move CL between their uLOC and other CC's with Scotia (although that has to be done in branch, as Scotia is by no means a user friendly bank).

Scotia is best for CC churning and even the staff there do it Smiling Face With Sunglasses
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Oct 6, 2005
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Considering CIBC repeatedly has issues with privacy and was hacked last week, I say go with Scotiabank.
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May 11, 2014
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nmclean wrote: CIBC has a pay per use USD savings account, or a US checking account with a monthly fee / minimum deposit for up to unlimited transactions. Scotiabank only has a savings account with 2 USD transactions per month for a fee / minimum, but charges almost double CIBC's savings account for additional transactions. So there is a small range of 2-4 transactions per month where Scotia would be cheaper, but CIBC wins for anything less or more. Both the savings and checking at CIBC allow you to draw actual US checks on the account (not possible with Scotia) and the savings pays higher interest.
One nice feature with Scotiabank's US $ account is it has free US$ drafts available. This is a very nice feature even though you only get 2 transactions a month.
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Nov 12, 2011
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[OP]
Deal Addict
Apr 14, 2006
1045 posts
635 upvotes
St Johns
titaniumtux wrote: It's a low interest card that allows doing cash advances at reduced fees. Also can be used at point of sale internationally. Can also move CL between their uLOC and other CC's with Scotia (although that has to be done in branch, as Scotia is by no means a user friendly bank).

Scotia is best for CC churning and even the staff there do it Smiling Face With Sunglasses
Smiling Face With Open MouthSmiling Face With Sunglasses
[OP]
Deal Addict
Apr 14, 2006
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St Johns
I was hoping to hear opinions between the brokerage integration (CIBC->IE) and (Scotia->iTrade). Simple to use, transfer money, any concerns with the brokerage side?
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Jun 2, 2012
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tradinghumble wrote: I was hoping to hear opinions between the brokerage integration (CIBC->IE) and (Scotia->iTrade). Simple to use, transfer money, any concerns with the brokerage side?
Scoita & Itrade integration is 10000000000000000000000000000000000000000000000X better
CIBC and IE - is a POS <-everything about it is garbage

I use CIBC and IE, because like you I don't want to deal with multiple banks..
Since we have a mortgage with CIBC, and there US account is "free"

I do miss Scotia's online brokerage... but on that note TD is better...
But I don't day trade, so it's fine for me..
etc. etc..

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