The initial deposit requirements for CIBC and Simplii differ based on the account type. For CIBC, most chequing accounts require a minimum opening deposit of $100, while savings accounts may need $1,000. Student or youth accounts often have lower thresholds, sometimes $0.
Simplii, a digital-only subsidiary of CIBC, typically does not require an initial deposit for its no-fee chequing or savings accounts. However, funding the account is necessary to start transactions. Always verify current requirements on their official websites, as policies may change.
