Banks offer a variety of financial services including bank accounts, loans, credit cards, investment products and insurance. Whether you’re looking to open a basic bank account or a place to finance a major purchase, you can do so using a bank. Banks are great resources to help build stable finances in Canada.
There are 5 major banks to choose from in Canada and one of the most popular is CIBC. Read this to find out if CIBC is the right big bank for your savings and finances.
What Kind Of Financial Products And Services Does CIBC Offer?
Picking a bank shouldn’t just be about convenience. There are many factors to consider before signing up, such as fees and monthly balance limits. A good bank will also have products for every kind of person. Here are some of the products and services offered at CIBC.
CIBC Bank Accounts
CIBC offers a number of chequing and savings accounts, some of which are designed specifically for youths, students and seniors. Here’s a quick overview so you can compare CIBC products and find an account that has all your preferences.
|Monthly Account Fee
|CIBC Smart™ Account
|$0.00 to $16.95
|– Unlimited free transactions and Interac e-Transfers
– 1 free non-CIBC ATM withdrawal per month
– Monthly fee waived with a $4,000 daily balance
– Bonus of up to $400 and zero monthly fees for 3 months with first chequing account
|CIBC Smart™ Plus
|$0.00 or $29.95
|– Unlimited transactions (including Interac e-Transfers)
– Unlimited ATM withdrawals (in Canada, the US and internationally)
– Monthly fee rebates available
– Overdraft protection included
– Bonus of up to $400 with first chequing account, plus all-in-one banking (valued at over $1,100)
– Premium CIBC credit card with annual fee rebates
|CIBC Smart™ Start for students
|$0 (until age 25)
|– Free unlimited Interac e-Transfers
– Free unlimited purchases, withdrawals and bill payments using debit or Visa debit.
– 1 free non-CIBC ATM withdrawal per month
– Bonus of up to $150 with first chequing account- Zero fees until the holder turns 25
|CIBC Smart™ for Seniors
|$0.00 to $10.00 for CIBC Smart™ Account
$23.00 for CIBC Smart™ Plus
|– Monthly fee discount of $6.95 on all CIBC Smart accounts
– Free bank drafts, money orders and Interac e-Transfers
– Free paperless statements and record keeping
– $5.00 discount on annual rental fees for a safety deposit box
– Other features based on account type
CIBC Newcomer Bank Accounts
The CIBC Smart Account™ for Newcomers is a chequing account that’s available to:
- Foreign workers with Canadian work permits lasting at least 12 months
- Landed immigrants or permanent residents that have obtained their status within the last 5 years.
CIBC can offer you a Smart™ chequing account featuring a variety of options and benefits, such as:
- Get up to $400 and no monthly fees for 2 years with your first chequing account
- Unlimited transactions
- No transfer fees on CIBC Global Money Transfers to over 120 countries
- Access to the CIBC Dividend Platinum® Visa* Card ($99 annual fee)
- 1 free non-CIBC ATM withdrawal per month in Canada
- Free access to Visa Debit (card or mobile wallet) and CIBC online banking
CIBC Savings Accounts
Another great thing about CIBC is their selection of savings accounts, including the:
- CIBC eAdvantage® Savings Account
- CIBC US$ Personal Account
- CIBC TFSA Tax Advantage Savings Account®
- CIBC RRSP Daily Interest Savings Account
While the exact features may vary, most CIBC savings accounts have these benefits:
- Reaching your financial goals – You can use CIBC Online Banking® to open different types of savings accounts, like basic, high-interest and U.S. dollars. This way, you’ll be able to save for vacations, home renovations and much more.
- Automated savings – In under a minute, you can set up automatic transfers via Autosave. Just log into your account, select ‘Transfers’ and enter the location(s), amount, frequency and date of your transfer to start building your savings fund.
- Zero monthly fees – All CIBC savings accounts are free to open. Although you have to pay for transactions, you’ll have instant access to your account online, where you can make transfers, manage your profile and save money any time.
- CIBC Smart Balance Alert™ – This feature can help you avoid NSF fees by sending you text messages when any of your bank account balances are below $0 or above your daily overdraft limit. Texts are sent at about 8:30 AM local time.
CIBC Credit Cards
|Travel Credit Cards
|CIBC Aventura® Visa Infinite* Card
CIBC Aeroplan® Visa Infinite* Card
CIBC Aventura® Visa Infinite Privilege* Card
CIBC Aeroplan® Visa Infinite Privilege* Card
CIBC Aventura® Gold Visa* Card
CIBC Aventura® Visa* Card
CIBC Aeroplan® Visa* Card
CIBC Aventura® Visa* Card for Students
CIBC Aeroplan® Visa* Card for Students
CIBC U.S. Dollar Aventura® Gold Visa* Card
|Cash Back Credit Cards
|CIBC Dividend® Visa Infinite* Card
CIBC Dividend Platinum® Visa* Card
CIBC Dividend® Visa* Card
CIBC Dividend® Visa* Card for Students
CIBC Costco®† Mastercard®
|Low-Interest Credit Cards
|CIBC Select Visa* Card
CIBC bizline® Visa* Card
Best CIBC Credit Cards
Here are some of the most popular credit cards used by CIBC members:
CIBC Aeroplan® Visa* Card
With this basic CIBC credit card, you can earn up to $200 in the first year. It has no annual fee and a low minimum income requirement of $15,000. Users can earn 1 Aeroplan point per $1 spent on eligible gas, grocery and Air Canada purchases.
CIBC Aeroplan® Visa Infinite* Card
You can access this higher-tier travel credit card for $139 annually. With it, you’ll receive up to $1,050 in value during your first year of joining. Moreover, users will earn 1.5 points for every $1 spent directly with Air Canada or Air Canada Vacations and 1.5 points on every $1 spent on gas and groceries. Users will also benefit from travel perks such as visa concierge service, preferred pricing and first luggage free.
CIBC Aventura Visa Infinite Privilege Card
The Aventura Visa Infinite Privilege credit card is one of CIBC’s most expensive credit cards with an annual fee of $499. With it, users can gain even better benefits such as a welcome bonus of over $1,750 in value. Users will also get annual travel credits, NEXUS™, lounge access, fee rebates and more. Users will also earn 3 points per $1 spent on travel bookings with the CIBC Reward Centre and 2 points per $1 spent on eligible dining, transportation, gas and groceries.
CIBC Investment Products
CIBC offers several investment plans too, CIBC clients can invest in various investment products including mutual funds, GICs, RESPs, RRSPs, RIF, LIF, TFSAs, RDSPs and other personal savings accounts.
CIBC offers various services to help you invest including:
- Managed Brokerage – Have highly qualified investment advisors help you strategize and create a plan for your long-term savings goals.
- Private Wealth Management – Get customized solutions no matter how complex your financial situation and needs may be.
- CIBC Investor’s Edge – Use CIBC’s online investment platform to start investing as a self-directed investor.
- Portfolio Solutions – These investment suites are managed and supervised by a group of experts, so you won’t have to worry about your daily investment choices as much.
CIBC Insurance Products
CIBC sells two types of personal insurance:
- Creditor Insurance – If you need help paying or reducing debts in the event of death, disability, job loss or serious illness, you can get CIBC creditor insurance for your CIBC mortgage loans, personal lines of credit, personal loans and credit cards (with CIBC Payment Protector™).
- Travel Insurance – Additionally, CIBC offers insurance protection for losses, financial issues and emergencies you experience while travelling, including:
- CIBC Travel Medical Insurance
- CIBC Trip Cancellation & Interruption Advanced Plans
- CIBC Comprehensive Travel Insurance Plans
With a CIBC loan, you can acquire the funds to finance a vehicle, a home, consolidate debt, renovate your home and much more. Two of CIBC’s most popular loans are:
- CIBC Personal Loan – This product allows you to borrow a minimum of $3,000, with no maximum, a fixed or variable rate and a payment term of 1 – 60 months.
- CIBC Personal Car Loan – This can help you buy a new or used car. Loans start at $5,000 (no max.), have fixed/variable rates and feature terms of 1 – 96 months.
- CIBC Mortgage – CIBC offers fixed and variable-rate mortgages with terms ranging from 1 year to 10 years. You can also choose between open, closed, flex and convertible mortgages.
How To Get A CIBC Void Cheque?
If you need a void cheque for payroll deposits or automatic payments, you can simply grab a paper cheque and write “VOID” across it. If don’t have a cheque, you can use one of these methods to access the same information as a voided cheque:
- Download the Payroll, Direct Deposit, or Pre-Authorized Payment Form and fill out the required details.
- Save the form to your computer, print it, then sign the “Customer Signature” space.
- Submit the form to the company that’s billing you or depositing payments into your bank account.
CIBC Online Banking
- Sign into your CIBC online bank account on the web or in-app, then click or tap “My Accounts” from the menu.
- Choose and then download, print and sign the “Void cheque/direct deposit info” link from the “Manage My account” dropdown.
How To Get A CIBC Direct Deposit Form
Similar to how you’d get the information for your VOID cheque, you can get your direct deposit info in the same manner. Simply go to your online CIBC account and download the “Void cheque/direct deposit info” link under the Account Details page.
Apply With The Government
If you’re trying to set up a direct deposit with the government, you can do so through your online CIBC bank account.
- To activate direct deposit with the Canada Revenue Agency (CRA), sign into CIBC Online Banking and click “Customer Services” from the menu.
- Choose “Set up direct deposit with Canada Revenue Agency”.
- Complete the form and then submit it.
CIBC Basic Numbers
As a CIBC member, you should familiarize yourself with these account numbers:
CIBC Institution Number
The institution number is a 3-digit code that’s unique to every bank in Canada. CIBC’s institution number is 010 and is usually located between the 5-digit transit number and the 7-digit bank account number on cheques and other relevant financial documents.
CIBC Transit Number (Branch Number)
In Canada, each financial institution is identified using a unique 5-digit transit number. You can find the transit number of the CIBC branch where you opened your account:
- Online – Log into CIBC Online Banking and head to “My Accounts”. Find the number associated with your Personal Line of Credit or deposit (using the format xxxxx-yy-yyyyy). Your transit number is the first 5 digits.
- On Your Cheques – If you look at the bottom of your CIBC cheques, you should see your transit number under your branch address (written in the same format).
- At Your CIBC Banking Centre – You can also get your transit number by visiting a CIBC branch or going online and entering the email address or postal code of your CIBC Banking Centre (input your home branch to get your account transit).
CIBC Routing Number
When combined, your transit number and institution number make up your bank routing number, which is used to process cheques and electronic transactions, including direct deposits, funds transfers, digital cheques and recurring bill or loan payments. You can find two different routing number formats in the same places as your transit number:
- Electronic Transactions Routing Numbers (ETF): 0XXXYYYYY
- Paper Transactions Transit Numbers (MICR): YYYYY-XXX
- YYYYY is the transit number and XXX is the institution number
CIBC Global Money Transfer Information
With a CIBC Global Money Transfer, you can send money to bank accounts in over 120 countries, with zero transfer fees. You can also transfer money to Visa Credit and Debit cards in over 80 countries. This provides a free, safe and fast way to transfer money abroad and earn rewards via CIBC Online Banking or the CIBC Mobile Banking App.
You can send $100 to $30,000 per transfer (depending on the country) and most transfers are sent within the same business day. Rates are competitive and you may even earn rewards points or cash back when you pay with an eligible credit card.
CIBC Rewards Program
- Travel Rewards – CIBC offers a range of Aventura and Aeroplan cards that allow frequent flyers to earn points and redeem them for merchandise, airport lounge access, vacation packages and other premium travel benefits. Points can also be applied to credit card balances and eligible CIBC financial products.
- Cash Back – Get cash back at accelerated rates on eligible gas, grocery, dining and transportation purchases, as well as with your recurring payments. Once you have at least $25 cash back dollars, you can redeem them whenever you want.
How to Redeem CIBC Rewards
The way you redeem your CIBC points is based on the source of your rewards:
- Aventura – To redeem your Aventura points for travel perks, go to the CIBC Rewards website or call the CIBC Rewards Centre at 1-888-232-5656.
- Aeroplan – You can redeem Aeroplan points by signing into your account and shopping on the Air Canada website or app, as well as the Aeroplan Store.
- Cash Back – You can redeem cash back using CIBC Online and Mobile Banking or by calling 1-800-465-4653. You need a minimum of $25 cash back to redeem.
Depending on the CIBC product you use, the fees associated with it will vary. However, here is a table of some common fees to consider.
|Credit Card Annual Fee
|Varies between $0 – $599
|Bank Account Monthly Fee
|Varies between $0 – $29.95
|International Transfer Fee
|$0 per transfer
|Account Inactivity Fees
|$20 – $40
|Stop pre-authorized debit or cheque payment
|$12.50 or $20
|Stop e-transfer payment
How Can You Access Your CIBC Accounts?
There are at least 3 easy methods of accessing your CIBC accounts:
- Online – Go to the CIBC Online Banking portal and register for an account (or log into your existing one). You must enter your CIBC Debit Card number here.
- App – Download the CIBC Mobile App from the App Store or Google Play, then register or log into your account to manage and monitor your financial accounts.
- Phone – Get full service banking 24/7 by calling 1-800-465-2422 for English, 1-888-337-2422 for French or 1-800-465-7401 for Teletype Devices (TTY).
Thinking About Opening A New Bank Account?
If so, CIBC is one of the largest and most versatile banking institutions in Canada. They offer a broad choice of financial products, rewards programs and options for everyone. For more information about their solutions, go to the CIBC website, call their customer service line or visit a CIBC Banking Centre and speak to a representative near you.