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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Canadian Imperial Bank Of Commerce (CIBC) account


To start your work with CIBC typically you open a bank account. You may choose from different products like chequing accounts which allow you to make daily purchases and pay bills, savings accounts which are made to deposit and grow money, and business accounts for everyday commercial operations.

Types of accounts

Chequing account

  • Everyday Chequing is a basic offer that allows you to make 12 transactions for $4.00 per month ($1.25 for each additional transaction).
  • Smart is the most popular type with unlimited transactions and a free Interac e-Transfer service. You should keep the balance over $4,000 to get a monthly fee rebate or from $6.95 to $16.95 per month. There is a no-fee offer for 3 months for first-time CIBC customers.
  • Smart Plus provides Smart options and one eligible CIBC credit card with an annual fee rebate, no fee for ATM withdrawals worldwide, or for CIBC Overdraft Protection Service. To stay monthly fee-free you should have a $6,000 balance or $100,000 in combined savings and investments. Otherwise, a fee per month is $29.95.
  • Smart Start is an option for people under 25, with no monthly fee and unlimited transactions and ATM withdrawals.
  • Smart for Students is another way to get unlimited everyday banking without a monthly fee. Students may earn up to $150 for the first CIBC chequing accounts.
  • Smart for Seniors gives perks to clients over 65. Including free Interac e-Transfer transactions and a lower monthly fee.
  • Smart for Newcomers and Foreign workers is an option that allows not to contribute a monthly fee for 2 years, gives unlimited transactions including e-Transfer, $0 transfer fee to over 120 countries with CIBC Global Money Transfer (rebated for one year) and $400 cash reward for the first time chequing accounts clients.

    Transactions include debit purchases, withdrawals, e-Transfer and transfers, bill and pre-authorized payments, and cheques.

    Savings account. eAdvantage, TFSA Tax Advantage, RRSP Daily Interest offers without monthly fees.

    Cross-border US bank account. Bank USA Smart and US$ Personal accounts.

    Business account.

    • Basic, Everyday, Unlimited and Advanced accounts
    • Business Investment Growth option with no fee and 1% — 1,10% rate.

        There are some fees that may be charged to your CIBC bank accounts: dishonored (NSF) cheque or pre-authorized payment fee is $45.00 each, transactions, additional record keeping, stop payments, and other fees.

        How to open an account?

        Accounts could be opened and managed online at the website, through a mobile app, by phone, or at the office. Provide your personal information, contact address, social insurance number, and the data necessary for a chosen option. A credit check is also required.


        To be eligible for chequing accounts:

        • Be a Canadian resident

        • Be 18 or 19 (the age of majority in your province or territory)

        To be eligible for the Student offer:

        • Be a university, college, and CEGEP student graduating at age 25 and more

        • Have a valid student ID, confirmation of registration, or an enrollment letter,

        • or a foreign passport and a study permit.

        To be eligible for the Senior offer you must be over 65.

        To be eligible for the New in Canada offer:

        • Have a landed immigrant or permanent resident status received in the last 5 years

        • Have a Canadian work permit issued for at least a 12-month term

        • Have a Canadian Permanent Resident card

        • Have a passport, with a work permit, if applicable

        Pros and cons


        • A large variety of options for any needs and budget

        • No-fee promo, student, young, and other offers

        • Rewards available

        • A lot of perks for newcomers and foreign workers

        • Operate and apply online


        • Should maintain a minimum balance for no monthly fee

        • A limited number of transactions for the basic offer

        • High NSF fees and accounts fees

        How to pay?

        To make transfers or pay your bills you could use a banking center or ATM, mobile, online, or telephone banking services.

        Sign on to CIBC online banking or mobile app. Select, for example, "Bill Payments". Choose which accounts you’d like to transfer to, add payee, select the bill and its number, and enter the verification code and the amount you want to contribute.


        What bank accounts are available at CIBC?

        You may open accounts featured for any customer as everyday chequing accounts, savings, and business accounts with special offers for newcomers, students, seniors, and young people.

        How to save on bank fees?

        You may avoid paying monthly fees if you maintain the minimum balance or are eligible for one of the special options or promo offers.

        What is the minimum balance in CIBC accounts?

        To receive a monthly fee rebate maintain the minimum balance of $4,000 for Smart or $6,000 for Smart Plus accounts.

        How to open a personal account with CIBC?

        You could open an account online at the website, through the mobile app, by phone at 18004652422, or in person. Provide your personal information, contact address, social insurance number, and the data necessary for a chosen option. A credit check is also required. In addition, you must be a Canadian resident of the age of majority in your province and ready to provide your name, date of birth, occupation, address, two pieces of valid, original, and not substantially defaced identification like SIN, driving license or Canadian permanent resident card.

        How to reset a forgotten password?

        Click the "Reset your password", enter your card number and its expiry date, phone number, and change your password.

        How to delete an account?

        You can close the account and transfer the balance to another one at any bank center or call 1-800-465-2422. To close your CIBC accounts altogether, you need to visit the office.

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