Hi, I’m looking at opening my first chequing account with CIBC because they offer no fees for people under 25. But I keep seeing mixed reviews, and it feels like they might be the least popular of the big 5 banks. Are there any other good no-fee options I should consider if I don’t go with CIBC?
Thanks
Big banks are mostly the same with their own little quirks. CIBC’s been fine for me.
Charley said:
Big banks are mostly the same with their own little quirks. CIBC’s been fine for me.
Do you pay $7 a month for chequing?
Charley said:
Big banks are mostly the same with their own little quirks. CIBC’s been fine for me.
Do you pay $7 a month for chequing?
My account charges $20 monthly but refunds it if I keep a $3000 balance.
@Jayden
$3000 in EQ’s 3.5% account would get you $8.75 a month or about $105 yearly. That’s like 70 free Costco hot dogs.
@Jayden
So that $3000 is just sitting there earning nothing?
Aurora said:
@Jayden
So that $3000 is just sitting there earning nothing?
Technically it’s making 0.67%.
Aurora said:
@Jayden
So that $3000 is just sitting there earning nothing?
Technically it’s making 0.67%.
It’s losing out on 3.5% since that’s what you’d make at a bank that doesn’t hold your money hostage. Don’t fall for the sales pitch.
Aurora said:
@Jayden
So that $3000 is just sitting there earning nothing?
Technically it’s making 0.67%.
Not really earning since there’s no fee. This is different from paying off debt where you ‘earn’ the interest saved. Fees on accounts are optional as there are no-fee options available.
Aurora said:
@Jayden
So that $3000 is just sitting there earning nothing?
I’ve got a chequing and a savings. Spending money is in chequing; everything else goes to my MF and savings.
@Jayden
Which CIBC account is this?
CIBC is good for credit, preapprovals, and their app.
Some downsides: branch hours aren’t as good as RBC or TD, and wait times can be long. But they’ve been helpful and proactive when I’ve needed them.
Consider how close they are to you and if you like the staff. They were the only bank able to resolve an issue with my credit application, and they treated me like they wanted my business.
@Rin
Smart Plus 
Go with whichever bank is closest or most convenient. All banks have basic accounts for free, and if you have a larger balance, the higher accounts can be free too.
Been with CIBC a long time. Lately, service isn’t what it used to be, but my local branch has been great.
If you think CIBC is bad, try RBC. It’s useful to have a big 5 bank because they have physical branches, unlike the online banks. You can walk in and get a bank draft same day, which isn’t possible with online banks. I’d suggest using CIBC along with Tangerine to access Scotia ATMs without a fee.
@Davi
If you’re with Simplii, you can use CIBC’s resources.
If you’re with Tangerine, you can use Scotia’s resources.
Mica said:
@Davi
If you’re with Simplii, you can use CIBC’s resources.
If you’re with Tangerine, you can use Scotia’s resources.
What resources do you mean? I thought it was just the ATMs. I’m with both.
@Pippin
Free ATM use at their ATMs. Also, Simplii can rush a draft to CIBC same day, but it varies.