CIBC Smart Account review

If you need an account for everyday banking in Canada, the CIBC Smart Account comes equipped with the necessary features. Pay up to $16.95 monthly, depending on your balance.

That said, you can only get access to certain features, like select free ATM withdrawals and credit card fee rebates, if you hold tens of thousands of dollars in average combined eligible CIBC balances.

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 transactions. The CIBC Smart Account comes with unlimited monthly transactions.
• Free Interac e-Transfers. Pay nothing to send and receive funds via Interac e-Transfer.
• Monthly fee waiver. It’s possible to waive the monthly fee if you keep a minimum end-of-day balance in your account at all times.
• 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 $500 cash bonus when you open a CIBC Smart Account as your first chequing account and complete the qualifying actions within 2 months..

What should I look out for?

• High balance requirement for extra features. The monthly fee is waived if you have a minimum of $4,000 in your CIBC chequing account. You also won't have to pay a monthly fee if you opt for Tier 2 where, if you hold $40,000 to $99,999 in combined average monthly CIBC eligible balances, you'll be eligible for rebates on select ATM fees. If you opt for Tier 3 by holding $100,000 or more in combined eligible CIBC balances, you will also get credit card fee rebates and free overdraft protection.
• Miscellaneous fees. Unless you’re keeping tens of thousands of dollars in CIBC at all times, you will have to pay extra fees for out-of-network and international ATM withdrawals, and won’t get access to credit card fee rebates on CIBC credit cards.

Related: Expore CIBC chequing accounts

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 for the lowest tier standard Smart Account $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?

Here is one other chequing account option available with CIBC:

• CIBC Everyday Chequing Account Lower monthly fee of $4 per month. 18 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

Must read: View the best new bank account offers in Canada

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.

Related: Learn more about CIBC savings accounts to grow your money