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The (Canadian Imperial Bank of Commerce) CIBC Smart Plus Account is a popular banking option that caters to the needs of Canadians. It offers a range of features and benefits designed to make everyday banking convenient and efficient.
With its flexible options and competitive offerings, the account has gained significant relevance among individuals seeking a comprehensive financial solution.
The CIBC Smart Plus Account offers many features that enhance the banking experience. These include unlimited transactions, Interac e-Transfer® service, access to CIBC ABMs across Canada, and personalized alerts for account activity.
Account holders can also access CIBC Online Banking, the CIBC Mobile Banking App, and free personalized cheques.
This review will thoroughly explore this chequing account. It will analyze its pros and cons, fees, special offers, and other chequing and savings account options. We will also guide you through the step-by-step process of opening an account.
Features of the CIBC Smart Plus Account
We’ll begin by examining the core features associated with this chequing account. These include:
- Unlimited transactions: Make as many transactions as you’d like without worrying about fees, including unlimited Interac e-Transfers.
- No fees on ABM withdrawals worldwide: Enjoy unlimited ABM withdrawals in Canada, the US, and internationally, with no CIBC ABM withdrawal fees.
- Complimentary overdraft protection: Access CIBC’s overdraft protection service at no additional cost once approved.
- Free banking services: Account holders can benefit from free bank drafts, stop payments, money orders, and personalized cheques.
- Save on credit card bundles: Bundle the Smart Plus Account with one of CIBC’s 7 premium credit cards and save $120 on the annual fee, plus $50 each for up to 3 additional cardholders.
CIBC Smart Plus Account pros
The CIBC Smart Plus Account offers a range of benefits that contribute to a comprehensive banking experience. Some of the advantages that make this one of the best CIBC chequing accounts include the following:
CIBC Smart Balance Alert
Stay on top of your finances with the CIBC(Canadian Imperial Bank of Commerce) Smart Balance Alert feature. You’ll receive text notifications when your account balance reaches zero or when you reach your overdraft limit.
Cash Back Opportunities
You can save up to 10 cents per litre on gasoline at selected gas stations by linking your chequing account to Journie Rewards. Connecting your CIBC account to the Paymi cash-back app lets you earn cash-back rewards on eligible purchases, increasing your savings and financial benefits.
Fee rebates available for 7 credit cards
Account holders of this chequing account can benefit from fee rebates on select premium CIBC credit cards. By bundling the Smart Plus Account with one of these credit cards, you can enjoy up to a $139 annual fee rebate.
CIBC Smart Plus Account cons
While the CIBC Smart Plus Account offers several advantages, it’s essential to consider the drawbacks. Here are some of the cons to consider when choosing this account type:
Higher monthly fee
While the Smart Plus Account provides numerous benefits, it comes with a slightly higher monthly fee of $29.95 compared to other chequing account options. This higher fee may be a concern for individuals who are looking for more affordable banking options.
Hidden ABM fees
this chequing account allows for unlimited, free ABM withdrawals at CIBC ABMs. However, non-CIBC ABMs may charge administrative costs. These hidden fees can add up over time, especially if you frequently need to use ABMs from other banks or financial institutions.
Miscellaneous fees
Besides the monthly and potential ABM fees, this chequing account may have other miscellaneous fees associated with certain banking services. For example, wire payments, safety deposit boxes, and insufficient funds charges may come with additional fees.
CIBC Smart Plus Account fees
The CIBC Smart Plus Account has a monthly fee of $29.95, which covers unlimited transactions. However, if you maintain a balance of $6,000 daily, you can get the monthly fee refunded.
A $10,000 balance in savings and investments also qualifies for a monthly fee refund. Paperless statements are provided for free, while paper statements incur a monthly fee of $2.25 or $0.75, depending on the frequency.
There are fees associated with requesting statements and using certain banking services. These include ABM withdrawals from machines not CIBC-owned, Interac e-Transfers, and CIBC Global Money Transfer.
Bank drafts, customized checks, money orders, and stop payments are free extras with this account type. Take a moment to review the supplementary service charges to obtain detailed information regarding fees.
These could be related to NSF transactions, wire payments, safety deposit boxes, account termination, and transfers to other financial institutions.
Other CIBC chequing account options
CIBC offers two other chequing account options in addition to the CIBC Smart Plus Account:
Smart Account
The Smart Account offers users a flexible chequing option where the fee structure is transaction-based. The monthly cost of this account varies, depending on the number of transactions made.
Starting at 12 transactions, the monthly fees for this account begin at $6.95. The maximum monthly cost is $16.95 for over 20 transactions.
Everyday Chequing Account
This option costs $4 and includes 12 monthly transactions. If you make more purchases than your monthly limit allows, each additional purchase will cost you $1.25. For Interac e-Transfers, there is a fee of $1.50 per transfer.
How to open the CIBC Smart Plus Account
To open a CIBC Smart Plus account, follow these steps:
- Visit CIBC’s website and click on the “Bank Accounts” section.
- Locate the CIBC Smart Plus Account and click “Apply now.”
- Provide the required information, including your full name, date of birth, address, residential status, and contact information. Click “Next” after entering each piece of information.
- Indicate how you intend to use the Smart Plus account. This helps CIBC understand your banking needs and offer appropriate services. Click “Next” to proceed.
- Review the information you have entered to ensure its accuracy. Once verified, click “Next” to continue.
This chequing account requires specific qualifications. You must be Canadian and 18 or older in your province or territory. You also need a Canadian residential address. If you meet these qualifications, you can confidently open a CIBC Smart Plus account and use its features and benefits.
CIBC Smart Plus Account conclusion
The CIBC Smart Plus Account offers limitless transactions, global ABM fee waivers, free overdraft protection, and other free banking services.
While it comes with a higher monthly fee, the account provides added convenience and perks for individuals seeking a robust banking experience. With its special offers and flexible options, this chequing account is a compelling choice for Canadians looking for a feature-rich chequing account.
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