CIBC is one of the largest and most popular banks in Canada, and the CIBC Smart Account is a low-fee chequing account. Your monthly fee is based on the number of transactions made, so you don’t pay for more than you use.
Despite a nice welcome offer, there are a few flaws associated with this account. For many, though, the security and reliability of a big bank like this may be enough to compensate for these drawbacks.
CIBC Smart Account features
Here's an overview of the features accompanying the CIBC Smart Account:
Why You Want It
Get up $500 when you open an account + Lower monthly fee for seniors.
Special Features
- Low monthly fee for low usage, higher fees for high usage
- Comes with 12 months free Skip+ free trial
- Can save up to 10 cents per litre at participating gas stations when your card is linked to the Journie Rewards program
Eligibility
- Canadian resident
- Age of majority
Provinces
ALL
Features
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$16.95
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$139
Maximum Welcome Bonus
$500
Promo End Date
See Issuer for Details
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 Smart Account product rating: 3.7 stars
Offering limited transactions for a chequing account is a bit unusual in Canada. You do get 12 free transactions included for the lowest monthly fee of $6.95, but paying $16.95 for unlimited free transactions with no other additional perks or benefits is high compared to other options.
We do like that CIBC offers a lot of resources and support for newcomers to Canada, and their Skip+ perk for new clients is enticing.
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 CIBC Smart Account
There certainly are some benefits to having the CIBC Smart Account – take a look:
Pros
Only pay for what you use
You'll note in the features table that the monthly fee is $16.95 and this entitled you to unlimited transactions – but this is a very simplified way of looking at it. You start by paying $6.95 per month for 12 transactions. Then, you pay $1.25 for each additional transaction, up to a max of $16.95 and unlimited transactions.
Sweet welcome offers
This account consistently offers valuable, unique bonuses for new clients. At the time of writing, you can get a 12-month subscription to Skip+ for free, as well as up to $500 cash for opening a new CIBC eAdvantage Savings Account alongside your CIBC Smart Account.
Discounts for seniors
This account is especially good for senior citizens (ages 65 and up). Seniors are eligible for a $0 monthly fee with 12 free monthly transactions included. Even though each additional transaction costs $1.25, there's a $10 cap on total monthly fees. Seniors are also eligible for free bank drafts and free money orders.
The cons of CIBC Smart Account
Here are a few things you should know before signing up for a CIBC Smart Account:
Cons
Interac e-Transfers count as transactions
Your fees are based on how many monthly transactions you make, and this can get confusing. While you don't specifically pay to send or receive an Interac e-Transfer, these do count towards your total number of monthly transactions.
Really, everything is a transaction
Look closely at CIBC’s list of what counts as a transaction: debit purchases, CIBC withdrawals, Interac e-Transfers, transfers, cheques, pre-authorized payments, and bill payments. You'll be charged if you go over your limit, so keep track.
CIBC Smart Account alternatives
If you're considering a CIBC Smart Account, take a look at how it compares with a few similar accounts:
 |  |  | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | Scotiabank Preferred Package | TD Unlimited Chequing Account |
| Genius Rating | |||
| Why You Want It |  $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $139 credit card fee waiver + Unlimited transactions and e-Transfers. |
| Minimum Balance To Waive Fee | $4,000 | $4,000 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $16.95 | $17.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more BMO products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more TD products Compare |
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FAQ
What features come with the CIBC Smart Account?
The CIBC Smart Account has a few things going for it, like a low monthly fee if you use 12 transactions or fewer each month. You can also earn a $500 welcome bonus and get some decent discounts on gas.
What are the fees associated with the CIBC Smart Account?
The monthly fee ranges from $6.95 to $16.95, depending on the number of transactions used. There are also various fees for using non-affiliated ATMs, ordering cheques, requesting paper statements, adding features like overdraft protection, etc.
What is the Interac e-Transfer fee for the CIBC Smart Account?
You won't pay to send Interac e-Transfers with a CIBC Smart Account, but they do count toward your total number of monthly transactions.
How do I avoid the monthly fee on my CIBC account?
If you maintain a minimum balance of $4,000, you’ll avoid paying a monthly fee for the CIBC Smart Account. Seniors can also get the monthly fee rebated, and there's a special, fee-free version (CIBC Smart for Students) for students.
Does CIBC charge monthly fees?
Some CIBC chequing accounts include monthly fees, but savings accounts don’t usually charge this fee. Some accounts offer to waive the monthly charge if you maintain a certain balance. Check online or ask a CIBC advisor for more information.
What is a Smart Account in CIBC?
A Smart Account is a chequing account offered by CIBC, where your monthly fee is based on the number of transactions used, rather than a flat fee. This means you pay for what you use and not more.
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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