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CIBC iCan Checking account review

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Get access to special discounts and perks, but you need to apply in person.

finder.com’s rating: 3.7 / 5.0

★★★★★

The CIBC iCan Checking account comes with a number of attractive features, including $0 monthly fees, ATM access and mobile banking. But you need $50 to open an account and there’s no online application.

$0 per month

Fee

N/A

APY

$50

Minimum deposit to open

Details

Fee$0 per month
Minimum deposit to open$50
ATMs27 ATMs in Illinois, Missouri and Wisconsin
Out-of-network ATM fee$1

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

The CIBC iCan Checking account offers ATM access, mobile banking and the option to offset fees with CIBC’s relationship discount tiers. But branch locations are limited, there’s no online application and you need an opening deposit of at least $50. How much value you can get out of this account will highly depend on your ability to meet relationship tiers and whether you live within CIBC’s service footprint.

How do I open a CIBC iCan Checking account?

There’s no option to apply for the CIBC iCan Checking account online, which means you’ll need to visit a bank branch during business hours.

Eligibility

You must meet the following criteria to qualify for a CIBC iCan Checking account:

  • Be a US citizen older than 18
  • Have two forms of photo ID
  • Have an initial deposit of at least $50.

Required information

Bring the following information with you when you apply:

  • Name, date of birth and residential address.
  • Contact information.
  • Two forms of photo ID.
  • External bank account number and routing number of funding account.

What are the benefits of a checking account with CIBC?

The CIBC iCan Checking account comes with mobile banking, a debit card and ATM access alongside the following perks:

  • No monthly maintenance fee. You won’t pay anything to open or maintain this account with CIBC.
  • Rewards debit card. Earn 1% cash back on eligible purchases, up to $20 a month.
  • Relationship perks. The stronger your relationship with CIBC, the better perks you receive:
    • Everyday Relationship. Maintain an account balance of at least $1,000 in qualifying CIBC accounts for up to $7 in ATM fee refunds monthly.
    • Plus Relationship. Maintain an account balance of at least $5,000 in qualifying CIBC accounts for up to $15 in ATM fee refunds monthly and up to $10 cash back on qualifying debit purchases.
    • Premium Relationship. Maintain an account balance of at least $10,000 in qualifying CIBC account for up to $50 in ATM fee refunds monthly and up to $20 cash back on qualifying debit purchases.

What should I look out for?

The CIBC iCan Checking account has the following drawbacks:

  • No online application. To apply for the CIBC iCan Checking account, you’ll need to visit a bank branch in person during business hours.
  • Minimum deposit. Be ready with an opening deposit of $50.
  • ATM fees. Using a non-CIBC ATM will result in a $1 fee.
  • Limited in-person support. CIBC’s branch network is limited and includes 19 branches across 11 states, so in-person support for this account may be tricky to find.

You can always review other checking options before you apply to get a better idea of what account will best fit your financial needs.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus up to a $250 signup bonus when you meet deposit requirements
Axos Bank Essential Checking
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
Axos Bank Rewards Checking
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Aspiration Spend & Save Account
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
N26
N26
$0
Fee-free ATM withdrawals at Allpoint ATMs
$0
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.
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CIBC’s ATM network and fees

The CIBC iCan Checking account comes with a debit card that gives you free access to CIBC’s ATM network, which includes 27 ATMs in Illinois, Missouri and Wisconsin. Using a non-CIBC ATM results in a $1 surcharge.

CIBC offers monthly ATM fee refunds for those who qualify for a CIBC relationship discount. With the Everyday Relationship discount, you’ll receive up to $7 in ATM fee refunds per statement cycle. The Plus Relationship discount offers up to $15 in fee refunds per statement cycle. The Premium Relationship discount offers up to $50 in ATM fee refunds per statement cycle.

How much do I need to open an account?

To open the CIBC iCan Checking account, you’ll need an opening deposit of at least $50.

Dropping below this limit won’t result in any penalties, but keep in mind that the higher your combined account balance, the better perks you’ll receive through CIBC’s relationship discount program.

What other checking options does CIBC offer?

In addition to its iCan checking account, CIBC offers the following checking options:

  • CIBC myChoice Plus Checking. An interest-bearing checking account that offers relationship perks like personal checks, fee refunds and interest rate bonuses for preexisting CIBC customers.
  • HSA Checking. An interest-bearing health savings account with no annual fees and the potential for tax-exempt contributions and interest.
  • EasyPath Access. A non-interest bearing checking account with no monthly fees, no minimum balance requirements and no overdraft fees.

Does CIBC offer checking accounts for businesses?

CIBC offers four checking accounts for small businesses. None of the accounts are interest-bearing and all require a minimum opening deposit of $100.

  • Simplified Business checking comes with 500 free transactions and has a minimum monthly balance requirement of $2,500 to avoid the $10 monthly maintenance fee.
  • Executive Business checking is a step up from the Simplified Business account and comes with up to $25 in foreign-bank ATM fee refunds per statement cycle. The $25 monthly maintenance fee can be waived with a monthly balance of $10,000 or more.
  • Analysis Business checking is designed for businesses with high monthly transaction volumes, offering cash vault services, ACH services, sweep accounts and positive pay. Fees vary by services used and transaction type.
  • Nonprofit checking is streamlined for nonprofits with low transaction volumes. It comes with 500 free transactions, wire services and remote deposit capture. The $5 monthly maintenance fee can be waived with a monthly balance of $1,000 or more.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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