Canadian Western Bank provides financial services and banking products with competitive rates for Canadians. Operating as a full-service chartered bank for Canadian business owners and individual account owners, the bank provides unparalleled access to online banking and other specialized services in western Canada and other provinces.
Here’s a summary of the Canadian Western Bank products, services, offers, and banking solutions.
About Canadian Western Bank
Canadian Western Bank (CWB) is a Canadian chartered bank providing personal and business banking services in Canada. The bank provides expert advice and specialized financial products and services for personal banking, business banking, and wealth management.
Canadian Western Bank, also operating as CWB Financial Group, offers financial services for small and medium-sized businesses and full-service personal banking, including chequing and savings accounts, mortgages, loans, financing and leasing other investment products.
Canadian Western Bank was established in 1988 as a federally regulated financial institution, with its headquarters in Edmonton, Alberta. CWB came into existence through the Bank of Alberta merger and the Western and Pacific Bank of Canada.
Canadian Western Bank Services
CWB provides business banking, personal banking services, and wealth management.
Business Banking Services
- General Commercial.
- Equipment Financing.
- Construction Financing.
- Equipment Financing and Leasing.
- Commercial Real Estate Financing.
- Real Estate Construction and Project Financing.
Personal Banking Services
- Chequing Accounts.
- Savings Accounts.
- Loans.
- Mortgages.
- Investment Products.
Canadian Western Bank Products
Canadian Western Bank provides banking, lending, trust, wealth management for business owners, and personal (individual) financial products.
Note: The bank rates and product offerings in this review are subject to periodic change at the issuer’s discretion. For current rates, check with the provider.
Canadian Western Bank Business Banking
CWB business banking solution is designed for those who want to start a business, grow their business, manage payments, or need a business loan.
Canadian Western Bank Business Banking Accounts
1. CWB Business Day-to-Day Banking Accounts
Cash Management Account
CWB Cash Management account is designed for daily business transactions. It comes in a bundle of four sizes (Small, Standard, Large Best Value, X-Large) with a competitive tiered interest of 0.000% to 0.200% and other cash management tools.
Business Current Account
This is a low-cost business account with competitive transaction fees, free ATM access, and customized business cheques. The business current account comes with the following features:
- Minimum monthly fee: $5.00
- Paper debit and credit fee: $0.90 per item.
- Electronic debit and credit fee: $0.75 per item.
- Free monthly online statements with chequing imaging.
- Customized business cheques.
- Free access to THE EXCHANGE Network ATMs.
Business Current Account PLUS
The CWB Business Current Account PLUS is a practical and profitable financial solution for businesses with seasonal volumes. It comes with the following features:
- Free monthly transactions.
- Monthly online statements with cheque imaging.
- Minimum monthly fee: $9.00
- Paper debit and credit fee: $0.90 per item
- Electronic debit and credit fee: $0.75 per item.
Organization Account
This account is designed for non-profit organizations, churches, charities, and associations with unique financial needs. It comes with the following features:
- Monthly online banking statements with cheque imaging.
- Two free monthly transactions.
- Zero monthly fees.
- Debit and credit fee: $0.50 per item
- Access to the Community Banking Program.
Strata Solution/Condo Account
This account is designed for property owners, specifically for the condo/strata association. It comes with personalized service and easy pairing with a CWB Business Savings account.
2. CWB Business Savings Accounts
Business Savings Account
This account is designed to help you grow your business’s excess cash with easy and flexible access. It comes with:
- Zero monthly fees.
- $1.00 credit fee.
- $5.00 debit fee.
- No minimum balance requirement.
- A competitive monthly interest of 0.35% to 0.65% calculated daily on the closing balance and paid monthly.
General Trust Account
This is an interest-earning business account suitable for Lawyers and Realtors to secure funds temporarily held in trust.
Features
- No monthly investment is required.
- Zero monthly fees.
- Unlimited transfers between CWB accounts.
- Zero debits and credit fees.
- Free transactions.
- An interest of 0.650% on the account balance.
Trust Fund Investment Account
This interest-earning business account is designed to hold segregated trust funds and secure your client’s investment.
Features:
- Zero monthly fees.
- Unlimited transfers between CWB accounts.
- Zero debits and credit fees.
- Free transactions.
- Access to redeem funds anytime.
- Interest of 0.050% to 0.200% on account balance.
Flex Notice Account
The Flex Notice business account is designed for businesses with excess cash flow, with a fund requirement of at least 3 months in advance.
Features:
- Unlimited and free deposits and withdrawals.
- 93 days written notice to CWB for funds withdrawal.
- A $100,000 minimum balance is required.
- Zero monthly fees.
3. CWB Cross Border Banking Accounts
US Dollar Business Account
This account is designed for USD transactions for cross-border financial transactions. It comes with zero charges on conversion and no exchange rate instability.
Features
- No minimum balance or deposit is required.
- Pay as you go service structure.
- No monthly fee.
- $1.00 debit and credit fee.
US Dollar Business Savings Account
You can use this savings account to save your excess US dollar and access it whenever you need your funds, thereby avoiding the fluctuating exchange rate.
Features
- No monthly fee.
- An Interest rate of 0.350% on any account balance.
- A debit fee of $5.00.
- Zero credit fee.
- Enjoy 4 free transfers to a CWB business account per month.
US Dollar Flex Notice Account
This account is designed for businesses with excess US dollar funds, with a cash flow requirement of at least 3 months in advance.
Features
- 100,000 USD minimum balance requirement.
- Interest paid on every dollar based on CWB US dollar Prime rate.
- No monthly fee.
- Unlimited and free withdrawal and deposit.
- 93 days flex notice to CWB for withdrawal of USD funds.
Canadian Western Bank Personal Banking
Canadian Western Bank personal banking products are geared towards flexible solutions to meet individual account owners’ needs and goals.
Canadian Western Bank Personal Banking Accounts
1. CWB Personal Banking Chequing Accounts
Ultimate Account
This personalized chequing account comes with premium advantages and flexible banking services.
Features
- Monthly fee of $25.00, waived with a minimum monthly balance of $5,000.
- Free personal cheques.
- Financial planning session with a personal account manager.
- Unlimited monthly transactions.
Apex Account
This everyday banking chequing account comes with multiple banking services for easy and smart transactions.
- Free personal cheques.
- Unlimited transactions.
- Monthly fee of $14.25. This fee is waived with a minimum monthly balance of $3,000.
- Non-EXCHANGE Network ATM withdrawal attracts $1.50.
- Outgoing Interac e-Transfer fee of $1.00
Peak Performance Account
This flexible chequing account comes with a low fee to meet your financial needs. The account comes with the following features:
- No monthly fee with a minimum of $10,000 balance.
- Two (2) free transactions, including withdrawals from CWB and THE EXCHANGE Network ATM and Interac debit purchases.
- A transaction fee of $1.25
- Non-EXCHANGE ATM withdrawal attracts $1.50
- An Outgoing Interac e-Transfer fee is $1.00
Standard Chequing Account
This is an everyday banking chequing account with a pay-as-you-use flexible package.
Features
- 15 free transactions, including CWB withdrawal, THE EXCHANGE Network withdrawal, and Interac debit purchases.
- Monthly fee of $4.00, waived with a minimum balance of $1000.
- Electronic or paper monthly statements.
Youth Account
The Youth Account is designed for youth or children of age 18 and under to encourage the culture of saving. The account comes with smart financial tools.
Features
- Zero monthly fees.
- Integrate rate of 0.050% to 0.500% paid on account balances of $0 – $500 and $500.01 plus respectively.
- Interac e-Transfer fee of $1.00
- Non-EXCHANGE Network ATM withdrawal fee is $1.50
Gold Leaf Plus Account
This comprehensive account is designed for clients aged 57 and above. The account comes with additional services and benefits, including all Apex or Peak Performance accounts’ features.
Features
- No monthly fee.
- Unlimited transactions.
- Personal cheques for your account.
- Electronic or paper monthly statements.
- Optional free line of credit upon approval.
Student Account
This account is designed for the everyday banking needs of full-time post-secondary students. It comes with the following features:
- Zero monthly fees.
- Non-EXCHANGE Network ATM withdrawal fee of $1.50
- Unlimited transactions.
2. CWB Personal Banking Savings Accounts
Summit Savings Account
The no monthly fee Summit Savings account is suitable for all types of savings banking goals.
Features
- Free transfers between other CWB accounts.
- Competitive interest rates of 0.350%
- No monthly fee.
- No minimum balance requirement.
- A transaction fee of $5.00
Flex Notice Account
The Flex Notice account is designed to earn you high interest while saving for a future plan such as a wedding, vacation, or home purchase.
Features
- Unlimited and fee-free deposits and withdrawals.
- 31 or 93 days written notice to CWB for withdrawal of funds.
- Minimum balance of $25,000.
3. CWB Personal Banking US Dollar Accounts
US Dollar Chequing Account
This account is designed to help protect your US dollar funds while you travel, shop, or do the things you love. It comes with no currency conversion or fluctuating exchange rates. You can deposit and withdraw your funds in US dollars with no monthly fee.
US Dollar Savings Account
This high-interest savings account lets you deposit and withdraw your US dollar funds with no currency fluctuation. It comes with zero monthly fees and free transfers. You’ll also earn interest of 0.50% on account balances below $15 million and 0.25% on account balances exceeding $15 million.
US Dollar Flex Notice Account
With a minimum investment of $25,000 and free deposits or withdrawals, this flexible savings account earns you high interest tied to the US dollar Prime rate.
Canadian Western Bank Credit Cards
CWB Visa Infinite Business Card
This is a premium Visa Infinite credit card with exclusive concierge, merchandise, and travel benefits.
Features
- Annual fee: $99
- Additional card fee: $50
- Minimum credit limit: $5,000
- An annual interest rate on purchases: 19.99%
- An annual interest rate on cash advances: 21.00%
- Earn 2 points for every eligible $1 spent.
CWB Low Rate Visa Business Card
This low-interest rate credit card helps consolidate your business spending and provides you with other Visa card benefits.
Features
- Annual fee: $25
- Additional card fee: $5
- Minimum credit limit: $5,000
- A grace period of 21 days on purchases
- Annual interest rate on purchases: 12.90%
- Annual internet rate on cash advances: 21.00%
CWB No Fee Cash Back Visa Business Card
This No-Fee Visa credit card helps grow your business to save more.
Features
- Zero annual fees.
- Zero additional card fee.
- $5,000 minimum credit limit.
- Annual interest rate on purchases: 19.90%
- Annual interest rate on cash advances: 21.00%
- Earn 1 point for every eligible $2 spent.
Canadian Western Bank Platinum Plus MasterCard
This credit card comes with no annual fees for personal banking experience. It comes with the additional benefits of a MasterCard credit card.
Features
- No annual fee.
- Standard annual interest rate on purchases, balance transfers, and access cheque: 9.99%
- Annual interest rate on cash advances: 24.99%
- Not available to Québec residents
Canadian Western Bank MBNA Rewards MasterCard
This TD Bank issued MBNA Rewards MasterCard lets you earn reward points on all eligible purchases.
Features
- No annual fee.
- Annual interest rate on purchases: 14.99%
- Standard interest rate on balance transfer and access cheques: 16.99%
- Standard interest rate on cash advances: 24.99%
- Promotional annual interest of 10 months on balance transfers: 1.99%
- Earn 1 MBNA Rewards point for every $1 spent on eligible purchases.
- Earn 1,000 bonus points after your first eligible purchases.
- Rewards points can be redeemed for travel, cashback, merchandise, or gift cards.
Canadian Western Bank Mortgage
The CWB mortgage is designed to help you buy your first home, refinance your home, or buy a new property. It comes in various terms, mortgage options, and rates, including Fixed Rate Mortgages and Variable Rate Mortgages.
Canadian Western Bank Investment
CWB investment products are designed for all investment goals. Whether you’re saving for retirement, education, or a big purchase, there’s an investment plan for every need.
The CWB investment packages include:
Tax-Free Savings Accounts (TFSA)
- WestEarner TFSA account.
- WestEarner TFSA GIC account.
Registered Retirement Savings Plan (RRSP)
- WestEarner RRSP account.
- WestEarner Premium RRSP GIC
- WestEarner Convertible RRSP GIC
Registered Retirement Income Funds (RRIFs)
- WestEarner RRIF account.
- WestEarner Premium RRIF GIC
- WestEarner Convertible RRIF GIC.
- WestEarner Fully Redeemable RRIF GIC.
Registered Education Savings Plan (RESP)
US Dollar Investments
CWB Onyx Mutual Funds
Canadian Western Bank Membership and Regulations
Canadian Western Bank is a federally regulated chartered bank in Canada and a member of the Canada Deposit Insurance Corporation (CDIC) and THE EXCHANGE Network.
Canadian Western Bank Operations
CWB has its headquarters in Edmonton, Alberta, with branches in other Canadian locations, including Mississauga and Ontario. CWB provides online banking access for its customers through the CWBdirect Online Banking platform. Clients of the bank can open a personal banking account online.
Besides, Canadian Western Bank has operating affiliates to provide it’s services to customers across Canada. This include:
- Motive Financial Bank
- Canadian Western Financial Ltd
- Canadian Western Trust Company
Canadian Western Bank Customer Service
You can contact the CWB Customer Service representative for feedback, questions, or enquiries through:
Phone: 1-866-843-3917
Email: On-screen email form
Headquarters:
Canadian Western Bank
10303, Jasper Avenue
Edmonton, Alberta
T5J 3X6
Canada
Canadian Western Bank Editor’s Review
CWB has a variety of specialized products and services for business and personal banking. It should be noted that the Bank’s operation is specifically designed for Western Canada.
