Thinking about CIBC’s chequing account options? Join Responsible Economy as we explore CIBC chequing accounts and what they offer. Compare them with top chequing accounts in Canada. Ready to learn more? Let’s get started!
Chequing accounts offered by CIBC
First, we’ll list the 3 chequing accounts from CIBC. After that, we’ll dive into each one.:
- CIBC Smart Account.
- CIBC Smart Plus Account
- MyChoice Prestige Checking.
CIBC Smart Account
The CIBC Smart Account is designed to cater to individual banking habits, adjusting its monthly fee based on usage, ranging from $0 to $16.95. For those maintaining a daily balance of $4,000 or more, the monthly fee is entirely rebated. Seniors, aged 65 years or older, enjoy a monthly fee discount of $6.95. Depending on the number of transactions, fees can vary: $0 if the minimum daily balance is met, $6.95 for up to 12 transactions, an additional $1.25 each for 13 to 20 transactions, and $16.95 for unlimited transactions. The account boasts features such as no transfer fee for Interac e-Transfer transactions, one free non-CIBC ATM withdrawal in Canada monthly, and the convenience of shopping online and in-app via Visa Debit. Additionally, qualifying for a CIBC Smart Account requires Canadian residency and reaching the age of majority, with special categories available for individuals under age 25, students, newcomers, foreign workers, and seniors.
A special promotional offer for new account holders promises a $350 bonus upon completing certain qualifying actions. For those considering a credit card addition, CIBC offers a one-time annual fee rebate of up to $139 on eligible credit cards. The bank ensures easy accessibility, enabling new users to get digital access within minutes of applying online. This instant access allows for immediate fund transfers, bill payments, and adding debit cards to mobile wallets for swift shopping experiences.
CIBC Smart Plus Account
The CIBC Smart Plus Account offers comprehensive banking solutions, tailored to reward you for your business. As a special chequing promotion, new account holders can enjoy a bonus of $350 and be exempted from monthly fees for the first three months. This premium account comes loaded with benefits including unlimited transactions and the Interac e-Transfer service. Additionally, primary cardholders and up to three authorized users are eligible for an annual fee rebate on select CIBC credit cards. Account holders are also exempt from CIBC fees on global ATM withdrawals and can enjoy complimentary services like personalized cheques, bank drafts, and more. Monthly fees are set at $29.95 but can be completely waived if a minimum daily balance of $6,000 is maintained or if the customer has $100,000 in combined eligible savings and investments.
Apart from these financial benefits, the CIBC Smart Plus Account ensures a seamless banking experience. With features like CIBC Insights in the Mobile Banking App, customers receive personalized advice to enhance their financial habits. Alerts like the CIBC Smart Balance Alert notify customers in case of potential overdrafts, helping them avoid additional charges. Digital payment options span a range, including Visa Debit, Google Pay, Apple Pay, and more. Additional perks include discounts on gas when linking your CIBC card with Journie Rewards and the ability to send money internationally using the CIBC Global Money Transfer. With CIBC, banking is tailored to fit the modern customer’s needs, offering an extensive ATM network across Canada and facilitating online banking and mobile apps to ensure accessibility and convenience.
MyChoice Prestige Checking
The CIBC Smart Start Account is tailored for students and young individuals, offering a series of banking advantages up to the age of 25. This account provides its holders with free unlimited everyday banking, allowing for limitless debit and Interac e-Transfer transactions within Canada, and waiving monthly fees until they turn 25. With a heavy emphasis on digital banking, users can easily manage their finances on their mobile phones, including payments using Interac debit, Apple Pay, and Google Pay, all through the renowned Mobile Banking App. Additionally, the account introduces exclusive student deals such as discounts of up to 30% with a free SPC+ membership, allowing savings on over 450 brands. To further support financial management, the CIBC Insights feature helps users track and optimize their spending habits. Furthermore, the account offers perks like free online stock and ETF trading for those aged 18 to 24 through CIBC Investor’s Edge, as well as fuel savings with Journie Rewards when linked with a CIBC card.
The Smart Start Account not only supports everyday transactions but also extends benefits as the account holders approach graduation. Those turning 25 during their studies can still enjoy zero monthly fees with the CIBC Smart for Students feature, provided they remain full-time students. A bundled offer that accompanies this account, when combined with a CIBC Dividend Visa Card for Students, awards up to $175 in cash back along with a 6-month Disney+ subscription. To further highlight, the account offers a special bonus of $125† upon opening, inclusive of unlimited Interac e-Transfers, debit and Visa Debit purchases, as well as a free monthly non-CIBC ATM withdrawal in Canada. Eligibility for the Smart Start account is exclusive to Canadian residents under 25, with application procedures varying slightly based on the age group of the applicant.
Comparison with the best chequing accounts
We have compared the best chequing accounts you can open in Canada with the CBIC chequing accounts:
- $0 monthly fee with $4,000 balance.
- Welcome bonus up to $450.
- Unlimmited transactions.
- More than 2,200 ATMs in Canada
- $0 monthly fee with $5,000 balance.
- Welcome bonus up to $450.
- More than 2,600 ATMs in Canada.
- Unlimmited transactions.
- $5-16,95 monthly fee.
- Welcome bonus up to $599.
- More than 4,200 ATMs in Canada.
- Unlimmited transactions.
- $0 monthly fee with $6,000 balance.
- More than 2,300 ATMs in Canada.
- No Welcome bonus.
- Unlimmited transactions.
Other CIBC products
We’ve also provided a list of all the CIBC products we have analyzed:
Interesting information about CIBC
We have created a table with relevant information about CIBC:
| Information | Description |
|---|---|
| Website | https://www.cibc.com/ |
| https://twitter.com/cibc | |
| https://www.facebook.com/CIBC/ | |
| YouTube | https://www.youtube.com/user/CIBCVideos |
| https://www.linkedin.com/company/cibc/ |
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Actualizado el día 13 September, 2023 por Alfredo Barandiarán
- CIBC Smart Start Chequing Account - 15 September, 2023
- CIBC Smart Plus Chequing Account - 14 September, 2023
- CIBC Smart Chequing Account - 13 September, 2023
