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CIBC chequing account options

Waivable monthly account fees and discounts for seniors and youths are just some of what CIBC chequing accounts have to offer.

One of Canada’s Big Banks, CIBC offers a full suite of personal banking products in Canada including chequing accounts. We break down CIBC chequing accounts including fees and features to help you decide which account is right for you. Plus, find out what you need to apply for a CIBC chequing account.

Compare CIBC chequing account options

CIBC Everyday Chequing Account

CIBC logo

What we like:

  • Low monthly fee
  • Monthly fee waivable with minimum balance

Fees & features:

  • Monthly fee: $4 per month
  • Waiver: Monthly fee waived with a daily balance of $4,000+
  • Transaction fee: Includes 12 transactions per month, then $1.25 each
  • Interac e-Transfers: Included in free monthly transactions. Otherwise, it’s $1.50 to send and free to receive.
  • ATM fee: Included in free monthly transactions. Non-CIBC ATMs in Canada cost an extra $2.

Alternative: BMO Practical Chequing Account

Get 12/month free transactions and unlimited free Interac e-Transfers for $4 a month (waived for seniors and RDSP beneficiaries). Learn more here.

CIBC Smart Account

CIBC logo

What we like:

  • Option to pay higher monthly fee for unlimited transactions
  • Monthly fee waivable with minimum balance
  • Discounts and perks for seniors, foreign workers and newcomers to Canada

Fees & features:

  • Monthly fee: $6.95 per month (up to 12 transactions) or $16.95 per month (unlimited transactions)
  • Waiver: Monthly fee waived with a daily balance of $4,000+. Seniors only pay $10 per month.
  • Transaction fee: Up to 12 transactions for $6.95 per month, then $1.25 each. Unlimited transactions for $16.95 per month.
  • Interac e-Transfers: Free
  • ATM fee: Included in monthly transactions. Non-CIBC ATMs in Canada cost an extra $2.

Get a $400 Costco Shop Card when you open a CIBC Smart Account and provide your email address and complete the qualifying actions within 2 months.

CIBC Smart for Seniors

Only $10 per month for unlimited transactions (or get 12 free transactions, then pay $1.25 for the next 13-20 transactions). Get free Interac e-Transfers, free bank drafts & money orders and $5 off the annual safety deposit box fee. Learn more here.

CIBC Smart for Newcomers

Get unlimited free transactions, 1 free non-CIBC ATM withdrawal per month in Canada and zero-fee transfers to 120+ countries with CIBC Global Money Transfer.

CIBC Smart for Foreign Workers

Get unlimited free transactions, 1 free non-CIBC ATM withdrawal per month in Canada and zero-fee transfers to 120+ countries with CIBC Global Money Transfer. Learn more here.

Alternative: BMO Performance Chequing Account

For $16.95 a month, get unlimited free transactions, unlimited free Interac e-Transfers and 1 free non-BMO ATM withdrawal each month. Monthly fee waived for students and Canadian Armed Forces (CAF) members. Newcomers to Canada get the monthly fee waived for 1 year. Learn more here.

CIBC Smart Plus Account

CIBC logo

What we like:

  • Unlimited free transactions
  • $0 for using non-CIBC ATMs
  • Can bundle balances across savings and investment accounts to be eligible for the monthly fee waiver

Fees & features:

  • Monthly fee: $29.95 per month
  • Waiver: Monthly fee waived with a daily balance of $6,000+ or $100,000+ across eligible savings and investments, including GICs.
  • Transaction fee: Unlimited free
  • Interac e-Transfers: Unlimited free
  • ATM fee: $0 for CIBC and non-CIBC ATMs

Get a $400 Costco Shop Card with a CIBC Smart Plus Account when you complete the qualifying actions.

Alternative: Scotiabank Ultimate Package

Some of the many perks you can get for $30.95 a month include unlimited transactions and Interac e-Transfers, overdraft protection for $0/month, $0 for non-Scotiabank ATM usage in Canada, free international money transfers and waived annual fees (up to $150) on select credit cards. Learn more here.

CIBC Smart Start & CIBC Smart for Students

CIBC logo

What we like:

  • $0 monthly fee
  • Unlimited free transactions
  • 1 free non-CIBC ATM withdrawal per month
  • Discounts on 450+ brands with a free SPC card (reg. $11.99/yr)
  • Free online North American stock and ETF trades for investors 18-24 years old with CIBC Investor's Edge
  • Save up to 10 cents per litre at Pioneer, Fas Gas, Ultramar and Chevron gas stations with Journie Rewards

Fees & features:

  • Monthly fee: $0 until you turn 25 (with Smart Start) or graduate from full-time studies (with CIBC Smart for Students)
  • Transaction fee: Unlimited free
  • Transfers: Unlimited free
  • ATM fee: 1 free non-CIBC ATM withdrawal per month, then $2 each
  • Earn up to $150 when you open your first chequing account with CIBC Smart Smart of CIBC Smart for Students. Offer ends April 28, 2023.

Earn up to $150 when you open your first chequing account with CIBC Smart Smart or CIBC Smart for Students. Offer ends April 28, 2023.

CIBC Smart Start offers fee-free banking for clients aged 13 to 24 years old. Once you turn 25, your account will automatically convert to a CIBC Smart Account, and related fees will apply. With CIBC Smart for Students, you can continue enjoying fee-free banking after 25 years old as long as you’re a full-time university, college or CEGEP student. Terms and conditions apply.

Alternative: Scotiabank Student Banking Advantage Plan

For $0 a month, full-time domestic and international students get unlimited free transactions and Interac e-Transfers, 50% off Scotia iTRADE commissions and a rebate on every second stock or ETF trade up to 20 free trades in their first year (10 free trades per year after). Learn more here.

CIBC Bank USA Smart Account

CIBC logo

What we like:

  • $0 monthly fee
  • Unlimited free transactions
  • Free phone transfers

Fees & features:

  • Monthly fee: $0 per month
  • Transaction fee: Unlimited free
  • Transfers: Free telephone transfers. Wire transfers are free to receive but cost $30 to send within the US or $40 to send elsewhere.
  • ATM fee: Get refunded for up to 4 non-CIBC US ATM surcharges per month up to $20.

The CIBC Bank USA Smart Account is offered through CIBC’s US bank. However, you must have a Canada-based CIBC bank account or line of credit to open this account.

Alternative: TD U.S. Daily Interest Chequing Account

Earn interest on every US dollar you hold for $0 a month. But you'll have to pay US$1.25 for every transfer you make from this account unless you hold a minimum balance of US$1,500.

Compare other chequing accounts

BMO Performance Chequing Account logo

BMO Performance Chequing Account

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Monthly Account Fee

$16.95


Free Transactions

unlimited


e-Transfer Fee

$0

Coast Capital Free Chequing, Free Debit, and More Account logo

Coast Capital Free Chequing, Free Debit, and More Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$1.50

Simplii No Fee Chequing Account logo

Simplii No Fee Chequing Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$0

If you’re priority is finding a chequing account with no monthly fee, check out the Simplii No Fee Chequing Account (backed by CIBC), the Coast Capital Chequing Account or the Tangerine No-Fee Daily Chequing Account.

Online and non-traditional banks tend to charge low fees. Plus, these financial institutions are federally regulated and are typically backed by the CDIC (Canada Deposit Insurance Corporation), just like major banks.

If you spend and transfer your funds a lot, consider the Scotiabank Ultimate Package or Scotiabank Preferred Package. These accounts come with perks like unlimited free transactions, annual fee rebates on select credit cards, free equity trades with Scotia iTRADE, waived monthly fees for additional accounts and more.

Benefits of banking with CIBC

Journie Rewards card

  • Zero or waivable monthly fees. Some CIBC plans come with zero monthly account fees including CIBC Smart Start, CIBC Smart for Students and CIBC Bank USA Smart Accounts. The monthly fee for all other chequing accounts can be waived with a minimum balance.
  • CIBC Mobile Banking app. View your account balances, deposit cheques, send and receive money, view your Equifax credit score for free (without impacting your score), search for nearby branches and more with the CIBC Mobile Banking app.
  • Journie Rewards. Use your Journie Rewards card (available with eligible CIBC debit and credit cards) to save up to 10 cents per litre at Pioneer, Fas Gas, Ultramar and Chevron gas stations.
  • CIBC Insights. CIBC Insights is a free tool that offers advice for developing healthier financial habits based on your debit and credit card activity. It’s available for all CIBC products and is included in the CIBC Mobile Banking app.
  • Alerts for overdrawn accounts. Get notifications before your account is overdrawn to avoid insufficient funds fees.
  • Extra perks for certain groups. Seniors, students, young clients, foreign workers and newcomers to Canada can take advantage of low or no fees and other benefits designed exclusively for them.

How to open a chequing account at CIBC

The application process for CIBC checking accounts is pretty straightforward. But there are some eligibility requirements you’ll need to meet and information you’ll need to provide.

Age

To open a CIBC chequing account, you need to be at least the age of majority in your province or territory (18 or 19 years old) unless you’re opening a CIBC Smart Start account. Applicants aged 13 to 15 will need to visit a branch in person to open an account (with or without parental signing authority). Applicants aged 16 and up can open an account (with or without parental signing authority) online or by visiting a branch.

Residency

You must be a Canadian resident to open a CIBC chequing account.

Identification

Be prepared to provide ID such as a driver’s license issued in Canada, Canadian passport or Canadian Permanent Resident card. View a full list of acceptable identification here.

Required information

To open a CIBC chequing account, you’ll need to provide the following information:

  • First and last name
  • Birth date
  • Email and phone number
  • Address
  • Country of residence (and any other countries you reside in for tax purposes)
  • Occupation
  • Annual income
  • Purpose of your account (payroll deposit, emergency fund, education savings etc.)
  • Consent for CIBC to perform a credit check (required)

CIBC bank account fees

Besides monthly account maintenance fees and transaction charges, there are some other CIBC bank fees you should be aware of:

  • Monthly paper statement: $2.25 per month ($2.75 with cheque images)
  • CIBC Overdraft Protection Service (subject to credit approval): Pay $5 every month or $5 per business day in which an overdraft is created or increased. Interest applies for both options.
  • Withdrawals from non-CIBC ATMs: $2 in Canada, $3 + 2.5% admin fee in the US, $5 + 2.5% admin fee in other countries
  • Bank drafts and money orders (Canadian, US and international): $9.95 CAD
  • Online cheque viewing: $1.50 per item viewed
  • NSF fee: $45
  • Outgoing wire payments: $30 (up to $10,000), $50 ($10,001.01 – $50,000), $80 (over $50,000)
  • Incoming wire payments: $15 charged in the incoming currency and deducted from wire amount

CIBC chequing account: Frequently asked questions

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