CIBC Smart Account – Because One Size Does Not Fit All

Not too long ago I went into my financial institution to get some banking done and was notified by the teller that I have been going over my allotted transactions for months. Apparently I had used up my quota {especially on Interac e-Transfers}, and had been paying extra for each one for quite some time. Nice!

Before I get the third degree for not knowing this {after all, we should be keeping a close eye on our accounts, I know}, let me explain. For one, I {like a lot of people} signed up for my account so long ago, that I forgot the fine details. This, coupled with the million other things that occupy our minds each day, makes it really easy to overlook things like the number of transactions we make. That is, until we’re literally paying dearly for it. Which isn’t smart at all.

CIBC - debit card and payment terminal

There are many ways to keep track of our banking activity today – we can go into our local bank branches, and we can also go online or use our smartphones. In many ways banking has evolved to suit our modern everyday needs, yet many of us are using archaic accounts that don’t necessarily mesh with our needs. I realized the hard way that it was time to re-visit my accounts. There had to be options more tailored to my life now and not decades ago!


Fact is, I am not alone in my experience and needs. A recent CIBC poll discovered that 49% of all Canadians have sent an Interac e-Transfer, and among those, 61% say they would send more if there were no associated extra fees. More than half {56%} of Canadians who have sent an Interac e-Transfer, also say they limit their use of the service because of the extra fees.

CIBC listened to client feedback and made it their mission to make banking easier and more convenient for their customers. They have a new bank account called the CIBC Smart ™ Account, and it’s … well, very smart.


The CIBC Smart Account has a monthly fee which starts at just $4.95 for up to 12 transactions, and caps at $14.95 for unlimited everyday banking transactions, which now includes Interac e-Transfers.

This account is the first of its kind to offer unlimited Interac e-Transfers. The flexible monthly fee of $4.95 up to $14.95, is waived by maintaining a minimum daily balance of $3,000 and having a recurring direct deposit or two pre-authorized payments each month.

This new bank account automatically adjusts to a client’s needs with lower fees in months where clients’ banking needs are less. Persons and even business owners who bank regularly would have peace of mind that they aren’t paying for what isn’t used some months, and not overcharged dearly during those times when use it more often. 

CIBC - (postcard) Percy at ATM

To open a CIBC Smart Account, you don’t even need to go into the bank, there’s an option to open one via the CIBC Mobile Banking® App, which is another smart idea for those that cannot get into a branch. Thing is, all clients have individual banking needs, and one account size does not fit all – today’s clients need that smart account.

When was the last time you checked if your bank account is right for you? 


Disclosure: This is a compensated post, yet as always, all opinions are my own.


One Comment

  1. yeah when you have adult kids, who are far away, sometimes its just easier to send an etransfer for bdays and such, and I too would send more if there wasnt that fee both ways

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