Compare 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, 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.
Compare CIBC chequing accounts
| Chequing account | Average monthly eligible balances | Monthly fee | Fee wavier minimum balance | Free monthly transactions | Interac e-Transfers | ATM fees |
|---|---|---|---|---|---|---|
| Everyday Chequing Account | N/A | $4 | N/A | 18 transactions per month ($1.25 thereafter) | Unlimited | Non-CIBC ATM withdrawals
|
| Smart Account: Tier 1 | $0–$39,999 | $0 – $16.95 | $4,000 | unlimited | Unlimited | Non-CIBC ATM withdrawals
|
| Smart Account: Tier 2 | $40,000–$99,999 | $0 | N/A | Unlimited | Unlimited | All fees for non-CIBC ATM withdrawals in Canada, the United States and internationally are rebated each month |
| Smart Account: Tier 3 | $100,000+ | $0 | N/A | Unlimited | Unlimited | All fees for non-CIBC ATM withdrawals in Canada, the United States and internationally are rebated each month |
| Smart Start and Smart for Students |
| $0 | N/A | unlimited | unlimited | Non-CIBC ATM withdrawals
|
What is the best CIBC chequing account?
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: $10
- Bank drafts and money orders (Canadian, US and international): $9.95 CAD
- Online cheque viewing: $1.50 per item viewed
- 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
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.
If you don’t meet any of these criteria, you may want to consider looking for a no-fee chequing account from a digital bank like Simplii Financial (which is owned by CIBC), Tangerine or EQ Bank. Check out more alternatives to CIBC chequing accounts below.
Advantages of opening a CIBC chequing account
- 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.
Related: CIBC savings accounts
Disadvantages of opening a CIBC chequing account
- 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.
Some top alternatives to CIBC chequing accounts
Related: Compare Canada's big 5 banks
Bottom line
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
More banking guides from our experts
Banking
Explore key banking statistics and figures from the Finder: Consumer Sentiment Survey January 2025.
Chequing Accounts
Compare the features of 8 of the best no-fee chequing accounts in Canada, and find out how to avoid transaction fees.
Banking
Earn cash, rewards points, bonus interest rates and more with these new bank account offers and promotions.
Kids Banking
Learn about the different types of bank accounts for your teenager and how to choose the right one.
Chequing Accounts
Compare chequing accounts and learn about our top picks. Compare different features and see which one is right for you.
Banking
Compare and open a bank account online in Canada in as little as 5 minutes. Learn what you need to apply and how to get started today.
More resources on Finder
Read more on Chequing Accounts
-
CIBC Everyday Chequing Account review
With a low monthly fee and limited transactions, the CIBC Everyday Chequing Account is an optimal choice for the minimal bank user.
-
CIBC Smart for Seniors Account review
Seniors seeking a flexible chequing account to suit their varying spending needs will benefit from the CIBC Smart for Seniors account.
-
CIBC Smart Account review
Users who bank with CIBC gain access to an array of perks with this flexible chequing account.
-
CIBC Smart for Students Account review
Students who only require a basic chequing account will benefit from the CIBC Smart for Students Account.