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.
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.
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
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
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.
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
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.
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
Incoming wire payments: $15 charged in the incoming currency and deducted from wire amount
CIBC chequing account: Frequently asked questions
If you're between 13 and 25 years old or a full-time student, you can open an account with CIBC Smart Start or CIBC Smart for Students, which come with zero monthly account fees and unlimited free transactions and transfers.
If you visit the US or shop there frequently, the CIBC Bank USA Smart Account comes with no monthly fees and unlimited free transactions.
No, there is 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, CIBC Smart for Students and the CIBC Bank USA Smart Account — come with zero monthly fees.
CIBC counts the following as transactions: Debit transactions, CIBC branch withdrawals, CIBC ATM withdrawals, Interac e-Transfers, bank transfers, cheques, pre-authorized payments and bill payments (including CIBC credit cards and personal lines of credit).
For most CIBC chequing accounts, you'll pay $2 every time you use a non-CIBC ATM. However, there is no fee for using a non-CIBC ATM with a CIBC Smart Plus Account. Additionally, some CIBC chequing accounts let you make 1 free 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 visit your local CIBC branch and ask the teller for a printout.
To get a CIBC direct deposit form from the app or online, login 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.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
Students who only require a basic chequing account will benefit from the CIBC Smart for Students Account.
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