Best CIBC Chequing Accounts - Comparewise

Best CIBC Chequing Accounts

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: Jul 13, 2024

Compare 4 Best CIBC Chequing Accounts

4 Results

#1 Choice
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CIBC Smart Account

$16.95
Monthly Fee
Unlimited
Transactions
  • Get free Interac e-Transfers
  • One free non-CIBC ATM withdrawal/month
  • Monthly fee waived with $4k balance
Pros & Cons
Extra Details
Popular
Get Started

CIBC Smart Plus

$29.95
Monthly Fee
Unlimited
Transactions
  • Get unlimited transactions
  • Get a credit card annual fee rebate
  • No CIBC fee for ATM withdrawals
Pros & Cons
Extra Details
Best Value
Get Started

CIBC Smart Start

$0
Monthly Fee
Unlimited
Transactions
  • Enjoy unlimited everyday banking
  • No monthly fee
  • ree unlimited Interac e-Transfers
Pros & Cons
Extra Details
Get Started

CIBC Everyday Chequing Account

$4
Monthly Fee
12
Transactions
  • Make up to 12 transactions
  • Monthly fee of $4
  • Send e-Transfers for $1.50
Pros & Cons
Extra Details

Best CIBC Chequing Accounts

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.

What is a CIBC chequing account?

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;

  • CIBC Smart
  • CIBC Smart Plus
  • CIBC Smart for Students
  • CIBC Everyday Chequing
  • CIBC Bank USA Smart Account
  • CIBC Welcome Back Package
  • CIBC Account for Seniors
  • CIBC Advantage for Youth
  • CIBC Chequing Account for Foreign Workers

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.

Pros and cons of CIBC chequing accounts

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 accountsCons 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.   

Features of CIBC chequing accounts

For those looking for a convenient and reliable banking service, CIBC chequing accounts have a number of features that make them a good choice.

Little or No Fees

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.

CIBC Banking App

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.

Unlimited Transactions

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.

Welcome Bonus

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.

What chequing accounts does CIBC have?

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.

CIBC Smart Account

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.

Why we like it:

  • Benefits and discounts for those that are newcomers, seniors, and foreign workers in Canada
  • You’re allowed to pay a higher monthly fee for unlimited transactions

Features And Fees

  • It has a waiver for monthly fees when your daily balance is $4000. $10 is what seniors pay monthly.
  • The Interac e-Transfer is free
  • The monthly transaction includes the ATM fee. However, there’s an extra cost of $2 for non-CIBC ATMs in Canada
  • 12 transactions monthly cost $6.95. Additional transactions after the first 12 cost $1.25 each up to $16.95
  • This package has a monthly fee of $6.95 and $16.95 for 12 transactions and unlimited transactions, respectively

CIBC Smart Plus Account

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.

Why we like it:

  • Your savings and investments accounts can qualify for a free monthly waiver
  • Transactions are unlimited and free
  • When you use non-CIBC ATMs, you’ll pay $0

Features and Fees

  • You must have a daily balance of $6000-$100,000 to be eligible for the free monthly waiver.
  • Interac e-Transfer is free
  • A monthly fee of $29.95
  • Free transaction fees
  • For CIBC and non-CIBC ATMs, you’re charged $0.

CIBC Smart Start for Students

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.

Why we like it:

  • Zero monthly fee
  • Unlimited free transactions

Features and Fees

  • A free SPC card that gives you discounts from over 450 brands
  • No monthly fee
  • With Journie Rewards, you can save up to 10 cents on every liter at Chevron, pioneer, and Fas gas stations.
  • For every month, you get 1 free non-CIBC ATM withdrawal.
  • If you’re from age 18-24 with CIBC investor’s edge, you can access free ETF trades and online North American stock.
  • Transactions are free and unlimited

CIBC Everyday Chequing Account

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.

Why we like it:

  • With the minimum balance, a monthly fee is waivable.
  • Little monthly charge

Features and Fees

  • With a daily balance of $4000, they waive your monthly fee.
  • Interac e-transfers are usually added to free monthly transactions. If not, it’s free to receive and $1.50 to send.
  • The cost of monthly fee is $4
  • The ATM fees are added to the free monthly transaction. For non-CIBC ATMs in Canada, there’s a $2 additional cost.
  • You can perform 12 free transactions monthly, and afterward, you pay $1.25 for each.

CIBC Bank USA Smart Account

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.

Why we like it:

  • Mobile transfer is free
  • No monthly charge
  • Transactions are free and unlimited

Features And Fees

  • All telephone transfers are free, wire transfers cost $30 to send and are free to receive
  • Zero monthly charge
  • If you’re charged extra for up to $4 non-CIBC ATMs, you’ll get a refund of $20
  • Transaction fee is unlimited and free.

CIBC Welcome Back Package

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.

Why we like it:

  • One year free banking service
  • Transactions are free and unlimited
  • No monthly fee

Features And Fees

  • Interac e-Transfer is free for 12 months
  • No monthly charge
  • Transactions are free

CIBC Advantage for Youth Account

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.

Why we like it:

  • $0 monthly fee
  • Unlimited free transactions

Features and Fees

  • There is usually little interest added to your account.
  • Free SPC membership card
  • Access to unlimited transactions

CIBC Account For Seniors

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.

Why we like it:

  • Zero monthly fee
  • Unlimited monthly transactions

Features And Fees

  • No minimum balance required
  • No monthly fee
  • For the annual rent of the safe deposit box, there’s a 5% off
  • 12 free monthly transactions, and afterward, pay $1.25 for each.
  • Money orders and bank drafts are free.
  • Interac e-Transfer is free

CIBC Chequing Account For Foreign Workers

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.

Why we like it:

  • No minimum income is required to create this account
  • Little monthly fee
  • Unlimited transactions

Features And Fees

  • Free Interac e-Transfer
  • There’s no monthly cost attached to it
  • There’s a $2 cost on Non-CIBC withdrawal within Canada.

CIBC chequing account fees

Although CIBC chequing accounts offer benefits on the account, there are some fees associated with this chequing account.

  1. Monthly account fee: monthly fee ranges from $4.95-$29.95, depending on the account you’re going for. It’s important to know that some of these monthly fees are waived if you meet the minimum balance of the CIBC chequing account.
  2. Overdraft protection fee: You may decide to have overdraft protection on your account, but remember that it comes with a monthly fee of $4. There is also a CIBC chequing account interest rate on the overdraft amount.
  3. Debit card replacement fee: this fee only applies when you request a replacement of your debit card. They usually charge it $15.
  4. Transaction fees: You pay a fee for the number of transactions you carry out on your CIBC chequing account. These fees can include overdraft fees, cheque processing, and cash withdrawal fees.
  5. Interac e-Transfer fees: depending on the type of account, you’d pay an amount for performing Interac e-Transfer. This fee ranges from $1.50-$1.75.

Before opening a CIBC chequing account, you must go through all the fees to ensure it suits your budget and financial needs.

Eligibility requirements for a CIBC chequing account

Aside from the information above, you must also meet some eligibility requirements before opening an account. They are:

  1. Age: you should have attained the age of majority in your province, which is 18/19 years, except you plan to open a CIBC smart start account. In the case of applicants aged 13-15, they’ll have to be physically present at the branch to open theirs. For those aged 16 and upwards, they can either open theirs online or in a branch.
  2. Residency: it is of high importance that you’re a resident of Canada before you can set up a CIBC chequing account.
  3. Identification: providing a means of identification is also necessary to set up an account. You can provide either of the following upon opening a CIBC chequing account.
    • Canadian passport
    • Canadian permanent resident card
    • Driver’s license and any other acceptable means of identification.

How to open a CIBC chequing account

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.

  • Your full name
  • Address
  • Date of birth
  • Email
  • Phone number
  • Occupation
  • Yearly income
  • Country of residence
  • Account’s purpose (education savings, payroll deposit, etc.)
  • Permit for CIBC to do a credit check (very important).

Opening a CIBC chequing account is easy and quick, plus you can do it anytime and anywhere. Below are the steps:

  • Download and log into your CIBC mobile app.
  • Choose the product you want from the list of products available.
  • Put in your necessary information as stated.
  • Scan your ID.
  • Scan a cheque–this is for verification
  • You’ll receive a mail stating when to pick up your CIBC card at any of their branches.

Best CIBC chequing accounts conclusion

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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FAQs about the best CIBC chequing accounts

What chequing accounts are available from CIBC?

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.

What is the minimum balance for CIBC chequing accounts?

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.

Can I open a CIBC account online?

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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