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CIBC myChoice Plus Checking account review

Get perks and earn interest on qualifying balances.

finder.com’s rating: 3.7 / 5.0

★★★★★

The CIBC myChoice Plus Checking account is an interest-bearing account with ATM access, mobile banking and the option to waive fees. But a $50 opening deposit is required and the CIBC ATM network is limited.

$0 per month

Fee

N/A

APY

$50

Minimum deposit to open

Details

APYN/A
Fee$0 per month
Minimum deposit to open$50
ATMs27 ATMs in Illinois, Missouri and Wisconsin
Out-of-network ATM feeFees at non-proprietary ATMs (ATMs not owned by the Bank) charged to your account will be refunded up to $25 after the fee is charged
Overdraft fee$0
Nonsufficient funds fee$45

Review by


Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

The CIBC myChoice Plus Checking account is an interest-bearing account that can help you grow your funds. It offers ATM access, mobile banking and opportunities get fees waived. But a $50 opening deposit is required, and the limited ATM network can get in the way of pulling and depositing cash.

How do I open a CIBC myChoice Plus Checking account?

To apply for the CIBC myChoice Plus Checking account, you’ll need to visit your local CIBC branch.

Eligibility

You’ll need to meet the following criteria to be eligible for a CIBC myChoice Plus Checking account:

  • Be a US citizen older than 18
  • Have two forms of photo ID
  • Have an initial deposit of at least $50
  • Be a resident of Illinois, Michigan, Missouri or Wisconsin

Required information

Before you apply, gather the following pieces of information:

  • 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 CIBC myChoice Checking account?

The CIBC myChoice Checking account comes with mobile banking, a free debit card and ATM access, along with the following perks:

  • Interest. The CIBC myChoice Plus Checking account is an interest-bearing account, which means you’ll earn on each dollar you deposit.
  • No monthly fee. You won’t pay a dime to maintain this account.
  • Relationship rewards. The higher your total deposits or outstanding loan balances in qualifying CIBC accounts, the better perks you qualify for.
Relationship tierQualifying balanceRewards
Everyday Relationship$5,000+
  • Up to $6 in ATM fee refunds monthly
Plus Relationship$10,000+
  • Up to $12 in ATM fee refunds monthly
  • Interest rate bonus of 0.05% on related CIBC accounts
  • Free checks
Premium Relationship$25,000+
  • Up to $25 in ATM fee refunds monthly
  • Interest rate bonus of 0.08% on related CIBC accounts
  • Free checks
Prestige Relationship$50,000+
  • Up to $50 in ATM fee refunds monthly
  • Interest rate bonus of 0.10% on related CIBC accounts
  • Free checks

What should I look out for?

In addition to a limited ATM network and $1 fees for using non-CIBC ATMs, be wary of the following drawbacks:

  • $50 minimum deposit. You’ll need to be prepared to deposit at least $50 to open the CIBC myChoice Plus Checking account.
  • In-person application only. There’s no option to apply for this account online which means you’ll need to apply in person at a local branch.
  • Limited support. CIBC personal banking centers can be found in Illinois, Michigan, Missouri and Wisconsin, so in-person customer support is somewhat limited.

Interested in more account options? Check out other checking accounts to find a provider offering the features that fit your financial needs.

Compare with other checking accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chase Secure Banking℠
Chase Secure Banking℠
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Secure Banking offers no overdraft services
Douugh
Finder Rating: 4 / 5: ★★★★★
Douugh
N/A
$0
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
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Compare up to 4 providers

CIBC’s ATM network and fees

The CIBC myChoice Plus Checking account comes with a debit card and ATM access.

The CIBC ATM network includes 27 ATMs and spans three states: Illinois, Missouri and Wisconsin. A majority of available ATMs are concentrated in Illinois.

Using a CIBC ATM is free for CIBC customers, but the use of any non-CIBC ATM results in a $1 surcharge.

How much do I need to open an account?

The CIBC myChoice Plus Checking account requires a minimum opening deposit of $50.

Falling below this balance won’t result in any penalties, but bear in mind that the higher your qualifying account balance, the better CIBC relationship rate you’ll receive.

What other checking options does CIBC offer?

The other checking accounts in CIBC’s product line are:

  • iCan Checking. The iCan checking account is a non-interest bearing account that offers CIBC relationship perks alongside mobile banking and ATM access.
  • HSA Checking. This interest-bearing health savings account has no annual fees and offers the potential for tax-exempt contributions.
  • EasyPath Access. You’ll get no monthly fees, no minimum balance requirements and no overdraft fees, but the account is non-interest bearing.

Does CIBC offer any business checking accounts?

If you run a small business, CIBC has four business checking accounts for you to choose from:

  • Simplified Business. This business checking account comes with 500 free transactions and requires a minimum monthly balance of $2,500 to avoid the $10 monthly account fee.
  • Executive Business. This account offers up to $25 in foreign-bank ATM fee refunds per billing cycle and requires a minimum monthly balance of $10,000 to waive the $25 monthly account fee.
  • Analysis Business. Access cash vault services, ACH services, sweep accounts and positive pay with fees that vary by transaction type.
  • Nonprofit. Designed for nonprofits with low transaction volumes, this business checking account comes with 500 free transactions and remote deposit capture. A monthly account balance of $1,000 or more must be maintained to avoid the $5 monthly fee.

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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.

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