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CIBC myChoice Plus Checking account review

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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

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

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 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 Minimum deposit to open ATMs Out-of-network ATM fee
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
HSBC Advance Checking
$0
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking 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 a $200 signup bonus when you meet deposit requirements
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.
SoFi Money
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
NorthOne Business Banking
$50
More than 300,000 ATMs across America.

$0
A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
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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.

Frequently asked questions

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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.

Read the full methodology of how we rate checking accounts.

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