Chequing Accounts Compared: CIBC vs. TD Canada Trust

Craig Sebastiano
by Craig Sebastiano May 18, 2017 / No Comments

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 withdrawals $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 ($120 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.

Looking for a chequing account?

Check out our chequing account comparison tool

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Flickr: Chris Tyler