The CIBC Everyday Chequing Account is a basic, no-frills account offering easy access to your funds at a low monthly fee–just $4.00 a month. This account also features easy access to a large and convenient ATM network, along with a wide array of services available at CIBC branches across the country – all perks of working with one of Canada's largest banks.
The CIBC Everyday Chequing Account is a good option for a basic bank account, but it does have drawbacks and certainly isn't well suited for everyone.
CIBC Everyday Chequing Account features
CIBC describes this simple chequing account as "a basic account with a low monthly fee," though it does come with some additional features. Here's what it offers:
Why You Want It
Access 3,000+ ATMs across Canada + Pay a low monthly fee of $4.00.
Eligibility
- Canadian resident
- Age of majority in your province
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
12
Monthly Fee
$4.00
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
$1.50
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
CIBC Everyday Chequing Account product rating: 2.5 stars
The CIBC Everyday Chequing Account is the definition of basic, which is a strength since it delivers what it promises. At the same time, its biggest weakness may be that it ONLY delivers what it promises.
This account features a low monthly fee, but the lack of additional features hurts its rating. To start, many alternative chequing accounts are actually free.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of the CIBC Everyday Chequing Account
Here’s what the CIBC Everyday Chequing Account delivers and delivers well:
Pros
It lives up to its promise as a simple bank account
This is a basic, no-frills account for everyday banking needs such as paying bills and making transactions. If you don't use your debit card much and need a chequing account just for the occasional convenience, this CIBC product delivers.
Physical and digital convenience
CIBC’s ATM network offers more than 1,000 locations across Canada, so it's easy to access your money for everyday purposes. This account makes it easy to manage your money, with access to online, mobile, and phone banking.
Low monthly fee
You’ll only have to pay $4.00 a month for this account, which is on par with similar accounts from other institutions. Sure, it's not free and everybody loves free, but $4.00 is a small price for the convenience of 12 monthly transactions and access to CIBC's branch locations.
12 free transactions and Interac e-Transfers per month
This account gives you 12 free transactions per month, including debit transactions and Interac e-Transfers. If you rarely use your debit card and/or only occasionally make Interac e-Transfers, 12 is more than enough. Receiving Interac e-Transfers is always free, and doesn’t count against your transaction limit.
The cons of the CIBC Everyday Chequing Account
Here are this account’s most glaring drawbacks:
Cons
Fees can add up
Though its monthly fee of $4.00 is low, extra fees associated with this account can add up. After your 12 free transactions, you'll pay $1.25 per additional transaction and $1.50 per additional Interac e-Transfer. No matter how much money you keep in this account, CIBC will not waive your monthly fee.
Limited features
This account doesn't offer many extra features, such as high interest rates or credit card fee waivers. This is typical of a basic chequing account, but adding a perk or two would certainly help this account stand out from the competition.
Complicated global ATM fees
Fees get tricky and add up quickly if you want to use ATMs outside of Canada. In the U.S., you'll pay $3 plus a 2.5% administration fee. In other countries, be prepared to pay $5 plus the 2.5% administration fee. Most banks simply charge a flat fee, without the administration costs, so be wary of this difference if you're new to CIBC.
CIBC Everyday Chequing Account alternatives
Here are some alternatives if you're looking for a no-fee chequing account or one with more features:
 |  |  |  | |
|---|---|---|---|---|
| Account | CIBC Everyday Chequing Account | RBC Flex Choice Business Account Package | BMO Premium Chequing Account | Canadian Western Bank Prestige Account |
| Genius Rating | ||||
| Why You Want It | Access 3,000+ ATMs across Canada + Pay a low monthly fee of $4.00. |  $100 GeniusCash + Pay-as-you-go approach to transaction fees + Low monthly fee. | $75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply. | Get a dedicated Relationship Manager + Access to an exclusive credit card. |
| Minimum Balance To Waive Fee | N/A | N/A | $6,000 | See Issuer for Details |
| # Of Free Monthly Transactions | 12 | 0 | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | 12 | 0 | Unlimited | Unlimited |
| Monthly Fee | $4.00 | $7.00 | $30.95 | $0.00 |
| Excess Transaction Fee | $1.25 | $0.75 | N/A | N/A |
Show More | ||||
| Open an account See more CIBC products Compare | I Want This Deal See more RBC products Compare | I Want This Deal See more BMO products Compare | Learn More See more Canadian Western Bank products Compare |
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FAQ
What’s the monthly fee for the CIBC Everyday Chequing Account?
The monthly fee is $4.00 and includes 12 transactions including debit purchases, CIBC withdrawals (including CIBC ATMs), Interac e-Transfers, cheques, and pre-authorized payments (such as bills). Additional transactions carry a $1.25 fee ($1.50 for Interac e-Transfers).
Is it possible to waive the monthly fee by keeping a daily balance?
No. CIBC very clearly states that a "daily balance to avoid monthly fee" is not applicable here. If you want a bank account without a monthly fee, consider one of the many free chequing accounts instead.
How do I qualify for this account?
To qualify, you must be a Canadian resident who has reached the age of majority in your province or territory. Visit the CIBC website or your local branch to sign up for or to get more information regarding this account.
How do I close my CIBC Everyday Chequing Account?
To close a bank account, visit any CIBC branch, or call the bank’s customer care department. There are some banks allow you to close chequing and/or savings accounts online, but CIBC doesn't offer this particular option.
Can I get paperless statements?
Yes, the CIBC Everyday Chequing Account comes with free paperless statements, which can be accessed through CIBC’s online banking portal. Paper statements are also free, which is a convenience that many other banks charge fees for.
Do I have to pay for paper statements?
If you only require paper statements on a monthly or quarterly basis, you won't have to pay for them. If you require a paper statement at any other point, you will have to pay a $4.50 fee.
Is there a fee for using a non-CIBC ATM in Canada?
Yes, you will be charged $2, along with a transaction fee, when using an unaffiliated ATM machine in Canada. Luckily, CIBC has roughly 3,000 ATMs conveniently located across the country that you can use for free.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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