Compare CIBC's chequing accounts to other service provides to determine which account is best suited to your needs. CIBC's chequing accounts have monthly fees which increase with the number of features an account has. They also have offers if you are a student, a person over 60, or new to Canada. To look after your personal banking needs you can use CIBC's Mobile Banking App, and eDeposit (mobile cheque deposit solution). Additionally, CIBC customers can use their CIBC debit card for Apple Pay.
Similar to its competitors, CIBC offers “banking bundles” if you have other accounts with CIBC. The CIBC Homeowner Banking Bundle provides you with your choice of chequing accounts at a rebated price if you have a mortgage or secured line of credit with CIBC. The CIBC Premium Banking Bundle provides you with the following products at a bundled price point: a CIBC PremierService chequing account, a credit card with the annual fee waived, an eligible savings account of your choice and overdraft protection.
CIBC PremierService Account
CIBC's PremierService Account offers the most services out of their offerings and has a higher monthly fee. As a PremierService Account holder you receive unlimited transactions, no annual fee on select CIBC credit cards, unlimited withdraws using non-CIBC ATMs, overdraft protection and a CIBC Advantage Debit Card that allows you to shop online via Visa Debit. You also are able to send two Interac e-Transfers per month and receive unlimited Interac e-Transfers for free.
CIBC Smart Account
The CIBC Smart account has unlimited Interac e-Transfers and a flexible monthly fee that fluctuates depending on your debit card use. The minimum monthly fee is $4.95 and includes 12 transactions. For each additional transaction, a $1.25 fee is charged until a monthly maximum of $14.95 is reached. Additional fees are charged if you withdraw from a Non-CIBC bank machine. The monthly fee for this account can be waived if you meet the $3,000 minimum daily balance and set up a recurring direct deposit or two pre-authorized payments each month.
CIBC Everyday Chequing Account
CIBC's Everyday Chequing Account is for minimal daily banking. For the lower monthly fee of $3.90, you receive 12 transactions and the CIBC Advantage Debit Card (allowing you to shop online via Visa Debit). The monthly fee is waived if you maintain the minimum end-of day balance required. However, a fee is charged for every Interac e-transfer sent from this account.
CIBC US$ Personal Account
The CIBC US$ Personal Account is a no-fee account that allows account holders deposit and withdraw U.S. funds without having to convert currencies. The account also pays interest on the balance, using a tiered interest rate structure. Even though there's no monthly fee, a standard transaction fee is charged for each of the following transactions: cheques, withdrawals, transfers, pre-authorized payments, bill payments, and debit purchases. Additionally, you're not able to send or receive interac e-Transfers with this account.