CIBC Smart Start Account

CIBC Smart Start Account Overview

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As a student under 25, you’ll be hard-pressed to find a better account than the CIBC Smart Start Account. This chequing account is designed to cater to the needs of children and young adults. And it comes with some attractive features and benefits.

The Smart Start Account is a chequing account that charges no monthly fees and offers a $125 cash reward. It allows online banking and offers unlimited transactions, a free SPC+ membership, Journie Rewards, and CIBC Investors Edge.

As long as you’re younger than 25, you can easily open this account on the CIBC (Canadian Imperial Bank of Commerce) online platform and enjoy its benefits.

Read this article to learn about all this account offers, along with alternatives you can consider.

CIBC Smart Start Account features

The Smart Start Account has a few qualities that set it apart from other chequing accounts. These include:

Free unlimited Interac e-transfer transactions
Unlimited debit transactions
Pay from your account using Google Pay and Apple Pay
Online banking with the CIBC mobile app
CIBC Insights can be used to track your spending and allow you to save money
One free ABM withdrawal from a non-CIBC financial institution in Canada every month

The pros of the CIBC Smart Start Account

You stand to benefit a lot when you own a Smart Start Account, and some of these benefits are:

No Monthly fees

There are no monthly fees when a Canadian younger than 25 opens this type of account.

Free SPC+ Membership

Opening the Smart Start Account allows you to get an SPC+ membership without paying a membership fee. An SPC+ membership offers eligible Canadian students access to a 30% discount on many top brands. It also provides access to many other giveaways, cash prizes, and extra perks.

CIBC Investors Edge

Youths between 18 and 24 gain an edge in online trading when they open a Smart Start account. These individuals can trade forex with no minimum balance while paying no annual or trade fees.

Journie Rewards

Any Smart Start account owner with a CIBC credit or debit card can join Journie Rewards to save money on gas. This allows you to save 2 cents per litre when you fill up at Chevron, Fas Gas, Pioneer, and Ultramar gas stations. You also save an extra 7 cents whenever you earn up to 300 Journie points.

The cons of the CIBC Smart Start Account

Owning a Smart Start Account comes with its own drawbacks, such as:

Most Perks Are for People Younger Than 25

The CIBC Investor’s Edge and other Smart Start Account benefits are only available when you’re younger than 25. Account owners older than 25 are not eligible for most of these perks, which reduces the allure of this account.

CIBC Smart Start account fees

There are a few payments you need to worry about as a Smart Start Account owner, and they include:

Online statement of account: $0
Paper statement of account: $0
Paper statement of account requested on days outside regular mailing dates: $4.50
ABM withdrawals from other banks: $2
Interac e-Transfer: $0

CIBC Smart Start Account special offers

Any Canadian resident who opens a CIBC Smart Start Account is eligible for a $125 cash reward. However, this amount is split into numerous portions and offered when you perform the actions below within 2 months of opening your account:

Deposit money into your account and provide an email address for your account: $25
Set up one or more ongoing direct deposits: $50
The last $50 comes when you complete one of these 3 transactions in a month:
1. 5 Visa debit purchase transactions can be in-app, online, in-store in the United States, or internationally. Note that the transactions you perform using your Visa debit card in-store in Canada don’t count.
1. At least 2 pre-authorized debit transactions.
1. At least 2 online bill payments that are worth $50 or more.

Other CIBC chequing account options

Are the features offered by the CIBC Smart Start Account not up to your tastes? Then you can consider these chequing and savings account alternatives we have below.

CIBC Smart Account: If you want something with no age restrictions, you should consider this chequing account. The monthly fee here varies from $0 to $16.95, while the transaction fee depends on the number of transactions you want.

How to open the CIBC Smart Start Account

You must be a Canadian resident younger than 25 to apply for this account. If you fulfill this requirement, you can apply using the guide below:

Visit the CIBC online platform.
Go to the Smart Start Account page and click “Open an Account.”
This will take you to a form where you must enter your date of birth.
Choose whether this will be an account for just you or a joint one.
After selecting this, you can enter your CIBC online banking details to auto-complete the rest of the information.
If you don’t have a CIBC account, you can enter your personal information manually. So, you’ll need to provide your name, occupation, residency status, phone number, address, etc.
Accept CIBC’s terms and conditions and click “Submit” when you’re done.

CIBC Smart Start Account conclusion

The Smart Start Account is a student-focused account suitable for Canadians younger than 25. It comes with no monthly fees and waives most transaction fees while offering discounts on many services.

Go for the CIBC Smart Start Account if you want to engage in everyday banking as an under-25-year-old student.

FAQs about the CIBC Smart Start Account

How do I register for the SPC+ Membership?

You can register for this membership if you're an eligible student and can access the CIBC mobile app or its online platform. First, sign into your Smart Start account and scroll to the SPC+ registration button. Provide all the personal information required and submit the form, after which you’ll receive an email confirmation of your registration.

Can non-students use the CIBC account benefits?

The benefits of a Smart Start Account are available to Canadian residents who are not students. Even though most of these perks are designed for students, anyone under the age of 25 can still make use of them.

Is there a minimum balance for a Smart Start Account?

No, there is no minimum balance to use this CIBC account. So, you can deposit as little as you want and still enjoy the account’s benefits. This means that you don’t need to keep a minimum balance to avoid the monthly account fee.