Waivable monthly account fees and discounts for seniors and youths are just some of what CIBC chequing accounts have to offer, but it's worth comparing with alternative accounts.
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.
The CIBC Everyday Chequing Account is an affordable, no-fuss option ideal for everyday banking needs. It includes 18 transactions per month, free Interac e-Transfers and free access to CIBC's extensive network of over 3,000 ATMs across Canada. The monthly fee can't be waived, but it's only $4.
18 transactions per month
Free Interac e-Transfers
Access to CIBC's nationwide ATM and branch network
The CIBC Smart Account offers flexible banking with three tiers that reward you for keeping higher balances. There's also no monthly account fee for youth under 25, students, seniors, newcomers, foreign workers, RDSP beneficiaries and recipients of the Disability Tax Credit.
Tier 1: For balances under $40,000, enjoy unlimited transactions and one monthly non-CIBC ATM rebate for $16.95 a month, or $0 with daily balance of $4,000.
Tier 2: With balances between $40,000 and $99,999, get no monthly fee, unlimited transactions, global ATM fee rebates and a $50 credit card annual fee rebate.
Tier 3: For balances of $100,000 or more, unlock up to a $139 credit card rebate for the primary cardholder and up to $50 for 3 users and free overdraft protection on up to 3 accounts.
Unlimited transactions across all tiers
Free Interac e-Transfers
Credit card rebates
Monthly fee is waivable
Steep monthly balance requirements for Tier 2 and 3
High monthly fee for Tier 1 if you can't maintain a daily balance of $4,000
The CIBC Smart Start Account for those under 25 and the Smart for Students Account have all the same great benefits and tiers as the Smart Account, but with no monthly fees, regardless of your balance. Enjoy unlimited transactions, free Interac e-Transfers and a welcome offer of $175 cash and a free 12-month Skip+ trial. Students also get a free SPC+ membership, which offers up to 30% off over 450 brands.
Zero monthly fees
Unlimited transactions and Interac e-Transfers
No minimum balance required
Free Skip+ and SPC+ (for students) membership
Limited to those under 25 and full-time students
Only one free non-CIBC ATM withdrawal if you're in Tier 1
The CIBC Smart Account stands out as the best all-around chequing account option for most CIBC customers. It offers unlimited transactions, including free Interac e-Transfers, and flexible monthly fees that adjust based on your balance.
With three tiers of benefits, you can enjoy additional perks — from ATM fee rebates in Canada and abroad to credit card annual fee rebates and free overdraft protection — as your balance grows.
Whether you’re a light spender or maintain higher deposits, the Smart Account adapts to your banking needs.
Summary of CIBC chequing account promotional offers
CIBC chequing 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 to 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
NSF fee: $45
Bank drafts and money orders (Canadian, US and international): $9.95 CAD
Incoming wire payments: $15 charged in the incoming currency and deducted from wire amount
Does CIBC offer a no-fee chequing account?
CIBC doesn’t offer a traditional no-fee chequing account like some online banks do. However, you can still avoid monthly fees through certain options, such as maintaining a qualifying balance with a CIBC Smart Account or meeting eligibility criteria as a student, youth, senior, foreign worker, newcomer, RDSP beneficiary or Disability Tax Credit recipient.
Zero or waivable monthly fees. Some CIBC plans come with zero monthly account fees, including the CIBC Smart Account Tier 2 and 3, CIBC Smart Start and CIBC Smart for Students. The monthly fee for most 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 it), 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 On the Run, 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 included in the CIBC Mobile Banking app.
Alerts for overdrawn accounts. Get fraud alerts and receive 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.
High monthly fees. If you don’t maintain a certain account balance or meet other criteria, like being a student or senior, you may have to pay a monthly account fee of up to $16.95.
No interest. None of CIBC’s chequing accounts offer interest, just the savings accounts.
Requirements to open a CIBC chequing account
Here are the eligibility requirements you’ll need to meet to open a CIBC chequing account:
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 14 to 15 will need to visit a branch in person to open an account (with or without parental signing authority), while younger applicants will need their parents to open an account with them. 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 a government-issued ID, such as a driver’s license, passport, or permanent resident card. View a full list of acceptable identification here.
How to open a CIBC chequing account
You can open a CIBC chequing account online, in person or through the CIBC Mobile Banking App. If you choose to apply online, here are the steps you can follow to complete the application process:
Head to CIBC’s website and choose the account type you want.
When you choose one, select Open an account.
Fill out the application form with information like your full name, occupation, income and the purpose of your account.
Upload any necessary documents and complete an identity verification.
Accept the terms and conditions and wait for your debit card to come in the mail. Once it does, you can activate it and register for mobile banking.
The EQ Bank Personal Account is a fully digital account that merges everyday banking with high-interest savings. Unlike traditional CIBC chequing accounts, it charges no monthly fees, offers unlimited transactions and provides free access to any ATM in Canada through fee rebates. On top of that, account holders can earn a competitive interest rate of up to 3% on their entire balance, making it a strong alternative for those looking to grow their money while keeping the flexibility of a chequing account.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 2.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
Although BMO is another Big Five bank, its Performance Chequing Account is a good alternative to the CIBC Smart Account without the tiers. For a monthly fee of $17.95 (The monthly account fee is waived if you maintain a minimum daily balance of at least $4,000.), you get unlimited transactions and Interac e-Transfers, identity-theft protection and an annual rebate up to $40 on eligible BMO credit cards.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to $700*.
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
Monthly fee of $17.95
You won't earn any interest on the money in your account.
Another comparable option to CIBC's Smart Account is the Coast Capital Elevate Chequing Account. It offers unlimited transactions, free Interac e-Transfers and a monthly fee of $16.95 (waived with a $4,000 daily balance). You'll also get free access to Coursera's global learning platform but you must be a Coast Capital member to be eligible for an account.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada
Free access to Coursera's global learning platform
You'll have to pay $16.95 per month for this account
Although CIBC doesn't offer any traditional no-fee chequing accounts, Tangerine does. The Tangerine No-Fee Daily Chequing Account comes with unlimited free transactions and Interac e-Transfers, and access to Scotiabank's ATM network at no extra cost. You'll even earn 0.1% interest, which may not seem like much but it's more than CIBC offers.
Simplii Financial offers another great digital-only alternative with its No Fee Chequing Account. Enjoy unlimited transactions, free Interac e-Transfers and no monthly fees. You'll also have access to CIBC's ATM network for free and you'll earn 0.01% interest.
Earn a welcome bonus of up to $300
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
CIBC has plenty of chequing accounts for Canadians to choose from, from the low-fee Everyday Chequing Account to the tiered Smart Account that rewards higher balances. While no traditional no-fee account exists, students, seniors, newcomers and certain other groups can avoid monthly fees. If you want truly no-fee banking with unlimited transactions or interest on your balance, digital banks like EQ Bank, Tangerine or Simplii may be a better option.
Frequently asked questions about CIBC chequing accounts
No, there's no minimum balance to open a CIBC chequing account. However, you may need to maintain a minimum monthly balance to have your monthly account fees waived with some types of accounts. Other accounts—like CIBC Smart Start and CIBC Smart for Students—come with zero monthly fees.
CIBC counts the following as transactions: debit purchases, CIBC branch withdrawals, CIBC ATM withdrawals, Interac e-Transfers, transfers, cheques, pre-authorized payments and bill payments.
For most CIBC chequing accounts, you'll pay $2 every time you use a non-CIBC ATM in Canada. Some CIBC chequing accounts offer unlimited or one non-CIBC ATM withdrawal per month.
By default, CIBC bank account statements are delivered electronically for free. Check your monthly statement online by logging into CIBC's Online Banking web portal or Mobile Banking app, or visit your local CIBC branch and ask the teller for a printout.
To get a CIBC direct deposit form from the app or online, log in to CIBC Mobile Banking or CIBC's Online Banking portal and select the account for which you want direct deposit details. Then select Manage My Account. From here, you can access void cheque and direct deposit information.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
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Students who only require a basic chequing account will benefit from the CIBC Smart for Students Account.
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