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CIBC Smart Account review

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CIBC Smart Account
Bonus Offer
Get a $400 Costco Shop Card
Monthly Account Fee
$16.95
e-Transfer Fee
Free
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Summary

The CIBC Smart Account is geared towards users seeking daily flexibility and choice.

The CIBC Smart Account is a flexible option for frequent and infrequent bankers. With this plan, your monthly account fees vary depending on the amount of transactions you make in the month.

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Those with unpredictable day to day banking can benefit from this account. CIBC Smart Account users choose how many transactions they need in a month and only pay for those they make. Users should be wary of hidden fees and minimum balances.

30-second take

  • Flexibility with monthly transaction amounts, only pay for what you use.
  • Additional banking services cost extra to use.
  • There is no minimum income requirement to be eligible.

What are the benefits of 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. Users do not pay the $1.50 Interac e-Transfer sending fee.
  • Only pay for monthly transactions you incur. 12 transactions or less per month cost $6.95/month. 13-20 cost $1.25 each. 20+ transactions cost $16.95/month.
  • Online banking. Access your banking information online at any time. There is an option to set up reminders and alerts regarding your account.
  • Mobile banking. Download CIBC’s app and bank from your phone or tablet.
  • 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?

  • Waived fee with minimum balance. The monthly fee is waived if you have a minimum of $4,000 in your CIBC chequing account.
  • Monthly transaction limit. Interac e-Transfers count towards your monthly transactions.
  • 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 over 1,000 ATMs located 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 receive paperless 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 with other chequing accounts

1 - 16 of 16
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii No Fee Chequing Account
Simplii No Fee Chequing Account
$0
unlimited
$0
Earn $400
Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Scotiabank Preferred Package
Scotiabank Preferred Package
$16.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until July 31, 2024. Plus, earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
RBC Signature No Limit Banking Account
RBC Signature No Limit Banking Account
$16.95 (can be waived)
unlimited
$0
Get Apple Watch Series 9
Get the new Apple Watch Series 9 when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until June 3, 2024.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
Get $150
Get $150 when you become a new member and open a Free Chequing, Free Debit and More Account. Valid until June 30, 2024.
Scotiabank Basic Bank Account
Scotiabank Basic Bank Account
$3.95
12/month
$0
N/A
EQ Bank Personal Account
EQ Bank Personal Account
$0
unlimited
$0
Earn 4.00% interest
Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
Scotiabank Ultimate Package
Scotiabank Ultimate Package
$30.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until July 31, 2024. Plus, earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
Scotiabank Student Banking Advantage Plan
$0
unlimited
$0
Earn $100
Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
Innovation Federal Credit Union No-Fee Chequing Account
Innovation Federal Credit Union No-Fee Chequing Account
$0
unlimited
$0
Win a spring getaway
Open an account and you could win a $2,500 spring getaway. Valid until June 30, 2024.
Scotiabank Basic Plus Bank Account
Scotiabank Basic Plus Bank Account
$11.95 (can be waived)
25/month
$0
N/A
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy six months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until April 30, 2024.
Neo Money Account
Neo Money Account
$0
unlimited
$0
N/A
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $600
Earn up to a $600 welcome bonus. Valid until February 29, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
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How do I open a CIBC Smart Account?

  1. Click Apply now.
  2. From CIBC’s website, click Bank Accounts.
  3. Click Apply now under CIBC Smart Account.
  4. Provide CIBC with the necessary information, including your full name, date of birth, address, residential status and contact information. After entering each piece of information, click Next.
  5. Indicate how you intend to use the Smart Account. Click Next.
  6. Review the information you entered. Click Next.

How do I deposit or withdraw my money?

CIBC customers can bank from their computer, mobile phone, CIBC ATMs, non-CIBC ATMs, at a branch or by telephone. Cheques can be deposited over the Internet, at an ATM or at a branch. Cash deposits must be done at a branch or a CIBC ATM. The easiest way to withdraw money is using your debit card at an ATM or branch.

Expert review

The CIBC Smart Account is an excellent choice for users who want flexibility in their daily banking. With this account, only pay for the transactions you make, but be mindful of the daily balance requirements. If you’re looking for an account with fewer fees and limitations, perform research on other accounts.

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