Finding the right chequing account is essential for managing your daily finances. If you bank with CIBC, know that it offers a range of chequing accounts, each tailored to meet different needs. Here, we explore three notable CIBC options, helping you understand their features, benefits and potential drawbacks—and why each chequing account might be the best choice for you.
We’ve compared the three chequing accounts available at CIBC to find some of the best options. See below to learn why we picked these accounts and each account’s pros, cons, and other details.
To create this list, Forbes Advisor Canada analyzed the three chequing accounts at CIBC. We ranked each account on six data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fees.
The following is the weighting assigned to each category:
Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.
Chequing accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the chequing account must be nationally available.
Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.
A CIBC chequing account is a bank account designed to handle everyday transactions such as bill payments, debits and direct deposits.
CIBC provides several chequing account options tailored to different banking needs and lifestyles.
What differentiates CIBC chequing accounts from others are their tailored features and incentives:
CIBC chequing accounts offer a variety of rewards programs that enhance the banking experience. For example, the CIBC Smart™ Plus Account provides annual fee rebates on select CIBC credit cards for the primary cardholder and up to three authorized users, effectively combining credit and chequing benefits into one package. Additionally, partnerships with programs like Journie Rewards allow account holders to save on fuel costs, adding value.
CIBC offers Overdraft Protection, which provides a safety net if you accidentally exceed your account balance. This service helps avoid declined transactions and can cover shortfalls up to a pre-approved limit, avoiding non-sufficient funds fees. Fees for this service are waived for certain premium accounts, like the CIBC Smart™ Plus, enhancing their value.
All CIBC chequing accounts come equipped with state-of-the-art mobile and online banking capabilities. The CIBC Mobile Banking® App allows users to perform various banking tasks such as checking balances, transferring funds and depositing cheques remotely. This digital access is designed for convenience, allowing customers to manage their finances from anywhere at any time.
CIBC Insights is an advanced feature available through CIBC’s mobile app that analyzes transaction data to provide personalized financial advice. This tool helps users manage their spending and improve their financial health by offering tailored suggestions based on their banking habits.
CIBC chequing accounts vary in their fee structures, from accounts with no monthly fees for maintaining a certain balance to those with flexible fees based on usage. Transaction fees are typically waived for unlimited transaction accounts, while other accounts may offer a number of free transactions per month.
The minimum account balance required to waive monthly fees varies by account. For example, the CIBC Smart™ Account waives fees for balances over $4,000, while the Smart™ Plus account requires $6,000 or $100,000 in combined eligible investments. Overdraft charges apply when users exceed their account balance without prior arrangements for overdraft protection.
While chequing accounts are not typically known for high interest rates, CIBC provides options to link chequing accounts with savings products, allowing funds to grow in accounts that offer higher interest rates than standard chequing accounts.
CIBC provides extensive ATM access across Canada and internationally, with certain accounts offering rebates on ATM fees worldwide. This widespread access ensures customers can easily withdraw and manage cash as needed.
CIBC chequing accounts support a variety of transfer options including Interac e-Transfer®, wire transfers and direct deposits. Bill payment services are also robust, allowing customers to manage and pay their bills conveniently through online and mobile platforms.
CIBC employs advanced security measures to protect customer data and transactions. These include two-step verification, personalized alerts and the ability to lock misplaced cards directly through the mobile app, ensuring a secure banking environment.
CIBC chequing accounts offer features like global money transfers and no foreign transaction fees on ATM withdrawals with specific accounts for individuals who travel or conduct business internationally.
Applying for a CIBC chequing account can be completed online, in a branch or over the phone. The online application is secure, quick, and can be done from the comfort of your home, requiring just a few minutes to complete with immediate access to digital banking upon approval.
CIBC provides a range of tools for account management, including online banking, mobile apps, and telephone banking. These tools allow customers to perform routine banking tasks, adjust account settings and even handle more complex financial management tasks.
CIBC offers comprehensive customer support through various channels including phone, online chat, and in-branch services. Assistance is available for everything from routine inquiries to urgent banking issues.
CIBC frequently offers sign-up bonuses such as cash incentives or rewards like Costco Shop Cards for new chequing account customers who meet certain conditions.
Special accounts for students and youth, such as the CIBC Smart™ Start account, provide additional benefits like no monthly referral fees and bonuses, catering specifically to younger clients.
When considering chequing accounts, it’s beneficial to explore both traditional banks and online banking options. Traditional banks like CIBC offer the stability of established financial institutions with comprehensive services, including in-person customer support and wide ATM networks. However, these often come with higher fees for monthly maintenance, transactions, and additional services like wire transfers and foreign transactions.
On the other hand, online banks typically offer lower fees and might include perks such as higher APY on balances and cash back on transactions, which are less common in traditional bank offerings. These banks cater to digitally savvy customers, providing robust online and mobile banking tools without the overhead costs associated with physical branches, passing on the savings to the customer through lower fees.
When comparing fees and benefits across accounts, particularly with a focus on CIBC:
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Transactions
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Interest rate
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The CIBC Smart Plus Account offers several benefits that make it appealing, especially for those who manage higher balances and need extensive banking services:
Seniors can benefit significantly from CIBC chequing accounts through:
The minimum balance required to waive fees varies by the type of CIBC chequing account:
CIBC stands out in several key areas:
