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CIBC Smart Account
Bonus Offer
Get a $400 Costco Shop Card
Monthly Account Fee
e-Transfer Fee
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Designed for basic, everyday banking, the CIBC Smart Account comes with a flexible monthly fee and free e-Transfers.

The CIBC Smart Account is a flexible option that ticks the necessary boxes for everyday spending and managing your money. With this plan, your monthly account fees vary depending on the amount of monthly transactions you make.


  • 12 free transactions for $6.95 per month
  • Monthly fee waived with a $4,000+ balance
  • One free non-CIBC withdrawal per month


  • Monthly fee goes up to $16.95 for unlimited transactions
  • Other fees for miscellaneous services

In this guide

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If you need an account for everyday banking in Canada, the CIBC Smart Account comes equipped with the necessary features. Pay anywhere from $6.95 to $16.95 monthly, depending on your number of monthly transactions. But be aware of extra fees for services like money orders, paper statements and out-of-network ATM withdrawals (although one monthly non-CIBC ATM withdrawal is free).

What are the benefits of the the CIBC Smart Account?

CIBC is one of the largest banks in Canada. Users who bank with CIBC gain access to an array of perks. Account holders of the CIBC Smart Account enjoy the following benefits:

  • Free Interac e-Transfers. Pay nothing to send and receive funds via Interac e-Transfer.
  • Flexible monthly fee. 12 transactions or less per month cost $6.95/month. 13-20 cost $1.25 each. 20+ transactions cost $16.95/month.
  • Online & mobile banking. Conveniently view your account information and manage your money anytime, anywhere with CIBC online banking or the CIBC mobile app.
  • CDIC insured. Your money is covered by the Canada Deposit Insurance Corporation up to $100,000 across all your eligible CIBC accounts.
  • Welcome offer. 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.

What should I look out for?

  • High monthly fee for unlimited transactions. To avoid fluctuating transaction fees, you need to pay $16.95 per month.
  • Miscellaneous fees. Other fees may apply for certain services, including Canadian currency bank draft fees of $7.50 each, stop payments at a maximum of $20 and non-sufficient funds fees of $45.

CIBC’s ATM network and fees

CIBC has thousands of ATMs across Canada. In special locations, CIBC allows individuals to withdraw other currencies including US dollars and euros. At an ATM, account holders can access the balances of debit and credit accounts, view recent transactions and get printed or emailed ATM receipts.

Withdrawals made from non-CIBC ATMs cost $2 per transaction. In the US, ATM withdrawals cost $3 each plus a 2.5% administration fee. Outside of Canada and the US, ATM withdrawals cost $5 each plus a 2.5% administration fee.

What other chequing options does CIBC offer?

There are two other chequing account options available with CIBC:

  • CIBC Smart Plus Account Unlimited transactions, annual CIBC credit card savings, free ATM withdrawals worldwide, overdraft protection service. The monthly fee is $29.95. Fee will be waived if account holders have $6,000 in the Smart Plus Account or $100,000 in eligible savings and investments
  • CIBC Everyday Chequing Account Lower monthly fee of $4 per month. 12 transactions per month. Additional transactions are $1.25 each and users do not pay the $1.50 Interac e-Transfer sending fee.

Compare alternative chequing accounts

Premium Service

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  • Earn a $550 bonus
  • Get $50 when you add a second family member
  • Unlimited free transactions
  • $0 Interac e-Transfers
  • Monthly fee waived on $4,000+ balances

No Monthly Fees

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  • Earn a $400 bonus
  • $0 Account Fee
  • Unlimited free transactions
  • $0 Interac e-Transfers
  • No minimum balance requirements

Earn Interest

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  • Earn up to 4.00% interest on savings
  • No monthly account fee
  • Free ATM withdrawals across Canada
  • No transaction fees
  • No e-Transfer fees

How do I open a CIBC Smart Account?

  1. Go to CIBC’s website, navigate to the CIBC Smart Account page and select Apply now.
  2. Provide CIBC with personal information, including your name, date of birth, address, residential status and contact information.
  3. Indicate how you intend to use the Smart Account.
  4. Review the information you entered and submit your application. The entire process can be completed in a few minutes.

Eligibility requirements

To be eligible for the CIBC Smart Account, you must meet the following criteria:

  • Be a Canadian resident
  • Be at least the age of majority in your province or territory
  • Reside at a valid Canadian residential address

Required information

You will be asked to provide the following information during the application process:

  • Full name
  • Date of birth
  • Phone number, email and address
  • Your national residency for tax purposes
  • Basic employment information

How do I deposit or withdraw my money from CIBC?

CIBC customers can bank from their computer, mobile phone, CIBC ATMs, non-CIBC ATMs, at a branch or by telephone. Cheques can be deposited online (via eDeposit), at an ATM or at a branch. Cash deposits must be done at a branch or a CIBC ATM.

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