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CIBC Smart Plus Account review

The CIBC Smart Plus Account is ideal for hefty bank service users and routine travellers.

Looking for a chequing account with all the bells and whistles? Consider the CIBC Smart Plus Account.

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Account Fee


Monthly Transactions

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  • Consider this account if you want unlimited transactions worldwide and access to other free bank services.
  • Select another account if you want a low cost chequing account.
  • There is no minimum income requirement to be eligible.

What are the benefits of the CIBC Smart Plus Account?

Out of all of CIBC’s chequing accounts, the Smart Plus Account offers the most perks. Below are benefits of using CIBC’s top tier account:

  • Unlimited transactions. Make as many transactions as you’d like without having to worry about fees. Interac e-Transfers are also free and unlimited.
  • No fees on ATM withdrawals worldwide. Unlimited ATM withdrawals in Canada, the US and internationally. CIBC ATM withdrawal fees do not apply.
  • Complimentary overdraft protection. CIBC’s overdraft protection service is included at no additional cost. Users must be approved before gaining access to the service.
  • Free banking services. Bank drafts, stop payments, money orders and personalized cheques are free for account holders.
  • Save on credit card bundles. Clients can bundle the Smart Plus Account with one of CIBC's 7 premium credit cards. If you choose to do so, you can save $120 on the annual fee plus $50 each for up to 3 additional cardholders.

What should I look out for?

  • Higher monthly fee. The Smart Plus Account comes with tons of benefits, but the fee is slightly higher at $29.95.
  • Hidden ATM fees. Even though ATM withdrawals are unlimited and free through CIBC, you might incur an administrative fee using a non-CIBC ATM.
  • Minimum balances. The monthly Fee will be waived if account holders have $6,000 in the Smart Plus Account or $100,000 in eligible savings and investments.
  • No interest. Account holders do not earn interest on chequing account balances.
  • Miscellaneous fees. Other banking services may come with a fee including wire payments, safety deposit boxes and insufficient funds charges.

CIBC’s ATM network and fees

Over 1,000 CIBC ATMs are located across Canada. Some ATMs in or near travel hubs allow individuals to withdraw other currencies such as the US dollar or euro. Account holders can access debit and credit account balances, receive paperless receipts and view recent transactions using an ATM.

CIBC Smart Plus Account users will not incur ATM fees from CIBC. However, fees from the ATM provider may be applicable.

Compare with other chequing accounts

1 - 6 of 6
Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Simplii No Fee Chequing Account
Earn $350 when you become a new client and set up direct deposit of at least $100 for 3 months. Offer ends May 31, 2022.
Scotiabank Basic Bank Account
$3.95 per month
12 free per month
With a low monthly account fee, you can earn points toward the Scene+ rewards program.
Scotiabank Preferred Package
$16.95 per month ($0 if requirements met)
Earn a $300 welcome bonus. Valid until September 30, 2022. Plus, earn up to 2.70% interest on your MomentumPLUS Savings Account.
Scotiabank Ultimate Package
$30.95 per month ($0 if requirements met)
Receive a welcome bonus of $300. Valid until September 30, 2022. Plus, earn up to 2.75% interest on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
Open an account and earn $75. Terms apply. Apply by July 31, 2022.
Scotiabank Basic Plus Bank Account
$11.95 per month ($0 if requirements met)
25 free per month
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.

Compare up to 4 providers

How do I open a CIBC Smart Plus Account?

  1. From CIBC’s website, click Bank Accounts.
  2. Click Apply now under CIBC Smart Plus Account.
  3. 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.
  4. Indicate how you intend to use the Smart Plus Account. Click Next.
  5. Review the information you entered and click Next.


You must meet the following criteria to be eligible for the CIBC Smart Plus Account:

  • 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

During the application process, you will be asked to provide the following information:

  • 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?

Since CIBC is one of the largest banks in Canada, customers can bank in a variety of ways. Cheques can be deposited at an ATM, branch or from a browser, tablet or mobile device. Cash deposits can only be performed at a branch or CIBC ATM. Withdrawals can be done at an ATM or branch using your debit card. Keep in mind that most payments can be done via online banking.

What other chequing options does CIBC offer?

CIBC offers two other chequing account options to its clients:

  • Everyday Chequing Account. The fee for this account is $4 per month and it comes with 12 transactions per month. Additional transactions cost $1.25 each. Users are required to pay $1.50 per each Interac e-Transfer.
  • Smart Account. A flexible bank account that allows users to only pay for incurred transactions. The lowest monthly fee is $6.95 for 12 transactions and the highest monthly fee is $16.95 for 20 or more transactions..

Expert review

Frequent travellers and heavy bank service users will benefit from the CIBC Smart Plus Account. The cost of this account is slightly higher than other personal chequing accounts. Be mindful of what you need to ensure that you’re not paying for services you will not use. If you’re looking for an account with fewer features and a lower cost, browse for other options.

Frequently asked questions

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