With the CIBC Smart Plus Account, this bank has created a chequing account with valuable features for everyday banking, including unlimited transactions. The monthly fee is high, but there are plenty of perks, like CIBC’s Smart Balance Alert system and a unique welcome offer.
There is very little fine print to this account. You know exactly what you’re paying for – and what you get in return – when you keep your money in a CIBC Smart Plus Account.
CIBC Smart Plus Account features
Here are the features you can expect to find with the CIBC Smart Plus Account:
Why You Want It
Get unlimited free transactions + Receive rebates on select credit cards.
Special Features
- CIBC Smart Balance Alert sends texts regarding $0 balances and overdraft limits
- Can save up to 10 cents per litre at participating gas stations when your card is linked to the Journie Rewards program
- Free Skip+ subscription for 12 months
Eligibility
- Canadian resident
- Age of majority
Provinces
ALL
Features
Minimum Balance To Waive Fee
$6,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$29.95
Excess Transaction Fee
N/A
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 Plus Account product rating: 3.9 stars
While expensive at $29.95 per month, this is a full-featured chequing account with loads of perks and benefits. You get unlimited free transactions and Interac e-Transfers, plus the possibility of saving money at the gas pump.
Unfortunately, there are also a few serious downsides on top of the relatively steep monthly fee. For instance, many other premium accounts offer free or discounted safety deposit boxes, this one does not.
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 Plus Account
Here are a few of the excellent benefits that come with this account:
Pros
Free cash and Skip+
For a limited time, CIBC clients can get a sweet welcome bonus of $500 – and 12 months of free Skip+, if you subscribe with your new debit card. That’s one of the heftiest new account offers on the market.
Smart Balance Alert
This feature sends you an automated alert any time your chequing account hits $0 or is over your overdraft limit at the end of a business day. This gives you time to deposit funds before noon the next day and avoid NSF fees.
Savings and investments help to avoid fees
In a twist on the classic offer, CIBC allows you to count your CIBC savings and investments toward a minimum balance to avoid the monthly fee. $100,000 is a lot of money, but since you’re able to include several different accounts and types of accounts, this perk is accessible for many more customers.
Fee rebates available for 7 credit cards
CIBC offers up to a $139 annual fee rebate for the primary cardholder if you have the CIBC Smart Plus Account, plus $50 fee rebates for up to 3 supplemental cardholders. This is a savings of up to $289 annually on the following cards: the Aventura Visa Infinite Privilege, CIBC Aventura Gold Visa, CIBC Dividend Visa Infinite, CIBC Dividend Platinum Visa, CIBC Aerogold Visa Platinum, and CIBC Aerogold Visa Infinite Privilege card.
The cons of CIBC Smart Plus Account
Nothing is perfect and there are some drawbacks to the CIBC Smart Plus Account, but nothing major:
Cons
No discounts for safety deposit boxes
It’s minor, but many other banks offer free or discounted safety deposit boxes to their chequing account customers. It would be nice if this feature was added to the CIBC Smart Plus Account since most of its competitors do include it as a perk.
Extremely high limit for investments
The ability to waive the monthly fee is great, but the minimum amount of $100,000 across CIBC accounts is incredibly high. Otherwise, the minimum balance is $6,000 – and that’s a jaw-dropping leap.
CIBC Smart Plus Account alternatives
Let's see how the CIBC Smart Plus Account stands up against its competitors:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Preferred Package | Coast Capital Elevate Chequing Account | BMO Performance Chequing Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
| $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |
| Minimum Balance To Waive Fee | $4,000 | N/A | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $16.95 | $17.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more BMO products Compare |
FAQ
What features do you get with the CIBC Smart Plus Account?
The CIBC Smart Plus Account includes several premium features, like the CIBC Smart Balance Alert which alerts you when your balance reaches $0 or you hit your overdraft limit. Account holders can also receive discounts on credit card fees and gas purchases.
What fees does the CIBC Smart Plus Account have?
The only fee associated with the CIBC Smart Plus Account is the monthly account fee of $29.95. This account comes with unlimited free transactions (including Interac e-Transfers), which is typical of a premium chequing account.
How do I get the fees waived with the CIBC Smart Plus Account?
Fees can be waived with a minimum daily balance of $6,000 or if you have $100,000 in eligible savings and investments with CIBC. This can include money in other CIBC chequing, savings, or investment accounts.
What credit card fee rebates come with the CIBC Smart Plus Account?
If you hold this account and also have an eligible CIBC credit card, you can save up to $139 on your annual card fees. Up to 3 secondary cardholders in your household can save up to $50 each.
Does CIBC have seniors discounts?
Yes, CIBC offers free or discounted bank accounts for seniors aged 65 and older. Certain chequing and savings accounts even offer perks for seniors, like free bank drafts and money orders, or discounts on safety deposit boxes.
What is the minimum balance for a CIBC account?
There’s no minimum balance required for this account. However, you can waive the monthly fee with a minimum balance of $6,000 (or $100,000 across all your CIBC accounts). For other accounts, check with your CIBC advisor.
Does CIBC have US accounts?
Yes, CIBC offers a US Dollar Personal Account and a USA Smart Account. There’s also a U.S. Dollar Aventura Gold Visa Card. Eligibility varies, so check with your local CIBC branch regarding your cross-border banking needs.
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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