No-Fee Banking
Open a no-fee KOHO account. Use code BREMO2026 for a welcome bonus.
Updated March 2026 · 10 min read
CIBC (Canadian Imperial Bank of Commerce) takes a different approach to chequing pricing with its Smart Account — a single account with a fee that scales from $4.95 to $16.95 depending on how many transactions you make each month. This guide explains every CIBC personal chequing option in 2026.
KOHO charges $0/month regardless of how many transactions you make. Unlimited e-transfers, unlimited debit, no surprises.
Open KOHO — Code BREMO2026| Monthly Transactions | Monthly Fee | e-Transfer |
|---|---|---|
| 0–12 transactions | $4.95 | $1.00 (if within tier) |
| 13–25 transactions | $6.95 | $1.00 |
| 26–40 transactions | $10.95 | $1.00 |
| 41+ transactions (unlimited) | $14.95–$16.95 | Free (with Smart Plus) |
Rather than paying a flat monthly fee like other banks, CIBC's Smart Account charges you based on actual usage. At the end of each month, CIBC counts your debit transactions (purchases, ATM withdrawals, bill payments, cheques) and applies the fee for the applicable tier. Interac e-transfers count as transactions but are also subject to a per-transfer fee at lower tiers.
This model benefits light users (0–12 transactions pays only $4.95) and variable-use customers who don't want to pay $16.95 in slow months. However, for regular users who transact 25+ times monthly, the unlimited tier at $14.95–$16.95 is no different from TD or RBC unlimited plans.
CIBC's unlimited flat-fee account. It includes unlimited transactions AND free Interac e-transfers. Monthly fee waived with a $4,000 minimum daily balance. This is CIBC's closest equivalent to TD Unlimited or RBC Signature No Limit.
CIBC offers bundle discounts when you combine Smart Plus chequing with a CIBC credit card or CIBC Investor's Edge account. Bundle holders can receive a $4.00/month discount on the Smart Plus fee, reducing the effective fee to $12.95/month (before balance-based waivers).
Full-time students get CIBC Smart Account for free — CIBC waives all tiers of the Smart Account monthly fee with valid student enrollment. Free Interac e-transfers are also included. This is one of the more generous student banking offers among Big 5 banks because it includes the transaction-fee-free e-transfers.
If you want CIBC's banking infrastructure without monthly fees, Simplii Financial is the answer. Simplii is CIBC's no-fee digital brand. You get unlimited transactions, free Interac e-transfers, and access to CIBC ATMs — at $0/month. The trade-off: no in-branch service and no premium perks. Compare no-fee banks →
| Account | Fee (unlimited) | Fee Waiver | Free e-Transfer |
|---|---|---|---|
| CIBC Smart Plus | $16.95 | $4,000 | Yes |
| Simplii Financial | $0 | N/A | Yes |
| TD Unlimited | $16.95 | $4,000 | Yes |
| KOHO Essential | $0 | N/A | Yes |
| EQ Bank | $0 | N/A | Yes |
| Fee | Smart (variable) | Smart Plus |
|---|---|---|
| Monthly fee | $4.95–$16.95 | $16.95 (waived at $4K) |
| e-Transfer | $1.00 per transfer | Free |
| Non-CIBC ATM | $2.00 | $2.00 |
| NSF fee | $45 | $45 |
| Bank draft | $9.95 | $9.95 |
| Overdraft protection | $5/mo or $5/use | $5/mo or $5/use |
CIBC's tiered model is smart for people who transact lightly some months and heavily others. The automatic tier adjustment means you're never overpaying for a full unlimited plan when you only do 10 transactions. For heavy users (40+ transactions), CIBC Smart Plus at $16.95 is equivalent to any Big 5 unlimited account — no better or worse. Simplii Financial and KOHO remain the best options for truly fee-free banking in CIBC's ecosystem.
No tiers, no surprises, no fees. Unlimited transactions at $0/month with cashback included.
Open KOHO Free — Code BREMO2026Tired of bank fees? Open a no-fee KOHO account, get $20 with code BREMO2026 →