Chequing Accounts Compared: CIBC vs. TD Canada Trust
Finding the right chequing account can be a difficult task when there are so many to choose from, especially among Canada’s Big Five banks.
If you’re trying to decide whether to go with CIBC or TD Canada Trust, here’s a rundown of what both banks offer:
TD Canada Trust’s chequing accounts
| Minimum | Every Day | Unlimited | All-Inclusive | |
| Monthly fee | $3.95 | $10.95 | $14.95 | $29.95 |
| Minimum monthly balance required to waive fee | $2,000 | $3,000 | $4,000 | $5,000 |
| Student rebate (must be enrolled in post-secondary institution) | 100% off | 100% off | None | None |
| Senior rebate (60 and older) | Fee waived if you receive Guaranteed Income Supplement | 25% off | 25% off | 25% off |
| Interest rate | 0% | 0% | 0% | 0% |
| No. of free transactions per month | 12 free debit transactions | 25 | Unlimited | Unlimited |
| Cost of additional transactions | $1.25 | $1.25 | None | None |
| Interac e-Transfer fee | $0.50 for under $100; $1 for above $100 | $0.50 for under $100; $1 for above $100 | $0.50 for under $100; $1 for above $100 | None |
| Non-TD ATM fees | $2 | $2 | $2 | None |
| ATM fees inside U.S. and Mexico (excluding TD Bank) | $3 | $3 | $3 | None |
| ATM fees outside U.S. and Mexico | $5 | $5 | $5 | None |
| Overdraft protection | $4/month | $4/month | $4/month | $4/month |
| Credit card rebate | None | None | $20 off the first year of one of five TD credit cards | Annual fee rebate for one of five TD credit cards |
CIBC's chequing accounts
| Everyday Chequing | Smart | Premierservice | Advantage for Students | 60 Plus Advantage | |
| Monthly fee | $3.90 | $4.95 to $14.95 | $28.95 | $0 | $0 |
| Minimum balance to waive fee | $2,000 | $3,000 | N/A | N/A | N/A |
| Interest rate | 0% | 0% | 0.05% or 0.4% | 0% | 0% |
| 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 | Unlimited | 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 | $1.50 each | $1.50 each |
| Non-CIBC ATM withdrawls | $1.50 each plus transaction fee, if applicable | $1.50 each plus transaction fee, if applicable | Unlimited in Canada | $1.50 each | $1.50 each |
| Overdraft protection | $4/month or $5/use | $4/month or $5/use | Included | $4/month or $5/use | $4/month or $5/use |
| Credit card rebate | None | None | $120 | None | None |
TD Canada Trust has four accounts with monthly fees of between $3.95 and $29.95. The fees can be waived in all of the accounts if you carry a minimum balance. If you’re a student, the fee is waived for the Minimum and Every Day accounts. If you’re a senior, the fee’s waived on the Minimum account if you receive Guaranteed Income Supplement. On the Every Day, Unlimited, and All-Inclusive accounts, the fee is reduced by 25%.
There are three regular CIBC chequing accounts (or CIBC checking accounts for our American readers) with monthly fees of $3.90 to $28.95 a month. If you have the required minimum balance in the Everyday Chequing account, the fee will be waived. The same is true for the Smart account if you also have a recurring direct deposit or two pre-authorized monthly payments. Also, CIBC does offer dedicated accounts for both students and seniors.
The priciest accounts also have a number of additional features.
The TD All-Inclusive plan has an unlimited number of transactions, no ATM fees, free Interac e-Transfers, and an annual fee rebate on one of five credit cards: TD rewards credit cards: TD Aeroplan Visa Infinite ($139 annual fee), TD Aeroplan Visa Platinum ($89 annual fee), TD First Class Travel Visa Infinite ($120 annual fee), TD Platinum Travel Visa ($99 annual fee), or the TD Gold Elite Visa ($99 annual fee). Plus, you’ll receive free personalized cheques, free certified cheques and money orders, and a small safety deposit box.
CIBC’s PremierService account has unlimited transactions, unlimited non-CIBC Interac bank machine withdrawals in Canada, unlimited Interac e-Transfers, free overdraft protection, and an annual fee rebate of $120 on three CIBC rewards credit cards: the CIBC Aventura Visa Infinite card, the CIBC Aventura Gold Visa card, or the CIBC Aerogold Visa Infinite card. You’ll also save the $50 annual fee if you get an additional card. And the account comes with free bank drafts, money orders, certified cheques, personalized cheques, and stop payments.
The bottom line
There are various chequing accounts (not checking accounts) available and choosing the right one can be time consuming. But if there are certain features you need, a chequing account comparison tool can help you find the perfect account and it won’t take up a lot of your time.