CIBC Newcomers Bank Account Offer and Review 2022

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by Enoch Omololu

Updated

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The CIBC New to Canada Banking program offers some of the best bank accounts for new immigrants with various benefits and fee waivers.

The Canadian Imperial Bank of Commerce (CIBC) is not the only financial institution with newcomer bank accounts.

Others like the Royal Bank of Canada (RBC), Bank of Montreal (BMO), Simplii Financial, the Bank of Nova Scotia (Scotiabank), and HSBC offer newcomer programs.

Read on to learn about CIBC’s newcomer offers available in 2022.

What is the CIBC New To Canada Banking Program?

CIBC’s New to Canada banking program is designed for those who have landed immigrant status or permanent residency in Canada in the last 5 years.

Foreign workers who have a work permit issued for 12 months or longer and international students can also open accounts through this program.

CIBC is one of the largest banks in Canada with over 11 million clients and 3,000 ATMs. It was founded in 1867.

CIBC Newcomer Offers

The current newcomer offers by CIBC include these services:

  • Checking account
  • Credit cards
  • International money transfer
  • Mortgages

CIBC Smart Account for Newcomers

This CIBC Chequing Account has a fee of up to $16.95 per month depending on the number of transactions included in your package.

This monthly fee is waived for newcomers for 12 months.

In addition, you can get up to a $350 bonus when you set up and maintain two of the following in the first 2 months of account opening:

  • 1 recurring direct deposit
  • 2 recurring pre-authorized debits
  • 2 online bill payments of at least $50 each

The $350 bonus is paid out within 7 months of opening your account and completing the eligibility requirements.

International students can open a CIBC Smart for Students account with no monthly fee and unlimited transactions.

They can also open a student account before arriving in Canada via the CIBC Student Deposit Program.

Learn more about how CIBC chequing accounts work.

CIBC Newcomer Credit Card Offers

Newcomers can apply for a credit card without needing to provide income or credit history.

Featured credit cards include the CIBC Dividend Platinum Visa Card which has a $99 annual fee (waived for 2 years) and the CIBC Dividend Visa Card which has no annual fee.

You can be approved for a credit limit of up to $10,000 without a Canadian credit history.

International students can apply for the CIBC Dividend Visa Card for students, CIBC Aeroplan Visa for students, and several others.

Here are some dedicated student credit cards.

CIBC Newcomer Money Transfer Offer

Using the CIBC Smart Account for Newcomers, you can send money internationally without paying transfer fees.

The CIBC Global Money Transfer service works for sending money to more than 120 countries. For competitive exchange rates, you can also consider these money transfer apps.

CIBC Newcomer Mortgage Offers

If you are considering buying a home, you can get a mortgage through one of these CIBC programs:

  • CIBC Newcomer to Canada Program Mortgage
  • CIBC Newcomer to Canada PLUS Program Mortgage
  • CIBC Foreign Worker Program Mortgage

You can also view current mortgage rates here (Tangerine).

How To Open a CIBC Newcomer Account

You can open a new bank account and take advantage of these CIBC special offers by making an appointment online and visiting a branch.

You will need to bring along some documents:

Newcomers and foreign workers:

  • Permanent resident card or landing papers
  • Canadian work permit (IMM 1442 for workers)
  • One government-issued photo ID such as a passport or Canadian driver’s license

International students:

  • Valid student ID and study permit
  • Foreign passport or Canadian driver’s license

Newcomer to Canada Bank Account Alternatives

You can open these accounts as a newcomer to save on banking fees or to supplement your regular chequing account:

Simplii Financial New to Canada Program

You can open a Simplii Financial no-fee chequing account and enjoy:

  • $350 welcome bonus
  • Unlimited free transactions and Interac e-Transfers
  • Free personalized cheques
  • Access to 3,400 free CIBC ATMs
  • Global money transfers (no transfer fees)

This account can be opened online even before your arrival in Canada.

Newcomers and international students can also apply for the Simplii Financial Cash Back Visa Card with a credit limit of up to $10,000.

Simplii also offers investment accounts, personal loans, and mortgages.

Learn more in this detailed review.

EQ Bank

The EQ Bank Savings Plus Account pays one of the highest savings interest rates in Canada and also includes:

  • Unlimited free transactions and Interac e-Transfer
  • No monthly account fees
  • Mobile cheque deposits
  • Access to registered (TFSA and RSP) and non-registered accounts

Note that this EQ Bank account does not include a debit card, so it is best paired with a regular chequing account.

EQ Bank also offers investments (Guaranteed Investment Certificates or GICs), international money transfers, and mortgages).

Learn more in this review.

KOHO

KOHO is a free spending and savings account.

When you sign up, you get a prepaid card that earns cash back (0.50% to 2%) on all purchases.

This account pays a competitive interest rate on your balance when you set up a direct deposit and you can access a portion of your paycheque 3 days before payday.

Your free KOHO account also includes unlimited transactions and Interac e-Transfers.

You can get a $20 bonus by using the CASHBACK promo code during sign-up. Learn more about how it works in this review.

CIBC Newcomer FAQs

Which bank is best for newcomers in Canada?

The best newcomer bank program and offers are dependent on your banking needs. For a big bank account product with monthly fees, CIBC, Scotiabank, and RBC have great options. For no-free banking, the Simplii Financial chequing account is great. For online savings, take a look at EQ Bank and KOHO.

How do I get the CIBC $350 offer?

You can get a cash bonus when you open a CIBC Smart Account for newcomers and meet the eligibility requirements (recurring direct deposit, pre-authorized debits, and/or online bill payments).

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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