The fastest way to close a CIBC savings account

You can close a CIBC savings account in person at any CIBC branch, by phone, or online through CIBC Online Banking if you have access. The in-person route is usually fastest because the staff member can confirm the account is empty, process the closure on the spot, and answer questions about what happens to any remaining balance. If you go by phone, call the number on the back of your CIBC card or the customer service line for your region — they will walk you through the steps and may ask you to confirm your identity with security questions.

Before you close the account, make sure any automatic payments or direct deposits linked to it have been moved elsewhere. CIBC will not close an account that still has scheduled transactions attached, and if you try to close it anyway, those payments may fail and create problems with the companies you owe money to.

Key Takeaways

  • Visit a CIBC branch in person to close your account the same day, or call customer service to start the process by phone.
  • Empty the account completely before closing — CIBC will not process a closure if there is money still in it.
  • Move any automatic bill payments or direct deposits to another account first, because CIBC will cancel them when the account closes.
  • Ask what happens to any remaining interest or fees before you leave, so you know exactly what balance to expect.
  • Request written confirmation of the closure in case you need proof later for tax or banking records.

What to do with money still in the account

If there is money in your CIBC savings account, you have three options: transfer it to another CIBC account you own, transfer it to an account at a different bank, or withdraw it in cash. The transfer method depends on whether the other account is at CIBC or elsewhere. For a CIBC-to-CIBC transfer, you can do this through CIBC Online Banking, at a branch, or by phone — it usually takes a few minutes to a few hours. For a transfer to another bank, you will need the other account's routing number and account number, and it may take one to three business days to complete.

If you withdraw the money in cash, bring a piece of government-issued photo ID to the branch. The teller will give you the full balance in cash or a bank draft (a cheque issued by the bank itself), depending on the amount and the branch's policy. Keep the receipt or bank draft as proof of the withdrawal.

Redirecting automatic payments and direct deposits

Before you close the account, contact every company that sends money to it or takes money from it. This includes your employer (if they direct deposit your pay), the Canada Revenue Agency (if they deposit tax refunds), your landlord or mortgage lender (if you pay rent or a mortgage from this account), and any subscription services or utility companies that auto-debit from it.

For direct deposits, ask your employer or the CRA for a form to update your banking information — they will need your new account number and the routing number of the new bank. For automatic bill payments, log into each company's website or call them to change the account the payment comes from. Do not assume the payment will straightforward stop; some companies will try to debit the closed account and charge you a fee when it fails. Give yourself at least two weeks to make these changes before you close the account.

Closing the account at a CIBC branch

Walk into any CIBC branch with your CIBC card and a piece of government-issued photo ID. Tell the staff member you want to close your savings account. They will pull up your account, confirm the balance is zero, check that there are no pending transactions, and then process the closure. This usually takes 10 to 15 minutes. Ask them to print a confirmation letter or receipt showing the account is closed — keep this for your records.

If the account has a small balance (usually under $25), some branches will close it and give you the remaining money in cash on the spot. If there are outstanding fees or interest owed, the branch will explain what those are before they finalize the closure. If you have questions about why the balance is not what you expected, ask the staff member to walk you through recent transactions.

Closing the account by phone

Call CIBC customer service using the number on the back of your CIBC card. Have your account number, card number, and a piece of government-issued photo ID information ready — they will ask for these to confirm your identity. Tell them you want to close your savings account. They will ask whether the account is empty; if it is not, they will give you instructions on how to transfer or withdraw the balance first.

Once the account is empty, the representative will process the closure over the phone. They may ask you to confirm your mailing address so they can send written confirmation of the closure. This process usually takes 10 to 20 minutes. Ask them to note in the system that you requested closure, so if you call back with questions, the next representative will see the record.

Closing the account online through CIBC Online Banking

Log into CIBC Online Banking and navigate to your account settings or profile section — the exact location varies depending on whether you use the website or the mobile app. Look for an option that says "Close Account" or "Account Management." CIBC may require you to confirm your identity again before allowing you to proceed. Make sure the account balance is zero before you attempt to close it online; if there is money in the account, the system will not let you complete the closure.

After you submit the closure request, CIBC will send you an email confirmation. Keep this email. The account will close within one to three business days. If you do not receive a confirmation email within 24 hours, call customer service to confirm the request went through.

What happens after the account closes

Once CIBC closes your account, you will no longer be able to use the card or access the account through online banking. Any automatic payments or direct deposits linked to the account will fail, so make sure you have moved those before the closure is final. If a company tries to debit the closed account after closure, CIBC will reject the payment and the company may charge you a fee — this is why redirecting payments ahead of time matters.

CIBC will keep a record of the account for your tax and banking history. If you need a statement or proof that the account existed, you can request one from CIBC customer service even after the account is closed. Keep any confirmation letters or receipts you received during the closure process in case you need to prove the account is closed to another bank or organization.

Frequently Asked Questions

What if my CIBC savings account has a small balance I forgot about?

Call CIBC or visit a branch and ask them to transfer the balance to another account you own, or withdraw it in cash. They will not close the account until the balance is zero. If the amount is very small (under $5), ask if they can waive it as a courtesy, though they are not required to.

Can I reopen a CIBC savings account after I close it?

Yes, you can open a new CIBC savings account at any time. However, the old account number will not be reactivated — you will receive a new account number. This is why it is important to update any direct deposits or automatic payments before you close the original account.

Do I need to close my CIBC card when I close the savings account?

No, your CIBC card and your savings account are separate. You can close the savings account and keep the card active if it is linked to a different account, or you can close the card separately. Ask the staff member or representative which accounts your card is currently linked to.

What if CIBC says there is a fee to close the account?

CIBC does not typically charge a fee to close a savings account. If a staff member mentions a fee, ask them to explain what it is for — it may be an outstanding monthly fee or a penalty for closing within a certain time frame. Request a written explanation so you understand the charge.

How long does it take CIBC to close a savings account?

In person at a branch, closure is usually final the same day. By phone or online, it typically takes one to three business days for the account to close completely. You will receive written confirmation once the closure is processed.