Head to head · Scotiabank vs CIBC
Scotiabank vs CIBC mortgages: rates, prepayment, penalties and HELOCs compared
Two of Canada’s big banks, compared on the terms that cost or save you money, from each bank’s own pages. No ranking, no paid placement: just which one fits which borrower.
Bank pages checked October 31, 2026
Only CIBC publishes a 5-year special rate (5.34%).
Similar: Scotiabank 10%, 15% or 20% by option; CIBC 10%, 15% or 20% by product.
Scotiabank publishes its specials only as APRs, so we can’t build a like-for-like example. Compare penalty wording: Scotiabank “Greater of 3 months’ interest or IRD vs Scotiabank’s posted rate for the closest term, less your discount. Variable: 3 months’ interest.” vs CIBC “Greater of 3 months’ interest (at your rate + discount) or IRD vs CIBC’s current posted rate. Variable: 3 months’ interest at CIBC Prime.”
Scotiabank: up to 6 months; CIBC doesn’t state a window on its pages.
Scotiabank: STEP: up to 80% (65% revolving); the 80% global limit steps down to 65% over 25 years. CIBC: CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime.
Pick on the clause you’re most likely to use: prepayment if you’ll pay down fast, the penalty rule and portability if you might move, the HELOC if you’ll re-borrow. Then ask the other bank to match.
Term sheets side by side
| Scotiabank | CIBC | |
|---|---|---|
| 5-yr special / posted | — / 6.19% | 5.34% / 6.49% |
| Prime used | Scotiabank Prime 4.70% | CIBC Prime 4.70% |
| Prepayment | 10%, 15% or 20% of the original principal a year, depending on the options chosen. | 10%, 15% or 20% a year depending on product; payment increases up to 100%. |
| Fixed-rate penalty | Greater of 3 months’ interest or IRD vs Scotiabank’s posted rate for the closest term, less your discount. Variable: 3 months’ interest. | Greater of 3 months’ interest (at your rate + discount) or IRD vs CIBC’s current posted rate. Variable: 3 months’ interest at CIBC Prime. |
| Portability | Listed as a way to avoid charges; not available on every mortgage solution. | May have a portability option (term, balance and maturity move to the new home). |
| HELOC | STEP: up to 80% (65% revolving); the 80% global limit steps down to 65% over 25 years. | CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime. |
| Early renewal | Up to 6 months early, no prepayment charge. | CIBC suggests starting 5 months before expiry; early-renewal window not stated. |
Posted and special rates by term
| Term | Scotiabank special | Scotiabank posted | CIBC special | CIBC posted |
|---|---|---|---|---|
| 1-year | — | 5.49% | 5.09% | 5.14% |
| 2-year | — | 5.24% | 4.84% | 5.24% |
| 3-year | — | 6.05% | 5.09% | 6.14% |
| 4-year | — | 6.09% | 5.24% | 6.19% |
| 5-year | — | 6.19% | 5.34% | 6.49% |
| 7-year | — | 6.40% | 5.54% | 6.30% |
| 10-year | — | 6.80% | — | 6.79% |
Same mortgage, broken after two years
A new 5-year fixed for $450,000 at each bank’s own 5-year special, discounted from its own posted rate, broken after 24 months. People usually break when rates have fallen, which is when the IRD bites, so we show both cases:
| Scotiabank | CIBC | |
|---|---|---|
| Starting rate (5-yr special) | — | 5.34% |
| Discount from posted | — | 1.15 pts |
| Compared with (3-yr posted less discount) | — | 4.99% |
| 3 months’ interest | — | $7,301 |
| Penalty, posted rates unchanged | — | $7,301 |
| Penalty, posted rates 1 point lower | — | $18,225 |
Uses each bank’s published rule (see methodology); balance kept at $450,000 for a like-for-like comparison. “—” means the bank publishes no 5-year special rate to start from (Scotiabank shows specials only as APRs). Price your own mortgage in the penalty analyzer.
Bring Scotiabank’s written offer to CIBC (or the other way round) and ask them to beat it on the same term. Then compare the penalty clause, because that’s where these two differ most.
Scotiabank vs CIBC: questions
Is Scotiabank or CIBC better for a mortgage?
Neither wins on everything. On the terms each bank publishes: lower advertised 5-year fixed: Only CIBC publishes a 5-year special rate (5.34%). paying down faster: Similar: Scotiabank 10%, 15% or 20% by option; CIBC 10%, 15% or 20% by product. might break early: Scotiabank publishes its specials only as APRs, so we can’t build a like-for-like example. Compare penalty wording: Scotiabank “Greater of 3 months’ interest or IRD vs Scotiabank’s posted rate for the closest term, less your discount. Variable: 3 months’ interest.” vs CIBC “Greater of 3 months’ interest (at your rate + discount) or IRD vs CIBC’s current posted rate. Variable: 3 months’ interest at CIBC Prime.” renewing early: Scotiabank: up to 6 months; CIBC doesn’t state a window on its pages. re-borrowing equity: Scotiabank: STEP: up to 80% (65% revolving); the 80% global limit steps down to 65% over 25 years. CIBC: CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime. Get a written quote from both, and from a broker, for the same term.
How do Scotiabank and CIBC calculate prepayment penalties?
Scotiabank: Greater of 3 months’ interest or IRD vs Scotiabank’s posted rate for the closest term, less your discount. Variable: 3 months’ interest. CIBC: Greater of 3 months’ interest (at your rate + discount) or IRD vs CIBC’s current posted rate. Variable: 3 months’ interest at CIBC Prime.
Can I switch from Scotiabank to CIBC at renewal?
Yes. At maturity there is no prepayment penalty, and since November 21, 2024 a straight switch with the same amount and amortization no longer needs a new stress test. The new bank may cover legal and appraisal costs; your current bank may charge a discharge fee. See the renewal checklist.
Sources
- Mortgage rates — Scotiabank, checked Oct 31, 2026
- Mortgage rates across Canada — CIBC, checked Oct 31, 2026
- What you need to know: mortgages and mortgage prepayment charges (PDF) — Scotiabank, checked Oct 31, 2026
- Mortgage prepayment (privileges and prepayment charges) — CIBC, checked Oct 31, 2026
Keep exploring
Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.