A Guide to CIBC Chequing Accounts

Craig Sebastiano
by Craig Sebastiano May 4, 2017 / No Comments

If you’re looking for your first chequing account or are considering switching banks, CIBC has a number of accounts to choose from.

Here’s an overview of CIBC’s chequing accounts:

Regular chequing accounts

Everyday Chequing Smart PremierService
Monthly fee $3.90 $4.95 to $14.95 $28.95
Minimum balance to waive fee $2,000 $3,000 N/A
Interest rate 0% 0% 0.05% or 0.4%
No. of transactions per month 12 free per month; $1.25 for each additional transaction above 12 12 for $4.95/month plus $1.25 for each additional transaction up to a maximum of $14.95/month for unlimited banking Unlimited
Interac e-Transfer fee $1.50 each plus transaction fee, if applicable Service fee removed. Instead, each Interac e-Transfer sent counts as a transaction in calculation of monthly fee None
Non-CIBC ATM withdrawals $1.50 each plus transaction fee, if applicable $1.50 each plus transaction fee, if applicable Unlimited in Canada
Overdraft protection $4/month or $5/use $4/month or $5/use Included
Credit card rebate None None $120

Student/senior chequing accounts

Advantage for Students 60 Plus Advantage
Monthly fee $0 $0
Interest rate 0% 0%
No. of transactions per month Unlimited Unlimited
Interac e-Transfer fee $1.50 each $1.50 each
Non-CIBC ATM withdrawals $1.50 each $1.50 each
Overdraft protection $4/month or $5/use $4/month or $5/use
Credit card rebate None None

CIBC’s regular chequing accounts have fees as low as $3.90 a month to as much as $28.95 a month while its student and senior accounts don’t have a regular monthly fee. If you maintain the $2,000 minimum balance in the Everyday Chequing account or you’re an eligible registered disability savings plan (RDSP) beneficiary, the monthly fee is waived. For the Smart account, the fee is waived if you maintain the $3,000 minimum balance and have a recurring direct deposit or two pre-authorized payments every month.

For the PremierService account, the fee won’t be waived no matter how high your balance is. However, the account does pay a small amount of interest. If your balance is below $60,000, the interest rate is 0.05%. If your balance is $60,000 or higher, the interest rate is 0.4%. The account comes with a number of perks, including no monthly fee on overdraft protection, an unlimited number of transactions, an unlimited number of withdrawals from non-CIBC ATMs, and free bank drafts, money orders, and certified cheques. You’ll also save the $120 annual fee on one premium card (the CIBC Aventura Visa Infinite card, the CIBC Aventura Gold Visa card, or the CIBC Aerogold Visa Infinite card) and the $50 annual fee for one additional card.

To get the Advantage for Students account, you must provide proof of enrolment in a full-time post-secondary program. For international students, you need to show your student identification, foreign passport, and study permit. The offer lasts up to four years from your program enrollment date but can be extended if you re-apply with proof of continued enrollment.

To get the 60 Plus Advantage account, you obviously have to be 60 or older. The features are almost exactly the same as the Advantage for Students account. One notable difference with the 60 Plus Advantage account is you’ll receive $5 off the annual rental charge for a safety deposit box.

The bottom line

There are many things to consider before choosing a CIBC chequing account (not CIBC checking account for our American readers). When deciding which account is best for you, use a chequing account comparison tool to see the features you need for the lowest cost.

Looking for a chequing account?

Check out our chequing account comparison tool

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Flickr: Ian Muttoo