Best CIBC Chequing Accounts in Canada Reviewed 2025

CIBC offers chequing and savings accounts that meet the needs of students, seniors, youth, newcomers, and pretty much everyone.

Similar to the other big banks in Canada, CIBC’s chequing accounts incur a monthly fee; however, you may be able to waive it by maintaining a minimum balance.

This review of CIBC chequing accounts covers their features, fees, and alternative chequing account offers available in Canada.

CIBC Chequing Accounts

CIBC’s chequing account packages vary depending on your needs and can be bundled to include savings, investments, mortgages, credit cards, and overdraft protection.

They also offer US Dollar-denominated accounts for snowbirds, freelancers, and travellers who conduct cross-border transactions.

CIBC Smart Account

The CIBC Smart Account is a flexible chequing account solution with a base monthly fee of $6.95 for up to 12 transactions and a maximum monthly fee of $16.95 for unlimited debit transactions.

Here’s what you get:

$6.95 monthly fee and 12 free transactions; pay $1.25 per additional transaction and no more than $16.95 in total monthly fees.
Free Interac e-Transfers.
The monthly account fee is waived when you keep a minimum daily closing balance of $4,000 and make at least one direct deposit, e.g. payroll or two pre-authorized debits each month.

CIBC Smart Plus Account

This all-in-one CIBC chequing account includes a premium credit card, unlimited transactions, and unlimited ATM withdrawals.

The CIBC Smart Plus Account has a $29.95 monthly fee that is waived when you keep a minimum daily closing balance of $6,000 or $100,000 in savings and investments.

You get an annual fee rebate of up to $120 on your choice of a premium credit card, plus free bank drafts, personalized cheques, money orders, and stop payments.

The seven CIBC credit card options eligible for this account include the following:

CIBC Aventura Visa Infinite
CIBC Aventura Visa Infinite Privilege
CIBC Aventura Gold Visa
CIBC Dividend Visa Infinite
CIBC Dividend Platinum Visa
CIBC Aerogold Visa Platinum
CIBC Aerogold Visa Infinite Privilege

CIBC Everyday Chequing Account

This is CIBC’s basic chequing account. It comes with a $4.00 monthly fee, 12 free transactions, and $1.25 per transaction after.

The CIBC Everyday Chequing Account does not offer a fee rebate even if you keep a high account balance.

CIBC Smart for Students

This chequing account is for students who are enrolled in post-secondary education, i.e. college, university or CEGEP.

It has no monthly fee and offers unlimited transactions, including Interac e-Transfers.

In addition, students get a free Student Price Card (SPC) membership with access to hundreds of deals and discounts from popular brands and retailers.

A CIBC Smart for Student account is converted to a regular CIBC Smart chequing account six months after graduation.

Learn more about the best student bank accounts in Canada.

CIBC Advantage for Youth Account

This CIBC account caters to children and youth who are 18 years of age or younger. They get unlimited transactions and do not pay a monthly fee.

The account pays a small interest on your account balance and offers a free SPC membership.

At age 19, the account is automatically converted into a CIBC Premium Growth Account.

Here are some of the best banks for kids in Canada.

CIBC Chequing Accounts for Seniors

Senior citizens who are 65 years or older enjoy discounts on CIBC’s Smart Accounts.

CIBC Smart Account: Get a $6.95 discount and 12 free transactions. Additional transactions cost $1.25 each, up to a maximum $10 monthly fee for unlimited transactions.
CIBC Smart Plus Account: Seniors enjoy all the benefits offered by this account plus a $6.95 discount on the monthly fee, i.e. $23 per month.
CIBC Everyday Chequing Account: Seniors get a $4 monthly fee discount and pay $0 for up to 12 free transactions.

In addition to the monthly account fee discount, seniors enjoy free Interac e-Transfers, free bank drafts and money orders, and a $5 annual discount on safety deposit box rentals.

Related: Best Bank Accounts for Seniors.

CIBC Bank USA Smart Account

This U.S. Dollar chequing account is offered by CIBC Bank USA. Its features include:

12 free transactions and $1.25 after capped at $14.95 monthly maximum account fee)
$4.95 to $14.95 monthly fee; waived if you keep a daily minimum balance of $3,000 or higher

You can use this account to transfer funds between USD accounts without incurring foreign exchange fees and for writing USD cheques. It also supports USD withdrawal at ATMs in the United States.

This account can be bundled with a CIBC US$ personal account to earn interest on USD funds you don’t need immediately.

Here are some USD bank options for Canadians.

CIBC Welcome To Canada Banking Package

CIBC offers new immigrants in Canada access to no-fee banking for one year.

When you open a CIBC Smart Account, you pay no monthly fees for up to 12 months and enjoy unlimited debit transactions and Interac e-Transfers during this time.

After 12 months, regular account fees apply.

How To Open a CIBC Chequing Account

You can open a new CIBC chequing account online or at one of their 1,100+ branches in Canada.

To be eligible for an account, you must be a Canadian resident and have reached the age of the majority in your province.

For a student account, you must show proof of your enrollment at a college, university, or CEGEP. Acceptable documents include a valid student ID, confirmation of registration, or an enrollment letter.

International students are required to also provide a valid study permit.

To qualify for a newcomer account, you must have received permanent resident status within the last five years. Foreign workers can also apply using a work permit.

In general, you will need to provide your basic personal information, contact address, and social insurance number when applying for a CIBC bank account.

A credit check is also conducted for applicants over the age of 18.

CIBC customers can access their accounts online, in-branch, via telephone, and at an ATM. The bank has more than 3,400 ATMs. To find a branch, click here.

For telephone banking, you can call 1-800-465-2422 (Canada and the U.S.) or 1-902-420-2422 when calling from elsewhere.

Is CIBC Safe?

CIBC is one of Canada’s oldest banks, with its roots dating back to 1867 when the Canadian Bank of Commerce was founded.

Your deposits (e.g. chequing and savings) at the bank are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000.

The bank also offers a “Digital Banking Guarantee” and returns 100% of your money if you lost money to fraud and have met all your responsibilities for keeping your account safe.

Who is CIBC?

The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s five biggest banks.

Founded in 1961 following the merger of the Canadian Bank of Commerce and Imperial Bank of Canada, CIBC has more than $651 billion in assets and over 45,000 employees.

In addition to Canada, CIBC operates in the United States, the United Kingdom, Asia, and the Caribbean. Its headquarters is located in Toronto.

No-Fee Bank Accounts in Canada

If you are looking for a chequing account that has no monthly fees, no minimum balance, and unlimited transactions, some of these online banks are worth checking out:

Simplii Financial: An online division of CIBC, this bank offers free chequing and access to CIBC ATMs. It also pays interest on your balance. Learn more in this Simplii Financial review.

Simplii Financial No-Fee Chequing Account

Monthly fee: $0

Free transactions: Unlimited debit purchases, bill payments, and withdrawals.

Sign-up bonus: Get a $300 bonus when you add an eligible direct deposit of at least $100 per month for 3 months. Earn 3.90% interest on a free Simplii savings account.

Interest earned on deposit: Up to 0.10%.

APPLY NOW

On Simplii Financial’s website

Unlimited debit purchases, withdrawals, and bill payments with no fees.
Earn 0.05% or 0.10% interest, depending on your balance.
No minimum balance is required.
Overdraft protection can easily be added, and you can qualify for limits up to $5,000.
Access over 3,400 CIBC ATMs across Canada for free.
Receive a free Debit Mastercard that can be used online and in-store, wherever Mastercard is accepted.
Get real-time USD exchange rates when shopping in the US.
Your paycheque and pension can be deposited directly into your account.
Set up automatic bill payments and account-to-account transfers easily.
Use Global Money Transfer to send money worldwide with no fees.
Refer a friend and earn $50, with no limits to the number of referral bonuses you can get.

No fees and unlimited debit transactions

Earn 0.05% or 0.10% interest on every dollar

Easily set up automatic direct deposits, bill payments, and transfers

Only earn 0.10% interest on balances over $100,000

Overdraft protection costs $4.95 monthly plus a 19% interest rate

The Simplii Financial No-Fee Chequing Account does exactly as the name says – charges no fees for everyday transactions, including debit purchases, Interac e-Transfers, bill payments, and withdrawals. Get a Debit Mastercard, access thousands of CIBC ATMs across Canada, and send money worldwide with no fees. On top of that, earn up to 0.10% in interest on your balance.

Open a new Simplii no-fee chequing account here for a $400 bonus (limited time offer).

EQ Bank: The hybrid account from EQ Bank includes unlimited transactions, and you earn high-interest rates on your balance. This online bank also provides access to GICs, TFSA and RRSP accounts.

EQ Bank Personal Account (formerly Savings Plus)

Monthly fee: $0

Free transactions: Unlimited debits, Interac e-Transfers, and bank-to-bank transfers.

Sign-up bonus: N/A

Interest earned on deposit: Up to 4.00%

APPLY NOW

On EQ Bank’s website

Combined chequing and savings account that earns you up to 4.00% interest.
Zero monthly or yearly fees.
Free Interac e-Transfers, EQ to EQ transfers, electronic funds transfers, and bill payments.
No minimum balance is required.
Link other bank accounts to the EQ Personal Account.
With your Account, categorize your spending, savings, and track your goals.
Mobile Cheque Deposit on the EQ Bank app.
No debit card or access to ATMs. To withdraw cash or access your funds, you must send money to your linked accounts.
Get a $20 bonus for each friend you refer, up to $500 total.
To open an EQ bank account, you must be 18 years of age or older, be the age of majority in your province, and have a SIN.
Note that EQ Bank is not available in Quebec.

Earn high interest on every dollar

No fees

Mobile app available

No debit card or ATM access

Not available in Quebec

The EQ Bank Personal Account is a combined chequing and savings account that earns you up to 4.00% interest on every dollar, higher than any other online bank in Canada. Although it does not offer a debit card or access to ATMs, it is easy to send money to your linked accounts and withdraw cash. You get free transfers and bill payments with no minimum account balance.

Tangerine: This online bank is a division of Scotiabank. It offers a free chequing account with unlimited debits, Interac e-Transfers, and interest. Get more details in this detailed review.

Other financial institutions with free chequing accounts include motusbank, Motive Financial, Manulife, and some credit unions.

CIBC Bank Account FAQ

Is CIBC a good bank?

CIBC is a top-five bank in Canada in terms of asset size and market capitalization. if you are looking for a bank with a history of stability, CIBC has been around for over 150 years. In recent years, CIBC has been awarded the best consumer digital bank in Canada, one of Canada’s top employers for young people, and the best treasury and cash management bank in Canada.

What types of accounts are available at CIBC?

CIBC is a full-service bank offering daily banking products, credit cards, mortgages, lending, investments, and insurance products to personal and business clients.

What is CIBC’s prime rate?

As of May 2024, the prime rate for CIBC is 7.20%. The prime rate influences the interest rate set by the bank for variable loans, lines of credit, and mortgages.

How long do funds stay on hold at CIBC?

Banks may place a hold on cheque deposits to ensure that the cheque is from an account with sufficient funds and that a stop payment has not been requested. The hold can last for up to 8 days. When you deposit a cheque using the CIBC mobile app, it becomes available within four business days.

As per the Canadian Bankers Association, “the maximum hold period for most cheques deposited to a Canadian dollar account is four business days, and banks must make $100 available within a day.”

How can I save on bank fees?

You can avoid paying the monthly account maintenance fee by maintaining a minimum daily account balance and meeting other requirements, e.g. by setting up payroll deposits and/or pre-authorized payments. Bundling accounts together may also result in a fee discount. Use only CIBC ATMs for withdrawals and opt-out of paper statements. Here are some more ways to waive bank fees.

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Best CIBC Chequing Accounts in Canada Reviewed 2025