CIBC Chequing Accounts | Which one is right for you?

There’s no shortage of options when it comes to chequing accounts in Canada. Not only are there a handful of fintechs and challenger banks with different offerings, each of the major banks offer several of their own.

This can make it difficult to decide which is best for you.

That’s where we come in. Today, we’ll take a look at CIBC’s (Canadian Imperial Bank of Commerce) chequing account options and break them down to help you decide if one of them is a fit for you and your banking needs. 

My top pick

I’d go with the CIBC Smart Account. It has a tiered cost structure that charges clients based on how many transactions they use per month and, if you’re someone who likes to pay for things on credit cards (hello travel points), you probably don’t need many transactions per month. If this sounds like you, you’d save money on the monthly chequing account fee every month.  

The fees are also waived entirely if you keep a balance of $4,000 in your account. One way to take advantage of that is to keep your emergency fund in your chequing account – doing that will save you $203 per year on account fees (assuming it’s at least $4,000, of course).

However, if you’re a student or are under the age of 25, there’s no better CIBC account than the Smart Start offering. It’s a no-fee chequing account with unlimited transactions, offering all the perks you need to tap at your leisure without having to worry about high costs or transaction restrictions. 

Best CIBC chequing accounts

While the CIBC Smart Account might be a fit for many, CIBC does offer a few other options as well. We’ve broken them all down to help you figure out which one just might be perfect for your chequing account needs.

CIBC Smart Account

• Fees: $0 if minimum balance is met; $6.95 if you use up to 12 transactions (then $1.25 per transaction up to 20 transactions); $16.95 if you exceed 20 transactions (transactions are then unlimited at this cost)
• Minimum to avoid fee: $4,000 account balance
• Number of transactions: Unlimited (though using fewer will save you money)

Pros

• A unique flexible cost scheme that saves money based on the number of transactions you use

• Unlimited transactions

• Get a discount of $6.95 per month if you’re a senior

• Account fees waived when maintaining a balance of $4,000

• One free non-CIBC ATM withdrawal per month

Cons

• $16.95 is costly when compared to other options in the market

• Maintaining a balance of $4,000 can be difficult for some people

This account is a great option for seniors, considering the discount they’ll receive. It’s especially attractive for Canadians who may not need to make many transactions per month. There are no fees for Interac e-transfers, which is another plus. If you’re someone who likes to maintain a certain balance in your chequing account, this account might also be a great choice. If you commit to maintaining $4,000 in your account every month, your fees will be waived, entirely. 

CIBC Smart Plus

• Monthly fee: $0 if minimum balance is met; $29.95 if minimum balance is not met
• Minimum to avoid fee: $6,000
• Number of transactions: Unlimited

Pros

• Unlimited transactions

• Fee for CIBC credit card is waived

Cons

• High balance required ($6,000 account balance or $100,000 in investments) to have fees waived

• High fee of $29.95

This account is for Canadians who don’t mind keeping a high balance of $6,000 in their account (or don’t have an issue shelling out nearly $30 per month for their chequing account). 

What they get with this premium account is unlimited transactions and what is essentially a no-fee CIBC credit card, since the yearly fee is waived when you’re a CIBC Smart Plus customer. It’s the most feature-rich chequing account CIBC offers and, if you’ll take advantage of the no-fee credit card offer, this might be a great choice for you.

CIBC Smart Start

• Monthly fee: $0 (if 25 or under)
• Minimum to avoid fee: N/A
• Number of transactions: Unlimited

Pros

• Unlimited transactions

• No monthly fee

• Free stock trading for clients between the ages of 18 and 24

• One free non-CIBC ATM withdrawal per month

Cons

• Only for Canadians under the age of 25

If you’re under the age of 25, this is the account for you. It has unlimited transactions and no monthly fees. What else can you ask for in a chequing account?

You should note that once you do reach the age of 25, your account will switch to the CIBC Smart account.

CIBC Bank USA Smart Account

• Monthly fee: $0
• Minimum to avoid fee: N/A
• Number of transactions: Unlimited

Pros

• Unlimited transactions in the USA

• No monthly fee

• Spend in US dollars

Cons

• Can only be used in the USA

• Requires a Canadian CIBC account as well

Do you frequently travel to the United States and get tired of exchanging CND for USD? This account has got you covered. With no fees and unlimited transactions, the CIBC USA Smart Account allows you to bank conveniently when travelling to our southernmost neighbour. Consider adding this account if you’re a snowbird, travel often for work, are a Canadian studying in America or just like to travel to the land of the free fairly often. 

There is no required minimum balance to open this account, but it will be closed if no deposits are made to the account within 12 months from the date the account is opened.  You get free electronic statements but will pay $2.25 each month for a paper statement. CIBC will also refund four ATM transaction fees charged at non-CIBC ATMs, up to a maximum of $20 per month. 

CIBC Everyday Chequing Account

• Monthly fee: $4

• Minimum to avoid fee: N/A

• Number of transactions: 12

Pros

• Low cost

Cons

• Only 12 included transactions per month

• Interac e-transfers cost $1.50 each

This no frills account is for anyone who wants just the essentials; a few transactions per month and a low fee. If you’re someone who sends e-transfers often, you’ll want to look elsewhere, since they cost $1.50 each with this account, which can add up quickly.

Bundle/everything package

If you’re looking to have a chequing and savings account with the same bank, CIBC offers a great bundle option that gives you both. Bundling the CIBC Smart Plus Account for chequing and CIBC eAdvantage Savings Account will get you a $600 bonus to kickstart your savings. The savings account has no fees but the Smart Plus chequing account costs $29.95 per month (unless you have a $6,000 balance or $100,000 in CIBC investments). However, the fee for a CIBC credit card is waived, which will help you recoup some of that cost. 

CIBC Chequing account promotion

Get up to $600† cash after you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage® Savings Account and complete all qualifying actions.†

Summary of best CIBC chequing account

CIBC chequing accounts reviews

The CIBC app has decent ratings on the App store (4.3 stars). Its rating is a little lower on the Google Play store, however (3.1 stars).

CIBC has a low rating on the Better Business Bureau website, with a score of just 1.16/5. However, it’s important to note that people are more likely to lodge complaints online than they are to praise a company.

On Reddit, users have noted that all the big banks, including CIBC, are very similar. This is accurate, as they all have similar offerings, fees and customer complaints. 

CIBC chequing account alternatives

Up top, we told you there are many alternatives. Here are a few of our faves. 

CIBC chequing vs. EQ Bank personal account

The EQ Bank personal account offers high-interest savings with no everyday banking fees. You get seamless mobile banking, unlimited transactions, and powerful tools to grow your money faster.

You should consider EQ Bank over a CIBC chequing account if you want to avoid fees and earn more on your balance. EQ Bank puts your savings to work while still giving you easy access to your money, unlike traditional chequing accounts that charge for basic transactions. While EQ Bank doesn't have any brick-and-mortar branches or ATMs, they do refund any ATM charges with the EQ Bank card. 

Read our full EQ Bank review.

CIBC Chequing vs. Wealthsimple Cash

The Wealthsimple Cash account gives you a sleek, fee-free experience and a competitive interest rate on your balance. You get up to 8 accounts and can earn cash back on the Wealthsimple Cash card.

Consider Wealthsimple Cash over a CIBC chequing account if you want simplicity, no fees, and fast transactions. It offers a modern approach to banking, making it a great option for managing your money without the hassle of traditional banking costs. And thanks to their Robo-advisor service, you can start investing because time in the market is better than timing the market. 

Read our Wealthsimple Cash review.

CIBC vs RBC chequing

Similar to CIBC, RBC chequing accounts provide everyday banking with access to a wide range of financial products and services. With multiple account options, you can choose one that fits your spending and banking habits.

Honestly, it's likely about loyalty. CIBC and RBC are both "big 5 banks" in Canada with big ATM networks, brick and mortar branches and multiple product offerings from mortgages and loans to credit cards and more. If it's about location, pick the one with the location or ATM nearest you. Alternatively, if you want an RBC credit card or have an RBC mortgage and investment product (RBC Direct Investing), you unlock bundle discounts. With the big banks, it may be best to go all-in across their product line to get the most discounts and rewards. 

Read our RBC Bank review. 

How to open CIBC chequing account

• First, you’ll want to choose your account
• Apply online (or in branch)
• Provide personal information and upload the necessary documents
• Verify your identity with government issued ID

FAQs

Justin da Rosa Freelance Writer

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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