CIBC (Canadian Imperial Bank of Commerce) is Canada's fifth-largest bank with 11+ million clients, 1,000+ branches, and 3,400 ATMs. CIBC is best known as the home of Aeroplan credit cards — the most popular travel rewards program in Canada. CIBC is also the parent company of Simplii Financial, the best no-fee bank account in Canada.
Quick Verdict
| Category | Score | Notes |
|---|
| Monthly Fees | | $12.95–$29.95/mo |
| Welcome Bonus | | Up to $300 (periodic offers) |
| Aeroplan Cards | | Best Aeroplan cards in Canada |
| Branch Access | | 1,000+ branches nationwide |
| Digital Banking | | Decent app, improving |
| Savings Rates | | 0.01% — among worst in Canada |
$300
CIBC Welcome Bonus (Smart Plus or Advantage)
Periodic offer — open qualifying account + set up direct deposit
CIBC Account Plans 2026
Smart Account
$12.95/mo
- Unlimited debits
- Free e-transfers
- Waived: $4,000 balance
Smart Plus Account ⭐
$22.95/mo
- Unlimited everything
- Bonus eligible ($300)
- 1 free USD account
- Waived: $6,000 balance
Advantage Account
$29.95/mo
- All Smart Plus benefits
- Annual credit card fee rebate
- Global ATM rebates
- Waived: $6,500 balance
Student Account
$0/mo
- Unlimited transactions
- Free for full-time students
CIBC Aeroplan Credit Cards — The Main Attraction
CIBC is the official bank partner for Air Canada Aeroplan — Canada's most popular travel rewards program. CIBC Aeroplan cards earn points redeemable for Air Canada flights, hotel stays, and merchandise.
| Card | Annual Fee | Best Earn Rate | Welcome Bonus |
|---|
| Aeroplan Visa Infinite | $139 (waivable) | 1.5x Aeroplan (groceries/gas/Air Canada) | ~40,000 Aeroplan pts |
| Aeroplan Visa Infinite Privilege | $599 | 2x Aeroplan on Air Canada | ~75,000 pts + lounge access |
| Aeroplan Visa | $0 | 1x Aeroplan everywhere | 10,000 pts |
| Costco MC | $0 (for Costco members) | 3% at restaurants, 2% travel | No welcome bonus |
The CIBC Aeroplan Visa Infinite is widely considered the best all-around Aeroplan credit card when you factor in the free checked bag benefit on Air Canada flights, which alone can save families $400+ per round trip.
✓ CIBC Pros
- Best Aeroplan credit cards in Canada
- Free checked bags (Aeroplan Infinite)
- 1,000+ branches, 3,400 ATMs
- Free student banking
- Simplii Financial (free no-fee banking)
- Costco Mastercard partnership
- Strong mortgage products
✗ CIBC Cons
- Monthly fees $12.95–$29.95
- Smallest Big 5 branch network
- 0.01% savings rate
- $300 bonus lower than TD/Scotia
- Smart Plus fee ($22.95) is high
- NSF fees $48
- Not ideal for non-Aeroplan users
CIBC vs Competitors 2026
| Feature | CIBC | RBC | TD | KOHO |
|---|
| Monthly Fee | $12.95–$29.95 | $11.95–$30 | $10.95–$29.95 | $0 |
| Welcome Bonus | Up to $300 | Up to $300 | Up to $400 | $100 (code 45ET55JSYA) |
| Best Credit Card | Aeroplan ⭐ | Avion travel | Aeroplan (also CIBC) | 1–2% cashback |
| No-Fee Option | Simplii Financial | — | — | KOHO itself |
| Savings Rate | 0.01% | 0.01% | 0.01% | Pair with EQ 3.75% |
No monthly fee alternative — $100 bonus with code:
45ET55JSYA
KOHO · $0/month · 1% cashback on groceries/transit/bills
Get KOHO + $100 →
CIBC Smart Strategy: Simplii + Aeroplan
The smartest way to bank in the CIBC ecosystem: open a Simplii Financial account (CIBC's no-fee brand) for free daily banking, and get the CIBC Aeroplan Visa Infinite credit card for travel rewards and free checked bags on Air Canada. You get the full value of CIBC's best products without paying any monthly banking fees.
Frequently Asked Questions
Is Simplii Financial the same as CIBC? +
Simplii Financial is CIBC's no-fee digital banking brand. Your deposits are held by CIBC and are CDIC-insured. Simplii offers free chequing accounts with unlimited transactions and free e-transfers — the same banking infrastructure as CIBC but without monthly fees or branches. It's the best choice if you want CIBC-backed safety without the fees.
What makes CIBC's Aeroplan card special? +
CIBC is the primary issuer of Aeroplan credit cards. The CIBC Aeroplan Visa Infinite earns 1.5x Aeroplan points on groceries, gas, and Air Canada purchases, and comes with free checked bags on Air Canada for the cardholder and travel companions. For Air Canada frequent flyers, this free bag benefit alone is worth $60–$120 per round trip — more than the annual fee for couples or families.
What is CIBC's welcome bonus for 2026? +
CIBC periodically offers welcome bonuses on their Smart Plus and Advantage chequing accounts — typically up to $300. Requirements usually include setting up recurring direct deposit. Note that CIBC's monthly fees are among the highest of the Big 5 ($12.95–$22.95 for mid-tier accounts), so the net value after fees is around $220–$260.
Is CIBC or TD better? +
TD is generally considered slightly better for everyday banking: lower monthly fees ($10.95 vs $12.95 basic), larger welcome bonus (up to $400 vs $300), and more branches in Ontario/Quebec. CIBC wins if you're an Aeroplan loyalist — CIBC Aeroplan cards have superior earn rates vs TD's Aeroplan offering. Both have identical 0.01% savings rates, so move your savings to EQ Bank regardless of which you choose.
Bottom Line
CIBC is the right choice if you fly Air Canada regularly and want the best Aeroplan credit card benefits. For everyday banking, use Simplii Financial (CIBC's no-fee brand) instead of a CIBC chequing account to avoid monthly fees. And if you don't fly Air Canada frequently, KOHO (code 45ET55JSYA) + EQ Bank offers better value for zero monthly fees.