Until July 29, 2021, Canadian residents can earn $300 cash when opening a CIBC Smart Chequing Account and completing the promotion requirements.

The Offer

You can open a CIBC chequing account entirely online [no affiliation].

NOTE: The bonus terms require that you provide your e-mail address when applying.

To earn the bonus, you need to complete any two of the following within three months of opening the account:

• One recurring direct deposit that remains in effect for two consecutive months (ex. payroll)
• Two recurring pre-authorized debits that remain in effect for two consecutive months (ex. utility payments)
• Two online bill payments of $50 or more each

Important Terms

To qualify, you can’t be a current primary or joint CIBC chequing account holder. If you previously had a CIBC account that is now closed, you’re eligible. If you’ve been a primary or joint account holder since 2015, you don’t qualify.

CIBC will take their time giving you the $300 bonus, saying it will be deposited seven months after account opening.

The monthly fee of $4.95 is waived for the first three months. The fee will also be waived for the following nine months if there is at least one direct deposit or two pre-authorized debits in each month, for a total waiver of twelve months.

My recommendation: close the account after earning the bonus.

Summary

$300 just for opening a bank account is a pretty sweet deal. If you’re a couple, there’s no restriction on each person earning the bonus.

Personally, I’ll be closing the account once I’ve earned the bonus to keep my options open for future promotions with CIBC.