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CIBC New Account Promotions for Feb 2024 ($350 Offer)

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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. Alternatively, you can avoid monthly chequing fees 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 have similar programs.

CIBC New Account Offer

New CIBC customers aged 25 and older 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 two recurring pre-authorized debits
  • Make two online payments of at least $50 each

These activities must be completed within two months of opening your account, and you must maintain the account for at least one year.

Also, the direct deposit and pre-authorized debits must be active for at least two months.

The $350 cash reward is paid within seven months of 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 three months.

CIBC AccountOffer
CIBC Smart Account$350 + 12 month fee rebate
CIBC Smart Plus Account$350 + 3 month fee rebate

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

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

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 ($400 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 $400 cash reward when you open a new Simplii chequing and a direct deposit of $100 or more for three consecutive months.

In addition, you could also open a free Simplii savings account alongside your chequing account and earn a high 6.00% interest rate on your deposits.

Here’s an in-depth Simplii review.

Scotiabank Promotions

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 $350. Learn more.

Unlimited Package: Costs $30.95 per month (waived with a $5,000 daily closing balance). The cash reward is $350. Learn more.

Student Banking Advantage Plan: Costs $0 per month. The cash reward is $100. Learn more.

These Scotiabank promotions for the Preferred and Ultimate packages are available until February 29, 2024.

EQ Bank Savings Account

EQ Bank offers one of Canada’s best non-promotional interest rates at 3.00%*.

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

  • 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.

BMO New Account Promotion

BMO New Account Offer

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Up to $350 cash bonus offer

Waive monthly fees by keeping minimum balance

A premium account with unlimited transactions

Includes credit card fee rebate & free identity theft protection

RBC New Account Promotion

RBC offers new customers a free Apple Watch when they open a Signature No Limit or VIP Banking account by April 1, 2024.

RBC Signature No Limit Banking: Costs $16.95 per month.

RBC VIP Banking: Costs $30 per month

To be eligible, you must complete two of three activities by July 9, 2024, including setting up the following:

  • 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.

Top Promotions this month

Stop paying Fees. Get the best FREE chequing account offer in Canada + $400 cash bonus

Easy $400 cash bonus when you add a direct deposit to your Simplii account.

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

No monthly or minimum balance is required.

Best no-fee cash back credit card with a $100 welcome bonus

$100 sign-up bonus on first $1,000 spending within 2 months.

Get unlimited 2% cashback in three categories of spending.

Low $12,000 income requirement and 600+ credit score.

0.50% unlimited cashback on all other purchases and no annual fee.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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