Head to head · Scotiabank vs CIBC
Scotiabank vs CIBC mortgages: rates, prepayment, penalties and HELOCs compared
Short answer: Only CIBC publishes a 5-year special (5.34%) as of November 2, 2026. On the same $480,000 mortgage broken 30 months early after rates fall a point, Scotiabank charges about $9,720 less. Annual lump-sum room is similar. Neither wins everything, so get both quotes.
Scotiabank 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
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 no fixed special rate, so we price the same existing mortgage instead: Scotiabank costs less to leave 30 months early if rates fall a point ($22,080 vs $31,800).
Scotiabank: up to 6 months; CIBC doesn’t state a window on its pages.
Scotia Total Equity Plan (STEP) vs CIBC Home Power Plan: the limits and structure are in the HELOC row of the term sheet below.
CIBC for transparency on the penalty; Scotiabank for the early-renewal window. Then take Scotiabank’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
| 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. | 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 | 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% |
Worked example: the same mortgage at Scotiabank 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.
| Scotiabank | CIBC | |
|---|---|---|
| Compares with | 3-yr posted | 2-yr posted |
| Comparison rate after discount | 4.45% | 3.64% |
| 3 months’ interest | $6,348 | $8,268 |
| Penalty if you break now | $10,080 | $19,800 |
| Penalty if posted rates fall 1 point first | $22,080 | $31,800 |
| Most lump-sum room stated, on the original amount | $100,000 | $100,000 |
| Penalty after using this year’s lump sum first | $7,980 | $15,675 |
| Porting | Listed as a way to avoid charges; not available on every mortgage solution. | 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 Scotiabank and CIBC differ most
- Breaking the same mortgage after rates fall a point costs $9,720 more at CIBC ($31,800 vs $22,080): Scotiabank 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: $9,956 at Scotiabank (3-yr posted) vs $19,555 at CIBC (2-yr posted).
- Scotiabank’s STEP is the only plan here whose 80% borrowing limit steps down to 65% over 25 years.
CIBC for transparency on the penalty; Scotiabank for the early-renewal window.
Scotiabank rounds a tie up to the longer posted term; CIBC uses its own months-left chart and adds your discount to the 3-months’-interest rate. Scotiabank publishes no fixed specials, while CIBC posts specials for most terms, so CIBC is easier to compare before you call. Both offer 10%, 15% or 20% prepayment depending on product. Scotiabank lets you renew up to 6 months early; CIBC suggests starting 5 months before expiry but doesn’t state a window.
Ask: Ask each which privilege level your specific product carries; for both, it varies.
When would breaking cost less at Scotiabank 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 | Scotiabank penalty | CIBC penalty | Scotiabank 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 | $9,956 | $19,555 | 3-yr posted | 2-yr posted |
| 18 | $11,452 | $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 Scotiabank and CIBC?
The mover who can’t port: Scotiabank or CIBC, month by month
Selling with 54 months left would cost $15,595 at Scotiabank 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 Scotiabank is cheaper. Waiting from 54 to 6 months left saves $9,634 at Scotiabank 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.
Scotiabank 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:
| Scotiabank | CIBC | |
|---|---|---|
| Starting rate (5-yr special) | — | 5.34% |
| Discount from posted | — | 1.15 pts |
| Comparison rate after 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 fixed special to start from (Scotiabank posts none; its specials are variable). 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. CIBC for transparency on the penalty; Scotiabank for the early-renewal window. Only CIBC publishes a 5-year special (5.34%) as of November 2, 2026. On the same $480,000 mortgage broken 30 months early after rates fall a point, Scotiabank charges about $9,720 less. Annual lump-sum room is similar. Neither wins everything, so get both quotes.
How do Scotiabank 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, Scotiabank compares with its 3-yr posted rate and CIBC with its 2-yr posted rate, giving $10,080 at Scotiabank and $19,800 at CIBC. Each bank’s wording is on its profile: Scotiabank, CIBC.
Is it cheaper to break a mortgage at Scotiabank 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 Scotiabank $15,595 vs CIBC $15,595; with 42 months left Scotiabank $13,576 vs CIBC $12,727; with 30 months left Scotiabank $9,956 vs CIBC $19,555; with 18 months left Scotiabank $11,452 vs CIBC $12,146; with 6 months left Scotiabank $5,961 vs CIBC $7,764. Your own figure depends on your rate, discount and balance: try the penalty analyzer.
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 Nov 2, 2026
- Mortgage rates across Canada — CIBC, checked Nov 2, 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
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