Head to head · RBC vs CIBC
RBC vs CIBC mortgages: rates, prepayment, penalties and HELOCs compared
Short answer: RBC advertises the lower 5-year fixed (5.14% vs 5.34%) as of November 2, 2026. On the same $480,000 mortgage broken 30 months early after rates fall a point, RBC charges about $12,120 less. CIBC gives more lump-sum room (20% vs 10%). Neither wins everything, so get both quotes.
RBC and CIBC compared on the terms that cost or save you money, from each bank’s own pages: which of the two fits which borrower. No ranking, no paid placement.
Bank pages checked November 2, 2026
RBC: 5.14% vs 5.34%. Your offer can differ, so ask both.
CIBC (10%, 15% or 20% by product vs 10% lump sum).
RBC in our example: $12,690 vs $18,225 to break a new 5-year after 2 years if rates fall 1 point.
RBC: up to 120 days; CIBC doesn’t state a window on its pages.
RBC Homeline Plan vs CIBC Home Power Plan: the limits and structure are in the HELOC row of the term sheet below.
CIBC shows its working; RBC gives more room to skip or double a payment. Then take RBC’s written offer to CIBC, or the other way round, and ask them to match it on the same term.
Term sheets side by side
| RBC Royal Bank | CIBC | |
|---|---|---|
| 5-yr special / posted | 5.14% / 6.19% | 5.34% / 6.49% |
| Prime used | RBC Prime 4.70% | CIBC Prime 4.70% |
| Prepayment | 10% lump sum a year, 10% payment increase every 12 months, plus Double-Up payments. | 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 RBC’s posted rate for a similar term, less your rate reduction. 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 | Port when buying and selling at the same time; extra money can be blended at the current rate. | All CIBC mortgages except Variable Flex can be ported; the charge may be waived or reimbursed in full or in part, and a delayed port allows up to 120 days. |
| HELOC | RBC Homeline Plan: up to 80% in total; Royal Credit Line up to 65%, growing as you repay. | CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime. |
| Early renewal | Up to 120 days early, no penalty. | CIBC suggests starting 5 months before expiry; early-renewal window not stated. |
Posted and special rates by term
| Term | RBC special | RBC posted | CIBC special | CIBC posted |
|---|---|---|---|---|
| 1-year | 5.14% | 5.74% | 5.09% | 5.14% |
| 2-year | 5.14% | 5.74% | 4.84% | 5.24% |
| 3-year | 5.09% | 6.25% | 5.09% | 6.14% |
| 4-year | 5.14% | 6.09% | 5.24% | 6.19% |
| 5-year | 5.14% | 6.19% | 5.34% | 6.49% |
| 7-year | 5.25% | 6.50% | 5.54% | 6.30% |
| 10-year | — | 6.90% | — | 6.79% |
Worked example: the same mortgage at RBC and at CIBC
You owe $480,000 on a $500,000 5-year fixed at 5.29%, signed when the posted 5-year rate was 6.89% (a 1.60-point discount). There are 30 months left and you need to sell without porting. The payment, about $3,064.75 a month, is the same at either bank; what differs is the exit.
| RBC | CIBC | |
|---|---|---|
| Compares with | 3-yr posted | 2-yr posted |
| Comparison rate after discount | 4.65% | 3.64% |
| 3 months’ interest | $6,348 | $8,268 |
| Penalty if you break now | $7,680 | $19,800 |
| Penalty if posted rates fall 1 point first | $19,680 | $31,800 |
| Most lump-sum room stated, on the original amount | $50,000 | $100,000 |
| Penalty after using this year’s lump sum first | $6,880 | $15,675 |
| Porting | Port when buying and selling at the same time; extra money can be blended at the current rate. | All CIBC mortgages except Variable Flex can be ported; the charge may be waived or reimbursed in full or in part, and a delayed port allows up to 120 days. |
Where RBC and CIBC differ most
- Breaking the same mortgage after rates fall a point costs $12,120 more at CIBC ($31,800 vs $19,680): RBC compares with its 3-yr posted rate and CIBC with its 2-yr posted rate.
- Which bank is cheaper to leave depends on when you leave: across the term the lead changes hands. The gap is widest with 30 months left: $7,585 at RBC (3-yr posted) vs $19,555 at CIBC (2-yr posted).
- Prepayment room differs by $50,000 a year on a $500,000 mortgage (RBC 10% lump sum, CIBC 10%, 15% or 20% by product).
CIBC shows its working; RBC gives more room to skip or double a payment.
CIBC doesn’t pick the “closest” term: it publishes a chart that assigns months left to a posted term, and it charges both 3 months’ interest and the IRD at your rate plus your discount. RBC uses its posted rate for a term similar to the time left and says it discounts the IRD to present value. Same mortgage, same time left, different comparison terms, so the penalties can diverge by thousands in one month and converge the next. Check the break-timing table below.
Ask: Ask CIBC which prepayment privilege (10%, 15% or 20%) your product has, and ask RBC which posted term it would use on your payout date.
When would breaking cost less at RBC or at CIBC?
The same $500,000 mortgage, broken at five points in its 5-year term (balance paid down on schedule, today’s posted tables). Each bank’s comparison term changes at different months, so the gap opens and closes:
| Months left | RBC penalty | CIBC penalty | RBC compares with | CIBC compares with |
|---|---|---|---|---|
| 54 | $15,595 | $15,595 | 5-yr posted | 4-yr posted |
| 42 | $13,576 | $12,727 | 4-yr posted | 3-yr posted |
| 30 | $7,585 | $19,555 | 3-yr posted | 2-yr posted |
| 18 | $7,982 | $12,146 | 2-yr posted | 1-yr posted |
| 6 | $5,961 | $7,764 | 1-yr posted | 1-yr posted (CIBC uses its 6-month rate; 1-year shown) |
Who feels the difference between RBC and CIBC?
The aggressive pre-payer: $100,000 a year at CIBC vs $50,000 at RBC
Take a $500,000 5-year fixed at 5.29% at either bank and put the largest lump sum each bank states into it at every anniversary. At CIBC (10%, 15% or 20% by product) you’d have paid it off before renewal, paying $67,523 in interest over the five years; at RBC (10% lump sum) you’d owe $166,253 at renewal, paying $95,720. Without lump sums you’d owe $444,528. Kept up, CIBC’s room would clear the mortgage in about 4.8 years against 7.3 at RBC. Most people won’t prepay this hard; if you will, this is the clause to choose on.
The mover who can’t port: RBC or CIBC, month by month
Selling with 54 months left would cost $15,595 at RBC and $15,595 at CIBC, so neither bank is the cheaper exit early in the term; with 6 months left it’s $5,961 against $7,764, and RBC is cheaper. Waiting from 54 to 6 months left saves $9,634 at RBC and $7,831 at CIBC. If you might sell mid-term, porting beats both: see the porting row in the term sheet above and ask each bank for its window in writing.
RBC penalty calculator · CIBC penalty calculator · prices your own numbers.
A brand-new mortgage at each bank, 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:
| RBC | CIBC | |
|---|---|---|
| Starting rate (5-yr special) | 5.14% | 5.34% |
| Discount from posted | 1.05 pts | 1.15 pts |
| Comparison rate after discount | 5.20% | 4.99% |
| 3 months’ interest | $5,782 | $7,301 |
| Penalty, posted rates unchanged | $5,782 | $7,301 |
| Penalty, posted rates 1 point lower | $12,690 | $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 fixed special to start from (Scotiabank posts none; its specials are variable). Price your own mortgage in the penalty analyzer.
Bring RBC’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.
RBC vs CIBC: questions
Is RBC or CIBC better for a mortgage?
Neither wins on everything. CIBC shows its working; RBC gives more room to skip or double a payment. RBC advertises the lower 5-year fixed (5.14% vs 5.34%) as of November 2, 2026. On the same $480,000 mortgage broken 30 months early after rates fall a point, RBC charges about $12,120 less. CIBC gives more lump-sum room (20% vs 10%). Neither wins everything, so get both quotes.
How do RBC and CIBC calculate prepayment penalties?
Both charge the greater of 3 months’ interest or an IRD on a closed fixed mortgage, and 3 months’ interest on a variable. On the same mortgage with 30 months left, RBC compares with its 3-yr posted rate and CIBC with its 2-yr posted rate, giving $7,680 at RBC and $19,800 at CIBC. Each bank’s wording is on its profile: RBC, CIBC.
Is it cheaper to break a mortgage at RBC or CIBC?
It depends on when. For the same $500,000 5-year fixed at 5.29% (posted 6.89% at signing), with 54 months left RBC $15,595 vs CIBC $15,595; with 42 months left RBC $13,576 vs CIBC $12,727; with 30 months left RBC $7,585 vs CIBC $19,555; with 18 months left RBC $7,982 vs CIBC $12,146; with 6 months left RBC $5,961 vs CIBC $7,764. Your own figure depends on your rate, discount and balance: try the penalty analyzer.
Can I switch from RBC 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 — RBC Royal Bank, checked Nov 2, 2026
- Mortgage rates across Canada — CIBC, checked Nov 2, 2026
- Understanding mortgage prepayment charges — RBC Royal Bank, checked Oct 31, 2026
- Mortgage prepayment (privileges and prepayment charges) — CIBC, checked Oct 31, 2026
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