Chequing accounts, savings accounts, and credit cards are fundamental banking products we rely on in our daily lives.
- A premium chequing account offers VIP banking services, benefits, and perks; however, it also incurs significant monthly fees. In contrast, a low monthly fee chequing account typically comes with limited banking services, which can lead to service fees later on, potentially resulting in higher overall costs than the monthly fees of a premium account during certain months.
- A premium credit card offers a handful of rewards or cashback points for every dollar spent, but it also has substantial annual fees. In contrast, no-annual fee credit card provides limited rewards. Depending on your spending levels, the difference in rewards and benefits can become significant over the course of a year.
What if there is a way to enjoy all the excellent chequing, savings, and credit card options from CIBC without any fees coming out of your pocket? Let’s explore this together.
Emergency Fund is your Key
This strategy is ideal for anyone who has saved at least $6,000 for an emergency fund; it serves as a linchpin for optimal banking setup. Rather than letting it sit idle and earn minimal interest, we can unlock CIBC’s best personal banking package by simply relocating the fund. In this setup, you can say goodbye to hefty bank fees while ensuring your emergency fund remains readily available for unexpected “rainy days.”
If you’re not yet familiar with the idea of an Emergency Fund and why it’s so important, I highly recommend checking out Emergency Fund: We all got ‘rainy days’. It’s a great resource that will guide you in preparing for those unexpected rainy days — on top of all the potential benefits you can unlock!
CIBC Product Range*
| Chequing Accounts | Savings Accounts | Credit Cards |
| CIBC Smart™ Account | CIBC eAdvantage® Savings Account | CIBC Dividend® Visa Infinite* Card |
| CIBC Smart™ Plus Account | CIBC Aventura® Visa Infinite* Card | |
| CIBC Aeroplan® Visa Infinite* Card | ||
| CIBC Aventura® Gold Visa* Card | ||
| CIBC Dividend Platinum® Visa* Card | ||
| CIBC Dividend® Visa* Card (No Fee) | ||
| CIBC Aventura® Visa* Card (No Fee) | ||
| CIBC Costco® Mastercard® |
*As of June 2025
There are 16 of potential combinations. One combination is having a CIBC Smart Account (monthly fee varies from $6.95 to $16.95), a CIBC eAdvantage Savings Account, and a no-annual-fee CIBC Dividend Visa Card. The question lingers: Is this the best we can do? The banking services are limited, yet we still pay a monthly fee, and the cash-back rewards are relatively low.
Our choice for ‘Optimal Banking’ with CIBC unlocks a VIP premium package with no fees. All you need to do is relocate and maintain an emergency fund of $6,000 in a chequing account, not in a savings account. Counter-intuitive?
Optimal CIBC Banking Trio
- Chequing: CIBC Smart™ Plus Account
- Savings: CIBC eAdvantage® Savings Account
- Credit Card: Your choice of CIBC Dividend® Visa Infinite* or CIBC Aventura® Visa Infinite* Card
Chequing: CIBC Smart™ Plus Account
- The monthly fee is $29.95. Parking your $6,000 emergency fund (or other available funds) here directly eliminates the monthly fee.
- Key Concept: You’re essentially earning 5.99% interest, as the $29.95 monthly fee is waived, saving you $359.40 annually. Plus, you get all premium banking services and perks.
- Digest Concept: One way to replicate this effect is to find a savings account that earns $29.95 monthly on a $6,000 balance, which translates to a 5.99% interest rate. Then, use this amount to cover the monthly fee for the CIBC Smart™ Plus Account, allowing you to enjoy all the VIP banking services, plus an annual fee rebate of up to $139 on an eligible credit card. In this scenario, there’s no need to maintain any balance in the Smart Plus Account. So, unless you find a savings account with a 5.99% interest rate, parking $6,000 here remains the optimal choice.
- Standout Perks: An annual fee rebate (up to $139) on an eligible premium CIBC credit card.
Savings: CIBC eAdvantage® Savings Account
- This account has no monthly fee. You earn a base interest rate on all balances, plus bonus “Smart Interest” for each month you save at least $200 (on up to $200,000). However, transactions such as withdrawals and Interac e-Transfers® incur fees of $5.
- It is the optimal choice in a general sense. Since most of your emergency fund of $6,000 is sitting in your Smart Plus Chequing Account to waive fees, this account is perfect for saving extra cash or for short-term savings goals. Plus you get additional ‘Smart Interest’ when you save $200 or more in any month up to a maximum aggregate balance limit of $200,000.
- BrushMoney Tip: Transfers between your CIBC savings and chequing accounts are free and unlimited. Whenever you need to access funds from your savings account, transfer them to your chequing account before making a withdrawal or payment to avoid transaction fees.
Credit Card: CIBC Dividend® Visa Infinite* or CIBC Aventura® Visa Infinite* Card
- The annual fee for the CIBC Dividend® Visa Infinite* is $120, and the CIBC Aventura® Visa Infinite* is $139. The CIBC Smart™ Plus Account offers an annual fee rebate (up to $139) for one of these Visa Infinite cards, effectively making them free. The best choice depends entirely on your personal spending and the type of rewards you value most. Refer to the rewards comparison table below.
- CIBC Dividend® Visa Infinite* Card – The cash back percentage directly translates to its dollar value. For instance, a cash back rate of 4% translates to $4.00 for every $100 spent on essential categories like groceries and gas. This option is an excellent choice for straightforward value on everyday purchases.
- CIBC Aventura® Visa Infinite* Card – This card earns Aventura Points, which are primarily designed for travel redemptions. While Aventura points can typically be redeemed for travel through the CIBC Rewards Centre at a base value of $0.01 per point (1 cent per point), their true strength lies in the Aventura Airline Rewards Chart. Using this chart, you can potentially achieve a higher value, often up to $0.02 or more per point for specific flights, particularly if your flight aligns with the chart’s fixed point requirements. It also offers accelerated earn rates in common spending categories, making it a strong contender for those who prioritize travel rewards.*
- This rewards comparison table shows how much you earn in dollar terms for every $100 spent in a specific category.
| Spending Category | CIBC Dividend® Visa Infinite* | CIBC Aventura® Visa Infinite* |
| Groceries | $4.00 (at 4%) | $1.50 (at 1.5 points per $1) |
| Gas & EV Charging | $4.00 (at 4%) | $1.50 (at 1.5 points per $1) |
| Transportation & Dining | $2.00 (at 2%) | $1.00 (at 1 point per $1) |
| Recurring Bill Payments | $2.00 (at 2%) | $1.00 (at 1 point per $1) |
| Travel (via CIBC Rewards) | $1.00 (at 1%) | $2.00 (at 2 points per $1) |
| Drugstores | $1.00 (at 1%) | $1.50 (at 1.5 points per $1) |
| All Other Purchases | $1.00 (at 1%) | $1.00 (at 1 point per $1) |
*Spending Caps: The CIBC Dividend Visa Infinite card has a total annual spending cap of $80,000 for all purchases, and a $20,000 cap on the accelerated 4% categories (gas and groceries). After the caps are reached, the rate drops to 1%. Point values for Aventura are estimates and can vary based on redemption.- Subject to change as the rewards can be refreshed by CIBC.
Upfront Welcome Bonus Package
If you’re new to CIBC, Don’t miss out the attractive welcome bonuses! As of June 2025, typical offers may include:
- CIBC Smart™ Plus Account: $100 digital Skip gift card & get up to $450 in cash. To qualify, you must open your first CIBC Smart™ Plus Account and complete qualifying actions, such as setting up a recurring direct deposit and making online bill payments or Visa Debit purchases within the first two months. Conditions apply.
- CIBC Dividend® Visa Infinite* Card: Earn a 10% cash back welcome bonus for the first 4 statements (on up to $2,000 in spending, for a total of $200 cash back). Conditions apply.
- CIBC Aventura® Visa Infinite* Card: Earn up to 35,000 Aventura Points ($800 in travel value). This is typically structured as 15,000 points on your first purchase and an additional 20,000 points after meeting a spending threshold in the first few months. Conditions apply.
*Important: Welcome offers change frequently and have specific conditions (e.g., minimum spend, account activities, expiry dates). Always check the official CIBC website for the latest details and eligibility before applying. Conditions apply.
CIBC Optimal Banking Benefits at a Glance
Chequing & Savings
| Key features | BMO Premium Chequing | BMO Savings Amplifier Account |
| Monthly Account Fee | $0 (Value of $29.95/month saved)¹ | $0 |
| Credit Card Fee Rebate | Yes – rebate up to $139 annual fee | No |
| Unlimited Transactions | Yes | No (fees apply per transaction) |
| Free Interac e-Transfers® | Yes | No |
| Free Bank Draft | Yes | No |
| Free Personal Cheques | Yes | No |
| Safety Deposit Box | Yes – discount | No |
| Welcome Offer | Yes (value of $450)* | Yes (Promo Interest Rate)* |
¹Based on the $29.95 monthly fee, waived with a $6,000 minimum daily closing balance or $100,000 in combined eligible savings and investments. *Subject to change as the promotional Welcome Offer is often refreshed.
CIBC Visa Infinite* Card Options
| Feature / Benefit | BMO® CashBack World Elite | BMO Ascend World Elite |
| Annual Fee (with Smart Plus Account) | $0 (Regularly $120) | $0 (Regularly $139) |
| Primary Rewards | Cash Back | Aventura Points |
| Welcome Bonus | Often available (check current offers) | Often available (check current offers) |
| Rewards Highlights | • 4% on groceries, gas & EV charge • refer to rewards comparison table | • refer to rewards comparison table |
| Key Travel Perks | • Comprehensive Travel Insurance | • Comprehensive Travel Insurance • 4 Free Airport Lounge Passes • NEXUS Application Fee Rebate |
| Shopping & Other Perks | • Purchase Security & Extended Warranty • Mobile Device Insurance | • Purchase Security & Extended Warranty • Mobile Device Insurance |
| Best For You If: | You prefer straightforward cash back on everyday spending, especially on gas and groceries. | You are a frequent traveller who values airport lounge access and flexible travel rewards. |
Note: Please contact CIBC for more details. *Subject to change as the promotional Welcome Offer is often refreshed each term.
Final Thoughts
Do you have $6,000 or more in emergency funds sitting in a savings account? Relocate the first $6,000 to the CIBC Smart™ Plus Account to unlock a cascade of benefits: VIP banking services, no monthly fees, and no annual fees for premium CIBC Visa Infinite credit cards packed with perks – the CIBC Optimal Banking Trio.
If you are a dedicated fan of Air Canada and collecting Aeroplan points is your priority, consider the CIBC Aeroplan® Visa Infinite* Card. This card is also eligible for the annual fee rebate with the Smart™ Plus Account and offers an excellent range of travel benefits tied to the Aeroplan program.
CIBC Optimal Banking Trio serves as an excellent means to maximize value, convenience, and rewards through your relationship with CIBC. We hope this provides a solid foundation as a starting point for you to set up your own Optimal Banking. Please feel free to contact us with any questions or comments.
Important Note: If you need to access the Emergency Fund, ensure you switch your Credit Card to one with no annual fee and change your Chequing account to one with a lower minimum balance requirement before withdrawing the funds to avoid fees.
Disclaimer: Account features, fees, and promotional offers are based on publicly available information from CIBC. Always refer to the official website for the most current details to ensure any product is right for your financial situation. Credit card approval is subject to CIBC’s credit criteria.
