Checking accounts offer safe and convenient ways to manage your money. But with a variety of checking accounts available, how do you choose the right one for you? It all comes down to which benefits and features will help you reach your financial goals.
Checking account benefits and features
Not all checking accounts are created equal. Here are a few of the most common benefits and features to look for when selecting the right account for you:
ATM fee reimbursement
In an electronic payment world, sometimes you still need cash to pay the babysitter, tip the delivery driver or make a purchase. But taking cash from a foreign ATM, or one not owned by your bank, often leads to fees. Look for a checking account that reimburses you for cash withdrawals at ATMs that aren’t owned and operated by your bank. For example, CIBC refunds up to $50 per month for fees charged at non-CIBC ATMs.
Low or no monthly fees
Some checking accounts charge monthly maintenance fees, which are assessed for keeping the account open. Others may charge minimum balance fees, which are waived if your balance remains above a specified amount. Both maintenance fees and minimum balance fees are usually charged monthly and withdrawn automatically from your account. You will never pay a monthly maintenance or minimum balance fee with a CIBC iCan or myChoice Checking account.
Cash back
Some banks reward you for using the debit card attached to your checking account by offering cash back on everyday purchases. If you’re spending the money anyway, you might as well earn a little something in return. Get 1% cashback on qualified debit card purchases with a CIBC iCan Checking account.
Interest earned
You may want a checking account that allows you to earn interest on the balance so you can grow your funds and reach your goals faster. CIBC’s myChoice Plus Checking lets you earn interest on balances over $0.01. And if you keep $10,000 or more in your CIBC myChoice Prestige Checking account, you may be eligible to earn an even higher interest rate.
Free checks
Banks used to give out free checks when you opened an account. Today, many banks only provide a debit card, with checks available for an extra cost. With a CIBC checking account, your starter packet of checks is free.
Online and mobile banking
If you like to manage your finances on the go, choose a checking account with online banking or bill pay. While some banks charge a fee for these services, at CIBC you can deposit checks, transfer funds and access your account from anywhere free of charge.
Fraud controls
Scams and fraud are on the rise, so be sure to choose a bank with strong fraud monitoring and prevention services. CIBC offers 24-hour monitoring and real-time fraud alerts on your checking account.
The bottom line
Ultimately, choosing the right checking account comes down to the features and benefits you need to manage your money successfully. Get started today by exploring CIBC’s checking account options. Plus, when you open a new iCan or myChoice Checking account, you can earn a $200 bonus from CIBC! To learn more, visit your local Banking Center. You can also call the Client Support Center at 877-448-6500 Opens your phone app..
