CIBC Smart Account review
- Bonus Offer
- Earn $600
- Monthly Account Fee
- $16.95
- e-Transfer Fee
- Free
Summary
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.
Pros
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12 free transactions for $6.95 per month
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Monthly fee waived with a $4,000+ balance
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One free non-CIBC withdrawal per month
Cons
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Monthly fee goes up to $16.95 for unlimited transactions
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Other fees for miscellaneous services
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 $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months. Offer ends October 31, 2024.
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
- 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
- Earn a $500 bonus
- $0 account fee
- Unlimited free transactions
- $0 Interac e-Transfers
- No minimum balance requirements
- Earn 4.00% interest for 12 months
- No monthly account fee
- Free ATM withdrawals across Canada
- No transaction fees
- No e-Transfer fees
How do I open a CIBC Smart Account?
- Go to CIBC’s website, navigate to the CIBC Smart Account page and select Apply now.
- Provide CIBC with personal information, including your name, date of birth, address, residential status and contact information.
- Indicate how you intend to use the Smart Account.
- 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.