Choose the right account

Chequing account

A chequing account lets you deposit money to pay bills and make everyday purchases online or in person. This is a “spending” account.

Why use a chequing account?

  • It generally offers more transactions as part of your monthly fee
  • It lets you pay bills and use your debit card more often for day-to-day spending

Savings account

A savings account lets you deposit money to save for short-term goals or emergencies.

Why use a savings account?

  • It doesn’t typically have a monthly fee, but may have transaction or record-keeping fees
  • It can help you set aside money for when you need it
  • It may help you earn interest

Solutions to consider

CIBC Smart™ Account

Learn moreLearn more about the CIBC Smart Account

CIBC eAdvantage® Savings Account

  • Free transfers to your other CIBC personal accounts through online, mobile or telephone banking and our ATM network

Learn moreLearn more about the CIBC eAdvantage Savings Account

Understanding your account

Hands using a debit card at a point-of-sale terminal

Depending on your account type, you’re offered a set number of transactions per month.

But, what counts as a transaction? Paying your phone bill or sending money online, using your debit card to buy lunch and withdrawing money from a CIBC ATM could count as transactions.

Non-billable transactions: Remember, if you make deposits to your personal bank account (for example, CIBC eDeposit® or through a CIBC ATM) you won’t be charged for these transactions.

Money being transferred between two devices

Send money within Canada using Interac e-Transfer service, or around the world with CIBC Global Money Transfer™, without a transfer fee2.

Learn more about Interac e-Transfer
Learn more about Global Money Transfers

If you don’t have enough money in your account for a transaction, like a pre-authorized payment or a cheque, you could be charged a non-sufficient funds (NSF) fee. Here are some steps you can take to avoid it.

CIBC Overdraft Protection Service

Consider CIBC Overdraft Protection Service to protect you from declined transactions and non-sufficient funds fees. It helps protect you from the inconvenience of an unexpected or temporary cash shortfall.

It covers you up to your approved credit limit3 when you don’t have sufficient funds available in your account to complete a transaction.

Choose from 2 convenient overdraft protection fee options that are right for you:

This option is best if you don’t expect to need overdraft protection often, but would appreciate the protection and peace of mind knowing you have funds available.

This option is best if you expect to need protection frequently, and want to ensure you’re covered for temporary cash shortfalls.

Other steps you can take

  • Regularly sign on to online or mobile banking to review your account balance
  • Set reminders in your calendar to track upcoming payments, including pre-authorized payments

More helpful tips

  • Get great financial advice, along with the information and tools you need to help you reach your goals, by visiting the CIBC Advice Centre
  • For all your banking enquiries, contact us in a way that’s convenient for you. Contact us
  • You may be able change your account type to change the features of your account without changing your account number. Contact us

Take advantage of additional benefits

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