CIBC Smart Chequing Account

Looking for comprehensive details on the CIBC Smart Chequing Account? Welcome to Responsible Economy, where we lay out all you need to know: from fees and requirements to interest rates. Plus, we’ll compare it with other top checking accounts in Canada. Let’s get started!

Features

In this section, you can see all the features offered by the CIBC Smart Chequing Account:

Fees

The CIBC Smart Checking Account has a monthly fee of $16.95, which can be waived if you maintain a minimum balance of $4,000. Individuals over 65 can also get a monthly fee reduction of $6.95. It’s quite common for banks to require a minimum balance in order to avoid fees.

Rates

The CIBC Smart Checking Account doesn’t provide interest on the balances held in the account.

Welcome bonus

To qualify for the $350 welcome bonus with the CIBC Smart Account, follow these steps:

  1. Provide Your Email: When you open your CIBC Smart Account, make sure to give your email address.
  2. Within 2 Months: a. Set Up Direct Deposits: Establish monthly direct deposits that total $500 or more. b. Complete One of the Following Transactions in the Same Month:
    • Set up 2 ongoing pre-authorized debits.
    • Make 2 online bill payments of $50 or more each.
    • Conduct 5 Visa Debit transactions.

Minimum deposit

To open a CIBC Smart Checking Account, you don’t need an initial deposit. However, bear in mind that without maintaining a balance of at least $4,000, there’s a monthly fee of $16.95.

Transactions per month

The CIBC Smart Checking Account charges a monthly fee of $6.95, which covers up to 12 transactions within that month.

If you exceed those 12 transactions, you’ll be charged an additional $1.25 for each extra transaction. However, the total monthly fee, including these extra charges, won’t go beyond $16.95, regardless of how many additional transactions you make.

If you maintain a minimum balance of $4,000 at the end of every day in the month, the bank will waive the monthly fee, and you won’t be charged anything for that month.

ATMs

You have fee-free cash withdrawals at CBIC ATMs in Canada and 1 Canadian withdrawal included per month then $2 each in Canada.

  • You won’t face any fees when using CIBC ATMs.
  • You’re entitled to one free withdrawal per month from non-CIBC ATMs within Canada.
  • After that free withdrawal, you’ll be charged $2.00 for each additional withdrawal from non-CIBC ATMs. On top of that, there might be an additional transaction fee if the specific ATM charges one.

Interac e-Transfer transactions

The CIBC Smart Chequing Account includes unlimited Interac e-Transfer transactions at no charge. This is a convenient way to send and receive money electronically.

Wire transfers

Unlimited Interac e-Transfer service free.

Overdraft service

The CIBC Smart Checking Account imposes a $5 monthly overdraft charge. This fee is applied when your account balance becomes negative by the day’s end.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$0-$16.95
Interest Rate0%
Interac e-Transfer transactions$0
Wire TransfersNo provides information
Minimum Deposit$0
ATMs0$ at CIBC
Bonus$350
Overdraft ServiceYes
The CIBC Smart Checking Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the CIBC Smart Chequing Account:

Logo BMO Canada
  • $0 monthly fee with $4,000 balance.
  • Welcome bonus up to $450.
  • Unlimmited transactions.
  • More than 2,200 ATMs in Canada
TD Bank logo Canada
  • $0 monthly fee with $5,000 balance.
  • Welcome bonus up to $450.
  • More than 2,600 ATMs in Canada.
  • Unlimmited transactions.
RBC logo
  • $5-16,95 monthly fee.
  • Welcome bonus up to $599.
  • More than 4,200 ATMs in Canada.
  • Unlimmited transactions.
National Bank of Canada Logo
  • $0 monthly fee with $6,000 balance.
  • More than 2,300 ATMs in Canada.
  • No Welcome bonus.
  • Unlimmited transactions.

Requirements

To qualify for the CIBC Smart Checking Account, you need to:

  1. Reside in Canada.
  2. Be 18 years of age or older.
  3. Possess a valid Social Insurance Number (SIN).

Pros and cons

Here is a table summarizing the advantages and disadvantages of the CIBC Smart Checking Account:

FeeProsCons
Monthly feeNoneCan be waived if you maintain a minimum balance of $4,000
ATM fees1 free withdrawal per month from non-CIBC ATMs in Canada, then $2.00 for each additional withdrawalCan be expensive if you make a lot of withdrawals from non-CIBC ATMs
Interac e-Transfer feesUnlimited Interac e-Transfer transactions at no chargeNone
Wire transfer feesVaries depending on the amount of the transferCan be expensive for large transfers
Overdraft fees$5 monthly overdraft fee, plus interest on the amount overdrawnCan be expensive if you overdraft your account frequently
CIBC Smart Checking Account

Conclusion and opinions

After our analysis, our opinion is that the CIBC Smart Checking Account is a competitive current account. This is because you can waive the monthly fee of $16.95 by maintaining a balance of $4,000, you can make unlimited transactions without fees, and you can obtain a welcome bonus of $350.

Frequent questions

Here, we answer all the questions about CIBC Smart Chequing Account:

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:

InformationDescription
Websitehttps://www.cibc.com/
Twitterhttps://twitter.com/cibc
Facebookhttps://www.facebook.com/CIBC/
YouTubehttps://www.youtube.com/user/CIBCVideos
Linkedinhttps://www.linkedin.com/company/cibc/
Interesting information about CIBC

To conclude, you have more related content about chequing accounts:

Actualizado el día 13 September, 2023 por Alfredo Barandiarán

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