CIBC · Banks
CIBC Basic Business Operating Account review
CIBC’s Basic Business Operating Account keeps the monthly fee low at C$6 and charges for each transaction: C$1 self-service and C$1.25 full-service. It suits businesses with very little monthly activity that want a Big Five bank; busier businesses will usually save with a plan that includes transactions.
Who CIBC is best for
Businesses with few monthly transactions and companies wanting a big-bank relationship at low cost.
Businesses with many monthly transactions and companies wanting multi-currency accounts in one place.
CIBC’s Basic Business Operating Account keeps the monthly fee low at C$6 and charges for each transaction: C$1 self-service and C$1.25 full-service. It suits businesses with very little monthly activity that want a Big Five bank; busier businesses will usually save with a plan that includes transactions.
Fees, features and eligibility
| Monthly fee | C$6 a month |
|---|---|
| Transfers | C$1 per self-service transaction; C$1.25 per full-service transaction |
| Account type | Licensed bank (Big Five) |
| Currencies | CAD |
| Who can open it | Canadian businesses |
Source: CIBC published product information.
What stands out
Pros
- Low C$6 monthly fee
- Pay only for what you use
- Big-bank branches and lending relationship
Cons
- Every transaction is charged
- Costs rise quickly with activity
CIBC: common questions
How much is the CIBC Basic Business Operating Account?
C$6 a month, plus C$1 for each self-service transaction and C$1.25 for each full-service transaction.
Who is it best for?
Businesses with only a few transactions each month. Busier accounts usually pay less on a plan with included transactions.
Used CIBC? Help other businesses choose.