CIBC Smart Plus Chequing Account

Searching for in-depth information on the CIBC Smart Plus Chequing Account? You’ve come to the right place at Responsible Economy. We provide everything you need to know, from fees and requirements to interest rates. Additionally, we’ll stack it up against other leading chequing accounts in Canada. Dive in!

Features

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

Fees

The CIBC Smart Chequing Account charges a monthly fee of $29.95. However, if you maintain a minimum balance of $6,000, this fee is waived. Additionally, individuals over 65 receive a reduced monthly fee of $16.95. If you have a combined eligible savings and investments balance exceeding $100,000, including GICs, you’ll also be exempt from monthly charges. It’s a standard practice among banks to set a minimum balance requirement to eliminate fees.

Rates

The CIBC Smart Plus Chequing Account does not offer interest on the funds maintained within the account.

Welcome bonus

To be eligible for the $350 welcome bonus with the CIBC Smart Plus Chequing Account, adhere to the following procedure:

  1. Provide Your Email: Upon opening your CIBC Smart Plus Chequing Account, ensure you submit your email address.
  2. Within 60 Days, Accomplish the Following: a. Establish Direct Deposits: Set up recurring monthly direct deposits totaling $500 or more. b. In the same month, execute one of the following:
    • Initiate 2 continuous pre-authorized debits.
    • Process 2 online bill payments, each amounting to $50 or more.
    • Make 5 Visa Debit purchases.

Minimum deposit

To initiate a CIBC Smart Plus Checking Account, no starting deposit is required. Nonetheless, remember that if you don’t keep a minimum balance of $6,000, a monthly fee of $29.95 will apply.

Transactions per month

You have unlimited transactions without fees.

ATMs

You can withdraw money without fees at all ATMs in Canada, whether they are affiliated with CIBC or not. Additionally, you can also make fee-free withdrawals at all Visa Network ATMs outside of

Interac e-Transfer transactions

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

Overdraft service

CIBC Overdraft Protection Service fee doesn’t apply for CIBC Smart Plus Account.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$0-$29.95
Interest Rate0%
Interac e-Transfer transactions$0
Wire TransfersNo provides information
Minimum Deposit$0
ATMs0$
Bonus$350
Overdraft ServiceYes
The CIBC Smart Plus Checking Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the CIBC Smart Plus 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 be eligible for the CIBC Smart Plus Checking Account, you must:

  • Live in Canada.
  • Be at least 18 years old.
  • Have a valid Social Insurance Number (SIN).

Pros and cons

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

ProsCons
Unlimited transactionsMonthly fee
Free e-TransfersNo foreign transaction fees
Free overdraft protectionNo ATM reimbursement
CIBC Smart Balance Alert
CIBC credit card with annual fee rebate
Advantages and disadvantages of the CIBC Smart Plus Checking Account

Pros

  • Unlimited transactions: This account offers unlimited debit purchases, withdrawals, and bill payments with no fees. This is a great option for people who use their chequing account frequently.
  • Free e-Transfers: This account includes free e-Transfers, which is a convenient way to send money to friends and family.
  • Free overdraft protection: This account includes free overdraft protection, which can help you avoid NSF fees if you accidentally overdraft your account.
  • CIBC Smart Balance Alert: This feature sends you a notification if your account balance is low, which can help you avoid overdrafts.
  • CIBC credit card with annual fee rebate: This account includes one eligible CIBC credit card with an annual fee rebate for the primary cardholder and up to 3 authorized users.

Cons

  • Monthly fee: This account has a monthly fee of $29.95, which can be waived if you maintain a minimum daily closing balance of $6,000 or $100,000 in savings and investments.
  • High interest rates: The interest rates on this account are relatively high, which can make it a less attractive option for people who are looking to save money.
  • No ATM reimbursement: This account does not offer ATM reimbursement, which can be a downside for people who use ATMs frequently.
  • No chequing account bonus: This account does not offer a chequing account bonus, which can be a downside for people who are looking to earn money on their chequing account.

Conclusion and opinions

After our review, our opinion is that the CIBC Smart Plus Checking Account is a competitive option provided you maintain a balance above $6,000. By doing so, you avoid maintenance fees, can qualify for a $350 bonus, withdraw money without fees from ATMs worldwide, and benefit from unlimited transactions. On the other hand, if you don’t maintain a $6,000 balance, it’s important to note that the monthly fees are quite high.

Frequent questions

Here, we answer all the questions about CIBC Smart Plus 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 14 September, 2023 por Alfredo Barandiarán

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