CIBC Smart Plus Account review

30-second take

• Consider this account if you want unlimited transactions worldwide and access to other free bank services.

• Select another account if you want a low cost chequing account.

• There is no minimum income requirement to be eligible.

What are the benefits of the CIBC Smart Plus Account?

Out of all of CIBC’s chequing accounts, the Smart Plus Account offers the most perks. Below are benefits of using CIBC’s top tier account:

• Unlimited transactions. Make as many transactions as you’d like without having to worry about fees. Interac e-Transfers are also unlimited.
• No fees on ATM withdrawals worldwide. Unlimited ATM withdrawals in Canada, the US and internationally. CIBC ATM withdrawal fees do not apply.
• Complimentary overdraft protection. CIBC’s overdraft protection service is included at no additional cost. Users must be approved before gaining access to the service.
• Free banking services. Bank drafts, stop payments, money orders and personalized cheques are free for account holders.
• Save on credit card bundles. Clients can bundle the Smart Plus Account with one of CIBC's 7 premium credit cards. If you choose to do so, you can save $120 on the annual fee plus $50 each for up to 3 additional cardholders.
• Signup offer. Get a $600 cash offer when you open a CIBC Smart Plus Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.

What should I look out for?

• Higher monthly fee. The Smart Plus Account comes with tons of benefits, but the fee is slightly higher at $29.95.
• Hidden ATM fees. Even though ATM withdrawals are unlimited and free through CIBC, you might incur an administrative fee using a non-CIBC ATM.
• Minimum balances. The monthly Fee will be waived if account holders have $6,000 in the Smart Plus Account or $100,000 in eligible savings and investments.
• No interest. Account holders do not earn interest on chequing account balances.
• Miscellaneous fees. Other banking services may come with a fee including wire payments, safety deposit boxes and insufficient funds charges.

CIBC’s ATM network and fees

Over 1,000 CIBC ATMs are located across Canada. Some ATMs in or near travel hubs allow individuals to withdraw other currencies such as the US dollar or euro. Account holders can access debit and credit account balances, receive paperless receipts and view recent transactions using an ATM.

CIBC Smart Plus Account users will not incur ATM fees from CIBC. However, fees from the ATM provider may be applicable.

Compare with other chequing accounts

How do I open a CIBC Smart Plus Account?

1. From CIBC’s website, click Bank Accounts.
2. Click Apply now under CIBC Smart Plus Account.
3. Provide CIBC with the necessary information, including your full name, date of birth, address, residential status and contact information. After entering each piece of information, click Next.
4. Indicate how you intend to use the Smart Plus Account. Click Next.
5. Review the information you entered and click Next.

Eligibility

You must meet the following criteria to be eligible for the CIBC Smart Plus Account:

• Be a Canadian resident
• Be at least the age of majority in your province or territory
• Reside at a valid Canadian residential address

Required information

During the application process, you will be asked to provide the following information:

• Full name
• Date of birth
• Address, residential status and length of time at that residence
• Phone number
• Email address
• Employment status
• The same information for a co-applicant, if applicable

How do I deposit or withdraw my money?

Since CIBC is one of the largest banks in Canada, customers can bank in a variety of ways. Cheques can be deposited at an ATM, branch or from a browser, tablet or mobile device. Cash deposits can only be performed at a branch or CIBC ATM. Withdrawals can be done at an ATM or branch using your debit card. Keep in mind that most payments can be done via online banking.

What other chequing options does CIBC offer?

CIBC offers two other chequing account options to its clients:

• Everyday Chequing Account. The fee for this account is $4 per month and it comes with 12 transactions per month. Additional transactions cost $1.25 each. Users are required to pay $1.50 per each Interac e-Transfer.
• Smart Account. A flexible bank account that allows users to only pay for incurred transactions. The lowest monthly fee is $6.95 for 12 transactions and the highest monthly fee is $16.95 for 20 or more transactions..

Expert review

Frequent travellers and heavy bank service users will benefit from the CIBC Smart Plus Account. The cost of this account is slightly higher than other personal chequing accounts. Be mindful of what you need to ensure that you’re not paying for services you will not use. If you’re looking for an account with fewer features and a lower cost, browse for other options.

Frequently asked questions

• Can I have holds partially or fully waived?

  When cheques are deposited at a CIBC Banking Centre, CIBC ATM or online, a fixed waiting period may apply. The waiting period is the amount of time it takes for the cheque to clear. Once a cheque clears, the total deposit becomes available to you. During this period, you may notice the total deposit amount included in your bank balance, but you cannot access it until the waiting period is over.

  Unfortunately, the hold cannot be partially or fully waived. Below is the maximum hold period by cheque amount and method of deposit:

  Candian dollar cheque amount	Deposit method	Maximum hold period*
  $1,500 or less	At a branch/banking centre	4 business days
  	Any other method	5 business days
  $1,500 or more	At a branch/banking centre	7 business days
  	Any other method	8 business days

  * All hold periods begin the day after the deposit occurred.

  The cheque’s currency also has an impact on the hold period. Non-Canadian currency cheques deposited at a banking centre located in Canada have an average hold of 10 business days. The maximum hold is 20 business days.

  Non-Canadian currency cheques deposited at a banking centre located outside of Canada have an average hold of 15 business days. The maximum hold is 30 business days.

• What is sole signing authority?

  Sole signing authority is the permission to sign documents related to a specific account without someone else’s permission or support. Someone who has a CIBC Smart Plus Account and is the only account holder would have sole signing authority.

• How do I add an additional cardholder to my credit card?

  To add an additional cardholder to a CIBC credit card, you must be the primary account holder. Adding an additional cardholder can be done by following the below steps:

  1. Sign in to CIBC Online or Mobile Banking.
  2. Select Customer Services from the menu.
  3. Select Add a cardholder.

  You can also add an additional cardholder by writing to CIBC Credit Card Services, visiting a CIBC branch or by calling CIBC Credit Card Services on 1-800-465-4653.

  Keep in mind that CIBC credit cards have a limit of 2 to 3 additional cardholders depending on the credit card type.