Newest CIBC Promotions, Bonuses, Offers and Coupons: September 2021

If you’re a resident of Canada or spend a lot of time traveling between the U.S. and Canada, banking with CIBC can simplify your life. The bank gives you access to cross-border financial services that let you deposit, transfer and spend in both currencies with no exchange fees.

Like many banks, CIBC offers promotions to attract new customers. And the August CIBC bonuses fit a unique niche in the marketplace. Not every bank seeks to help students from abroad open the account they need to get a visa to study in Canada, but that’s exactly what this latest CIBC promotion does. Check out the details of this and the bank’s other current offers ahead.

CIBC Checking Account Promotions

Whether you’re doing most of your banking in Canada or some across the border, CIBC has a current offer that may appeal to you.

CIBC Smart and Smart Plus Account: CA$300 Bonus

In addition to a $300 bonus, the monthly fee for these accounts will be waived for a time if you keep up the recurring transactions that you’ll already need to set up in order to claim the bonus.

• Cash value: CA$300
• Minimum deposit to qualify: At least one recurring direct deposit of any amount
• Expiration date: Not specified
• How to get it: Open a new CIBC Smart or Smart Plus Account, provide your email and complete two out of three of these qualifying activities within two months of opening: Make a recurring direct deposit, schedule two different recurring direct debits or make two online bill payments of at least $50 each. The direct deposit or direct debit must remain in effect for two consecutive months.
• When you’ll get it: Seven months after opening the account
• Terms and conditions: Must be a resident of Canada who has reached the age of majority and not already hold a CIBC checking account
• Monthly fees: $4.95 to $14.95 for the Smart Account and $29.95 for Smart Plus, but fees will be refunded for the Smart Account for the first 12 months if you continue to make one recurring direct deposit or two recurring pre-authorized debits per month. For the Smart Plus Account, the fee-free period is a shorter three months. After that, maintain a daily balance of $4,000 or more for the Smart Account — and keep up the recurring deposit or debits — or $6,000 or more for the Smart Plus Account to keep avoiding the fee.
• Promotion page: CIBC Smart checking account offer | CIBC Smart Plus checking account offer

CIBC Bank USA Smart Account: No Monthly Fee for 12 Months

Frequent cross-border travelers between the U.S. and Canada will appreciate the convenience and control of having a checking account that works in both countries. With a new account, CIBC will waive the monthly fee and debit transaction fee for a year — no coupons required. Here are the details:

• Cash value: Up to $179.40
• Minimum deposit to qualify: There’s no minimum deposit, but you must make a deposit within the first 12 months.
• Expiration date: Not specified
• How to get it: Open a USA Smart Account and CIBC will waive the $4.95 monthly account maintenance fee plus the $1.25 debit transaction fee — up to $10 per month — for the first 12 months after account opening.
• When you’ll get it: Fees will be waived for the first 12 months your account is open.
• Terms and conditions: The CIBC USA Smart Account is available to CIBC Canada clients with an eligible deposit account or personal line of credit who are a resident of the U.S. or Canada.
• Monthly fees: After the promotion period, the monthly fee will range from $4.95 to $14.95, but you can have fees waived if you maintain a minimum daily balance of $3,000.
• Promotion page: CIBC Bank USA Smart Account offer

CIBC Credit Card Promotions

CIBC has a multitude of credit cards with various offers, but these are some of the best.

CIBC Aventura Visa Infinite and Gold Visa Card: Up To 35,000 Bonus Points ($800 Value)

These travel reward cards come with two Aventura points for every dollar spent on travel through the CIBC Rewards Centre, 1.5 points per dollar at gas stations, grocery stores and drugstores and one point per dollar on everything else. Read on for details of the welcome offer.

• Cash value: $800 if spent on travel
• Minimum spend to qualify: Make a purchase to get the first 20,000 bonus points. After that, spending at least $1,000 a month will get you an additional 1,250 points for the first year.
• Expiration date: May expire at any time
• How to get it: After qualifying for either card, you’ll get 20,000 Aventura points for making your first purchase. Then, you can get 1,250 additional points each statement period you make $1,000 in purchases, up to 15,000 points, for a total of 35,000 bonus points. Additionally, the annual fee of $139 for either card will be refunded for the first year.
• When you’ll get it: Within eight weeks of making the qualifying purchases
• Terms and conditions: Offer applies to new credit card accounts only, and your account must be open and in good standing to receive the bonus points. Certain transactions, such as cash advances, balance transfers and points redemptions, do not count as purchases.
  Annual fee: $139, refunded for the first year
• Promotion page: CIBC Aventura Visa Infinite offer | CIBC Aventura Gold Visa offer

CIBC US Dollar Aventura Gold Visa Card: 2,500 Bonus Points and Annual Fee Rebate (Up To $60 Value)

This Visa card accrues rewards points on purchases: one point for every dollar spent on travel made through the CIBC Rewards Centre, and one point for every $2 spent on anything else. Plus, it features no currency conversion fees for purchases made in U.S. dollars.

• Cash value: Up to $60
• Minimum spend to qualify: N/A
• Expiration date: Not specified
• How to get it: After qualifying for and opening a new CIBC U.S. Dollar Aventura Gold Visa, completing each of these five activities within the first 60 days will net you 500 bonus Aventura points, up to a total of 2,500:
  1. Sharing your email address with CIBC
  2. Signing up for e-statements
  3. Adding an authorized user
  4. Holding an eligible checking account
  5. Adding your new card to Apple, Samsung or Google Pay
• When you’ll get it: Within two statement cycles of completing the activities
• Terms and conditions: To get a rebate on the $35 annual fee, you’ll need to hold either a CIBC USA personal checking or savings account and a CIBC personal premium credit card. All accounts must be in good standing at the time the fee is charged. Premium cards are any of the bank’s cards with an annual fee of $99 or more.
• Annual fee: $35 if you don’t qualify for the rebate
• Offer page: CIBC U.S. Dollar Aventura Gold Visa offer

CIBC Promotions for Students

CIBC has a new account bonus and a referral bonus that are both aimed at students.

CIBC Smart for Students Checking Account Offer: CA$60 Bonus

Students can get an account-padding $60 for opening a new Smart for Students checking account, which comes with no monthly fee for up to 4 ½ years. If you’re a student, also check out CIBC’s free-to-enter contest that will award $35,000 to the winning student.

• Cash value: CA$60
• Minimum deposit to qualify: N/A
• Expiration date: Not specified
• How to get it: After opening a new Smart for Students checking account and providing your email address, sign up for online or mobile banking and make at least two Visa debit purchases with the associated debit card within the first two months to qualify for the bonus.
• When you’ll get it: Six months after opening the account
• Terms and conditions: You must be a Canadian resident, and international students will need to show proof of their status.
• Monthly fee: None
• Offer page: Smart for Students checking offer

CIBC International Student Referral Program: $25 Bonus

Referral programs are hot right now, helping banks grow their customer base while helping new customers and their friends earn a little extra cash. CIBC has a program designed to help students from China, India, Vietnam and the Philippines get a Guaranteed Investment Certificate or a student bank account that is needed to obtain a student visa to study in Canada.

Best of all, there’s no limit on the number of friends and family you can refer or the amount of money you can earn from the referral bonus program. You don’t even need to be a CIBC client to qualify. If you don’t have your own CIBC bank account, you’ll receive the bonus via the Interac e-Transfer service. Here are the details:

• Cash value: $25
• Minimum deposit to qualify: CA$10,000 by the person you refer
• Expiration date: N/A
• How to get it: Ask friends or family members you refer to use your email address on their CIBC International Student GIC or Student Deposit Program application under “Referral Program.”
• When you’ll get it: Once your friend transfers funds into their new GIC or Student Deposit account, you’ll receive the money in your CIBC bank account or via Interac e-Transfer if you’re not a CIBC customer.
• Terms and conditions: Your friend must be approved and make the necessary deposit.
• Monthly fees: N/A
• Promotion page: CIBC international student referral program

CIBC Business Account Promotions

There’s just one current available business account promotion for CIBC, but it’s worth checking out if you’re looking for a financial home for your new business.

CIBC Business Operating Account: CA$300 Bonus

If you’re a new business owner who hasn’t yet incorporated your business, you can get a $300 cash bonus if you choose CIBC as your banking home.

• Cash value: CA$300
• Expiration date: Mar. 22, 2021
• Minimum deposit to qualify: N/A, but you’ll need at least $299 to incorporate your business, plus any provincial fees
• How to get it:
  • First, you must incorporate your business with MyCorporation either by phone at 1-818-928-3597 or online through www.mycorporation.com/cibc.
  • Then, open one of CIBC’s business accounts within 60 days of incorporating. The eligible business accounts are:
    • CIBC Basic Business Operating Account
    • CIBC Everyday Business Operating Account
    • CIBC Advanced Business Operating Account
    • CIBC Unlimited Business Operating Account
    • CIBC U.S. Dollar Current Account
    • CIBC Business Operating Account for Commercial/Large Corporate Clients
  • Once you have your new account, you just need to keep it open and in good standing for 90 days to receive the $300 bonus.
• When you’ll get it: Within four weeks of satisfying the requirements
• Terms and conditions: Only one bonus per business is available, and if you close the account before the 90-day eligibility period is up, you won’t receive the bonus.
• Monthly fees: Fees vary depending on which account you open, but they range from $6 for Basic Business to $65 for the Unlimited account. Most have ways to waive the fee by maintaining a minimum daily balance.
• Promotion page: CIBC Business Account Offer

Other CIBC Offers

New residents or those moving to Canada can take advantage of a welcome package offered by CIBC.

CIBC Welcome to Canada Banking Package: Up To CA$1,200 Value

If you’re planning on taking your cross-border relationship to the next level, CIBC has a raft of welcome offers aimed specifically at newcomers to the nation. Check out the program page for the full details, but bonus offers are available in a variety of ways, such as opening a new checking account, getting a new credit card or renting a safe deposit box, plus making use of the bank’s fee-free international money transfers.

• Cash value: Up to CA$1,200
• Expiration date: Not specified
• Minimum deposit to qualify: N/A
• How to get it: The $1,200 value is calculated by using all of the following offers. If you take advantage of all of them, you’ll be earning and saving about that much. Here’s how the bank describes it, with all values in Canadian dollars. Visit the linked offer page for full details of each program.
  • $300 bonus for opening a new CIBC Smart Account for Newcomers, receiving a year of waived monthly fees for an additional value of $174
  • Save $99 on the annual fee for the CIBC Dividend Platinum Visa credit card, plus get $288 in cash back on an average spend of $800 per month on purchases such as gas and groceries
  • $60 in cash back when you rent a safe deposit box
  • $50 for your first CIBC Global Money Transfer, plus an additional savings of approximately $20 per transfer since CIBC has no fee, estimated at $240 if you make one each month
• When you’ll get it: Varies depending on which offer(s) you enroll in
• Terms and conditions: To qualify for the CIBC Smart Account for Newcomers, you must have received landed immigrant status in the past five years. Other terms and conditions apply depending on the specific offer.
• Monthly fees: N/A
• Promotion page: CIBC Welcome to Canada banking package

CIBC Mortgage Offer: Up To CA$3,000 Cash Back

Whether you’re a first-time buyer or a homeowner looking for a new lender, you could score some bonus cash from CIBC if you use its mortgage financing. Depending on how much you borrow, you could get up to $3,000.

• Cash value: Up to CA$3,000
• Expiration date: Oct. 18, 2021
• Minimum deposit to qualify: N/A
• How to get it:
  • After talking with a CIBC mortgage advisor or getting preapproved online for a mortgage, qualifying home mortgage borrowers will get a cash-back bonus depending on the amount financed. New mortgages and moving an existing mortgage to the bank both qualify. The bonus terms are as follows:
    • A loan of $100,000 to $299,999 will receive $1,000
    • $300,000 to $499,999 will get $1,200
    • $500,000 to $749,999 nets $2,000
    • $750,000 or more gets $3,000
  • You’ll also need a CIBC checking account to make mortgage payments and receive the bonus funds.
• When you’ll get it: Within six to eight weeks after the mortgage funds
• Terms and conditions: Mortgages must be for $100,000 or more and must be funded within 120 days of the application date to qualify. The eligible loan types are the CIBC Fixed-Rate Closed Mortgage loan with a term of four or more years or a CIBC Variable Flex Mortgage loan with a five-year term.
• Promotion page: CIBC Move Your Mortgage offer

How To Open a CIBC Bank Account

You can open a CIBC account online in a few minutes by easily downloading the CIBC mobile banking app, available on both the App Store and Google Play. You’ll need to provide personal information such as your U.S. driver’s license or passport.

Next, follow these simple steps:

1. Select the CIBC product you’d like to apply for.
2. Enter your information by signing into your account and scanning the barcode on your driver’s license.
3. Verify by scanning a check or signing the screen using the eSignature option.

After you have been verified, all of your materials can either be mailed to you or picked up at any CIBC banking center.

Are CIBC Bank Promotions Worth Switching For?

Don’t make the switch before you consider if CIBC is really the best bank for you. If it’s convenient for your lifestyle, CIBC’s unique cross-border banking services might be an even stronger enticement than the current promotional offers.

For example, if you frequently travel between Canada and the U.S., it’s worth switching to CIBC because you can handle banking tasks in both currencies without having to worry about foreign transaction fees or currency exchanges. Plus, as long as you meet the requirements, you’ll get a rebate on your monthly fees.

Julia Gordon contributed to the reporting for this article.

Information on promotions is accurate as of Aug. 27, 2021. Additional requirements may apply. Offers and terms are subject to change.

Editorial note: This content is not provided by CIBC. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by CIBC.

This article has been updated with additional reporting since its original publication.

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