CIBC chequing accounts have many benefits that make everyday spending a breeze. This makes it a brilliant choice for Canadians of all ages.
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Last Updated: Sep 21, 2023
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This flexible chequing account allows you to carry out up to 12 transactions for a monthly fee of $6.95. You can also perform unlimited transactions for a maximum of $16.95 monthly.
This chequing account combines everything from unlimited ABM withdrawals to premium credit cards and unlimited transactions. There is a waiver on your monthly fee of $29.95 when you have savings and investments totaling $6,000–$100,000 above the minimum daily balance.
This package has an annual fee refund of up to $120 on your selected premium credit card. You also get a personalized cheque, stop payments, money orders, and a free bank draft.
This is the chequing account set for students at the university, college, and CEGEP. Your account has no monthly charge, and you can transact however you like.
Here, you can access many deals and mouth-watering discounts from big brands and retailers. This is because, as a student, you’d get a free student price card membership (SPC).
CIBC will change your CIBC smart student account to a normal CIBC smart chequing account six months after graduation.
This basic chequing account comes with a monthly fee of $4, 12 free transactions, and a subsequent $1.25 fee per transaction.
Whether or not you have an outstanding account balance, the CIBC everyday chequing account doesn’t have a refund policy.
CIBC chequing accounts are primarily for day-to-day spending. It helps to make the management of your finances and the cash flow in your account easy. CIBC offers various chequing accounts that fit anyone’s financial needs.
Whether you’re a senior, student, or youth, you’ll find one that matches your spending goals. It is flexible and convenient, which gives you outstanding value for your money.
CIBC provides various banking products you can choose from, and chequing accounts are no exception. We’ll explore everything about chequing accounts, from the types available to the features. This article also lets you know the fees and application process.
The CIBC chequing account allows you to do many things, from paying bills and withdrawing money from the ABM to transferring money. In addition, your bank account is an important part of your money management.
This account is available in different packages, which include;
While some have no monthly fee, some charge monthly; however, the bank can waive such costs with a minimum account balance.
There are free benefits to enjoy when using this account. Once you create a new CIBC chequing account, you will receive a welcome bonus of $400. Finding a chequing account that doesn’t charge outrageous fees and has outstanding features is important. This is why a CIBC chequing account is your best bet.
Just like every other bank account, a CIBC chequing account also has its benefits and drawbacks, which we will look into in this section.
Pros of CIBC chequing accounts | Cons of CIBC chequing accounts |
---|---|
Easy access to your money, where you can withdraw or spend your money by doing an online transfer or using your debit card at an ABM. | There are several fees associated with the CIBC chequing account. They include overdraft fees, transaction fees, and so on. |
You can earn interest on your money while it’s in the account. This is applicable to the CIBC Advantage for youth accounts. | For your monthly fee to be waived, you must have a specific minimum balance. |
Provides standard banking services. | Interest rate is available for only one chequing account option. |
A variety of account options to choose from. | There’s a large variety of options, which can be daunting. |
You can have your fees waived if you meet the requirement. |
For those looking for a convenient and reliable banking service, CIBC chequing accounts have a number of features that make them a good choice.
We all don’t like the idea of paying fees, especially concerning our bank accounts. With a CIBC chequing account, you don’t have to worry about paying any outrageous fee.
This is because they charge no fees, and where fees tend to apply, it’s usually a small amount. This can be waived if you meet the requirements.
Online banking gives you convenience. With the CIBC Banking App, you can comfortably perform your transactions from anywhere at any time.
You can transfer money, make payments, and so on. All you need to do is log into the app and start transacting.
One of the most exciting benefits of the CIBC chequing account is its unlimited transaction. It allows you to transact freely and conveniently. You can rest assured that this chequing account can assist you with whatever you want to do.
Who doesn’t like a bonus? CIBC chequing accounts offer a mouthwatering welcome bonus to its first-time customers.
You can get up to a $400 welcome bonus when you open your first chequing account. What’s more? You get a whopping three months free of monthly fees. You should jump on it quickly, as this offer lasts until April 28, 2023.
CIBC chequing accounts have different packages that you can choose from. They tailor these packages to your needs, including credit cards, savings, mortgages, and investments.
This flexible chequing account allows you to carry out up to 12 transactions for a monthly fee of $6.95. You can also perform unlimited transactions for a maximum of $16.95 monthly.
This chequing account combines everything from unlimited ABM withdrawals to premium credit cards and unlimited transactions. There is a waiver on your monthly fee of $29.95 when you have savings and investments totaling $6,000–$100,000 above the minimum daily balance.
This package has an annual fee refund of up to $120 on your selected premium credit card. You also get a personalized cheque, stop payments, money orders, and a free bank draft.
This is the chequing account set for students at the university, college, and CEGEP. Your account has no monthly charge, and you can transact however you like.
Here, you can access many deals and mouth-watering discounts from big brands and retailers. This is because, as a student, you’d get a free student price card membership (SPC).
CIBC will change your CIBC smart student account to a normal CIBC smart chequing account six months after graduation.
This basic chequing account comes with a monthly fee of $4, 12 free transactions, and a subsequent $1.25 fee per transaction.
Whether or not you have an outstanding account balance, the CIBC everyday chequing account doesn’t have a refund policy.
This is a dollar chequing account provided by CIBC Bank USA. This is your best bet when sending money between dollar accounts without attracting foreign exchange fees.
This account supports withdrawing dollars at ATMs and can be used to write dollar cheques. For the dollars you don’t have an immediate plan for, you can keep them in this account and earn interest on them.
This package is solely for those who newly migrated to Canada. It offers a one-year free banking service. There are no fees charged, and they offer unlimited transactions. It is worth noting that fees will apply like regular accounts after one year.
For children aged 18 and below, this is the account that caters to them. When the child gets to 19, they switch the account to a CIBC premium growth account.
This chequing account is specifically for seniors – those from age 60 to 65 years. With this account, you get a basic banking package that comes with free transactions. The account for seniors usually comes with lots of benefits such as discounts, free cheques, paper statements, etc.
For those with a working permit in Canada, the CIBC chequing account will be very useful. Although this account has some benefits, they’re only valid for one year. After which, if you continue to stay in Canada, you’d have to find a better solution.
Although CIBC chequing accounts offer benefits on the account, there are some fees associated with this chequing account.
Before opening a CIBC chequing account, you must go through all the fees to ensure it suits your budget and financial needs.
Aside from the information above, you must also meet some eligibility requirements before opening an account. They are:
The process of opening a CIBC chequing account is very simple. You can either walk into any of their branches to open an account or simply open one online from the comfort of your home. To open an account with CIBC, there are some important details you’ll need to provide. Let’s take a look at them.
Opening a CIBC chequing account is easy and quick, plus you can do it anytime and anywhere. Below are the steps:
The CIBC chequing account is a great pick if you’re looking for a basic account with easy online access and low-no fees. They have a variety of account options to choose from. Just pick the one that suits your needs and start getting benefits.
It’s important that you also note its outstanding features and banking services, such as overdraft protection, online banking, and so on. In all, if you want reliability and convenience in your banking activities, you should try CIBC.
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CIBC provides a variety of chequing accounts tailored to your needs. Some of which include the CIBC smart account, smart plus account, everyday chequing account, account for seniors, CIBC Bank USA smart account, and a host of others.
The minimum balance requirement for the CIBC chequing Account varies depending on the particular type of package you’re selecting. But usually, it ranges from anything between $4000 - $6000.
Yes. You can apply online and access your bank account instantly. You can also add your debit card to your mobile wallet and start shopping on the first day.
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