CIBC chequing accounts
CIBC has chequing account options to satisfy most banking needs and financial lifestyles.
CIBC offers a wealth of banking and financial options to its customers, including everyday chequing accounts for Canadians. From those making daily transactions to kids starting their first accounts, the range of CIBC chequing accounts offers options for almost everyone.
Our guide below presents all the different CIBC chequing accounts available, including their features and benefits and how to apply for each.
Compare CIBC chequing accounts
CIBC Smart Account
The CIBC Smart Account is a flexible option for frequent and infrequent bankers. With this plan, your monthly account fees vary depending on the amount of transactions you make in the month. Starting at $4.95 for 12 transactions, fees can scale all the way up to a maximum of $14.95 per month, after which you will receive unlimited fee-less transactions. Of course, the monthly fee is waived if you have a minimum of $3,000 in your CIBC chequing account and have either a direct deposit set up or two monthly pre-authorized payments coming out of your CIBC chequing account.
CIBC Smart Plus Account
Upgrade on your chequing account features with the CIBC Smart Plus Account. This account comes with a $29.95 monthly account fee, which is waived if you have a minimum of $6,000 in your CIBC chequing account or $100,000 in savings and investments. Choosing this plan will also score you a rebate of $120 on annual fees for select CIBC credit cards as well as access to additional banking services, such as personalized cheques, money orders and overdraft protection, at no additional cost.
CIBC Everyday Chequing Account
For those with minimal banking needs, the CIBC Everyday Chequing Account is a solid choice. It comes with a $3.90 monthly account fee that unfortunately cannot be waived, so there is no minimum balance amount. With this plan, you’ll receive up to 12 free transactions, with a $1.25 fee for every subsequent transaction.
CIBC Bank USA Smart Account
If you travel frequently to the United States and have American cash lying around, you might be interested in putting it into a CIBC Bank USA Smart Account. Exactly like the CIBC Smart Account, this plan has a sliding monthly account fee of $4.95 for 12 debit transactions, up to $14.95. However, this monthly account fee will be waived with a minimum of $3,000 in your account.
CIBC Smart for Seniors Account
Canadians above the age of 65 are eligible for the CIBC Smart for Seniors Account. Much like some of the other CIBC chequing accounts, this plan has a sliding scale of monthly fees, starting at $0 for the first 12 transactions and capping out at $10 for 20 or more transactions.
CIBC Advantage for Youth Account
Canadians below the age of 18 are eligible to sign up for the CIBC Advantage for Youth Account. This may be you or your child’s first bank account, and it offers children a good opportunity to save their money with no monthly fees and unlimited transactions. Once you turn 19, this account will automatically convert to the CIBC Premium Growth Account.
The benefits of banking with CIBC
Like most big banks, you can expect a high level of customer service with CIBC and a number of benefits including:
- Flexible account fees. CIBC offers a few chequing accounts with monthly account fees based on your banking frequency, which ensures that you only pay a monthly account fee that is commensurate to your banking frequency.
- CIBC Internet and mobile banking. If you have a CIBC chequing account, you can access your account online through the CIBC Online Banking portal. You can also download the CIBC Mobile Banking app and access your chequing account via your smartphone. This enables you to manage your account, pay bills, send money transfers domestically and overseas and apply for other CIBC products at any time, either online or via the app.
- Free Interac e-Transfer transactions. Save $1.50 on e-Transfer sending fees when you use the CIBC Mobile Banking app to send and receive e-Transfers.
- Mobile pay. Pay the way you want to with digital payment and mobile wallet options including Visa Checkout, Google Pay, Apple Pay and Samsung Pay.
- Paperless statements. Avoid the record-keeping fees associated with paper statements and request eStatements that are free and better for the environment.
How to open a CIBC chequing account
Before you get started on your application, make sure that you meet the eligibility requirements for the specific chequing account you’re interested in. You also need to have the necessary documents on hand so that you can correctly fill out the application form. Eligibility requirements might vary between chequing accounts but generally include the following:
- Age. You need to be the age of majority in your province or territory of residence.
- Residency. You need to be a Canadian resident.
Information you will need to open a CIBC chequing account
After checking that you’re eligible for the chequing account you want, you’ll need to gather the following information in order to proceed with the application process:
- Personal information. You’ll need to provide personal information such as your address and your contact information. You’ll also need to verify your identity by providing an accepted form of identification, such as your driver’s licence number or passport. Lastly, you’ll also need to consent to a credit check to confirm your credit is in good standing to be eligible for the CIBC chequing account you want.
Frequently asked questions about CIBC chequing accounts
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