Returning back to our segment on overviews of what banks have to offer for small businesses, we are going to take a look at CIBC. At first glance CIBC already catches the attention of a business with their website alone keeping up with the changing of current events. For example as you look through the options they have informative videos on the changes in corporate taxes. They also not only have information on business accounts but they have pieces on business stages from the starting point to growth, managing and securing.
CIBC has a number of different accounts catered to small business. There are four main operating accounts along with a savings account. With these accounts they also offer customized access. This is where you can allow other persons access to different areas. For example an employee can deposit cheques into a certain account. They also offer merchant services through a partnership with Global Payments. CIBC has external vendors they recommend and use so you can accept payments on the go.
| Unlimited operating business account | $50.00 per month | Unlimited transactions | Deposit package of $15,000 cash $1000 coin
100 cheques |
| Advanced business operating account | $35.00 per month. Waived fee if balance of $35,000. | 100 transactions including Interac e transfer | Deposit package of $5000 cash
$500 coin 50 cheques |
| Everyday business operating account | $20.00 per month self service access.
$25.00 per month full service access |
30 transactions included.
$1.00 each additional self service. $1.25 each additional full service |
Deposit package of $3000 cash
$300 coin 25 cheques. |
| Basic business operating account | $6.00 per month | Transactions $1.00 each self service.
$1.25 each full service |
Pay per month for deposit use. |
| Business Investment growth account | No monthly fee | Interest from 0.70% to 1.20% depending on balance | Access to funds at any time |
CIBC has a number of credit card choices depending on where you are at with your business. They have 3 geared towards businesses that are quite established. They run your credit based on your business finances.
- CIBC Aventura Visa Card for business plus. $120.00 annual fee first card. Additional cards at $50.00 with a max of 15 cards per account. Interest rate of 19.99% purchases and 22.99% cash. Earn points for travel with any airline and points that don’t expire.
- CIBC Aerogold Visa Card for business plus. $120.00 annual fee first card. Additional cards at $50.00 with a max of 15 cards per account. Interest rate of 19.99% purchases and 22.99% cash. Earn Aeroplan points.
- CIBC Corporate Classic Plus Visa card. $20.00 annual fee for each card with up to 15 cards per account. Interest rate of 19.99% purchases and 22.99% cash.
CIBC also has credit cards geared for businesses that have a limited financial history. Credit is based on personal financial information.
- CIBC Aventura Visa Card for business. There is a $120.00 annual fee with each additional card at $50.00 and up to 9 cards. Interest rate of 19.99% on purchases and 21.99% cash. If you add $60.00 more to your annual fee though you can drastically reduce your interest rate to as low as 12.99% on purchases and 14.50% cash. In order to be approved you need a minimum annual income of $35,000.
- CIBC Aerogold Visa Card for business. There is an annual fee of $180.00 with each additional card at $50.00 and up to 9 cards. Interest rates are as low as 12.99% on purchases and 14.50% cash. You must have a minimum annual household income of $35,000.
Another area that CIBC can assist you in is there borrowing options. Of course it is dependent on your credit history and the amount being requested. But they offer different loans where it can be based on your business finances, personal finances and even loans using your residential home as collateral for those larger money amounts. They also have options for fixed or variable interest rates.
It is important to note that with each bank there are many variables for approval. In order to get the best information talk to the business adviser
at their bank to find out what is best for you and your business.
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