CIBC Smart Account review

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

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.

• Eligibility

  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
  • Address, residential status and length of time at that residence
  • Phone number
  • Email address
  • Employment status
  • The same information for a co-applicant, if applicable

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.

Frequently asked questions

• How do I get a replacement CIBC debit card?

  To obtain a replacement debit card, visit a CIBC branch or call 1-800-663-4575.

• How can I increase my daily cash withdrawal or purchase limit?

  CIBC determines your daily cash withdrawal, purchase limit, overdraft protection amounts and other personal account details using information from the credit bureau. You can request a review of your daily ATM withdrawal or purchase limit by calling CIBC Telephone Banking at 1-800-465-2422 or by visiting a CIBC Banking Centre.

• Where can I find foreign exchange rates?

  Foreign currency and exchange rates are made available at your banking centre. For currencies outside of the US and Europe, call at least 48 hours ahead to confirm the currency’s availability. Historical or current foreign exchange rates can be obtained by calling CIBC Telephone Banking on 1-800-465-2422.