We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

CIBC myChoice Checking account review

Last updated:  

Get perks and earn interest on qualifying balances.

The CIBC myChoice 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.

$15 per month

Monthly fee


Minimum deposit to open


Monthly fee$15 per month
To waive the feeThe fee is reduced to $12.00 if you elect to receive electronic statements through CIBC NetBanking instead of paper statements.
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

What are the benefits of a checking account with CIBC?

This account comes with a free debit card and ATM access, along with the following perks:

  • Interest. The CIBC myChoice Checking account is an interest-bearing account, which means you’ll earn on each dollar you deposit.
  • Mobile banking. This account comes with online and mobile banking to help you access your account on the go.
  • Relationship rewards. The higher your total deposits or outstanding loan balances in qualifying CIBC accounts, the better perks you qualify for. All qualifying relationship tiers waive the $15 monthly maintenance fee:
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

CIBC’s ATM network and fees

The CIBC myChoice Checking account comes with a free 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.

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:

  • $15 monthly fee. Unless you qualify for a CIBC relationship discount, expect to pay a $15 monthly maintenance fee with this account.
  • $50 minimum deposit. You’ll need to be prepared to deposit at least $50 to open the CIBC myChoice 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.

Compare with other checking accounts

Name Product APY ATMs Fee
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
A full-service account with convenient, surcharge-free access to two massive ATM networks.
BBVA Premium Checking
BBVA Premium Checking
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees.
Free to use anywhere worldwide
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by November 19, 2019. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
(can be waived)
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 5,000 branches.
38,000 fee-free ATMs nationwide
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
1,000 fee-free ATMs across the country
Pay a $0 monthly service charge and get free access to BBVA ATMs.

Compare up to 4 providers

How much do I need to open an account?

The CIBC myChoice 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.

How do I apply?

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

Bring two photo IDs with you and be ready to deposit at least $50 to open the account.


You’ll need to meet the following criteria to be eligible for a CIBC myChoice 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 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 this bank offer business services?

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.

Bottom line

The CIBC myChoice Checking account is an interest-bearing account that generates interest on your funds. It offers ATM access, mobile banking and opportunities to waive fees, but requires a $50 opening deposit and its ATM network is limited.

Interested in additional account options? Check out the checking accounts offered by other providers to find the features that fit your financial needs.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site