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 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 Smart Account||$350 + 12 month fee rebate||Conditions|
|CIBC Smart Plus Account||$350 + 3 month fee rebate||Conditions|
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.
BMO New Account Promotion
BMO New Account Offer
Up to $400 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
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 October 31, 2023.
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.
RBC New Account Promotion
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 January 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
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.
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.