CIBC New Account Promotions in 2022 ($350 Offer)

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by Enoch Omololu


Advertiser Disclosure

Looking to open a new chequing account? CIBC’s current promotions include a $350 bonus when you open a CIBC Smart Account.

Bank promotional offers are an excellent way to save on the exorbitant monthly fees we pay in Canada.

In addition to the initial offer, some banks also offer ways to continue waiving fees by maintaining a minimum balance.

Alternatively, you can avoid monthly chequing fees altogether by choosing an online bank.

CIBC is not the only big bank that attracts new clients using sign-up offers, others like Scotiabank, RBC, and BMO also have similar programs.

CIBC New Account Offer

New CIBC customers can qualify for a $350 promo when they open one of two eligible accounts:

CIBC Smart Account and CIBC Smart Plus Account, and complete two of three tasks:

  • Set up at least one recurring deposit
  • Set up 2 recurring pre-authorized debits
  • Make 2 online payments of at least $50 each

These activities must be completed within two months of opening your account. Also, the direct deposit and pre-authorized debits must be active for at least two months.

The $350 cash reward is paid within 7 months after opening your account.

In addition to the cash offer, the monthly fee for the CIBC Smart Account is waived for 12 months when you maintain the recurring pre-authorized debits.

For the CIBC Smart Plus Account, monthly fees are rebated for the first 3 months.

CIBC AccountOfferTerms
CIBC Smart Account$350 + 12 month fee rebateConditions
CIBC Smart Plus Account$350 + 3 month fee rebateConditions

CIBC Smart Account Review

This CIBC chequing account has a flexible monthly fee depending on the number of transactions you conduct each month.

The fee ranges from $6.95 to $16.95 monthly as follows:

  • Up to 12 transactions: $6.95
  • 13-20 transactions: +$1.25 each
  • Unlimited transactions: $16.95

If you maintain a minimum daily balance of $4,000 or more, the monthly fee is rebated.

CIBC Smart Plus Account Review

The CIBC Smart Plus Account has a $29.95 monthly fee and includes:

  • Unlimited debits and Interac e-Transfer transactions
  • CIBC overdraft protection service (interest still applies)
  • Annual fee rebate on one eligible CIBC credit card
  • Free personalized cheques, bank drafts, and money orders

You can waive the monthly fee by maintaining a minimum daily balance of $6,000 or more.

New Bank Account Promotions in Canada

Other popular new bank account offers in Canada include:

Simplii Promotions ($350 cash bonus)

Simplii Financial is the online banking arm of CIBC. It offers a no-fee chequing account that includes free and unlimited debits, Interac e-Transfers, free cheques, and access to over 3,400 CIBC ATMs.

You get a $350 cash reward when you open a new Simplii chequing and a direct deposit of $100 or more for 3 consecutive months.

In addition, you could get an extra $50 (total of $400) when you sign up via our referral link.

Here’s an in-depth Simplii review.

EQ Bank Savings Account ($150 Bonus)

EQ Bank is offering one of the best non-promotional interest rates in Canada at 1.50%* and a $150 cash bonus when you open a free account.

The EQ Bank Savings Plus Account is a hybrid account that offers both chequing and savings account features including:

  • $150 cash bonus for a limited time
  • Free and unlimited Interac e-Transfers
  • Zero minimum balance
  • No monthly account fees
  • Free bill payments and electronic fund transfers
  • Free mobile cheque deposits, and more.

Learn more about what it offers in this full review.

Scotiabank Promotions ($300 Offer)

Sign up for an eligible Scotiabank chequing account and earn up to $300. The three promotional Scotiabank accounts are:

Preferred Package: Costs $16.95 per month (waived with a $4,000 daily closing balance). The cash reward is $300. Learn more.

Unlimited Package: Costs $30.95 per month (waived with a $5,000 daily closing balance). The cash reward is $300. Learn more.

Student Banking Advantage Plan: Costs $0 per month. The cash reward is $60. Learn more.

These Scotiabank promotions are available until September 30, 2022.

RBC New Account Promotion

RBC is offering new customers a free AirPods Pro when they open a Signature No Limit or VIP Banking account by May 31, 2022.

RBC Signature No Limit Banking: Costs $15.95 per month.

RBC VIP Banking: Costs $30 per month

To be eligible, you must complete two of three activities by August 9, 2022, including setting up:

  • Payroll as a direct deposit
  • Two pre-authorized monthly payments
  • Two bill payments to a service provider

Learn more about RBC promotions.

CIBC New Account Offer FAQs

Which Canadian banks are offering incentives to open an account?

Many Canadian banks have promotional offers to get new clients including Scotiabank, RBC, CIBC, TD, Tangerine, and Simplii. In addition to chequing accounts, there are also multiple credit card promotions.

How can I avoid CIBC’s monthly chequing account fees?

You can waive the fee on some of CIBC’s chequing accounts by maintaining a daily minimum closing balance ranging from $4,000 to $6,000.

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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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