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CIBC Smart for Seniors Account review

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CIBC Smart for Seniors Account
Monthly Account Fee
$10
Free Transactions
12 per month
e-Transfer Fee
$0
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Summary

Seniors seeking a flexible and affordable chequing account should consider the CIBC Smart for Seniors account. 

A low-cost account that offers flexible spending and a discount on the monthly fee for individuals who are 65 years of age or older.

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The CIBC Smart for Seniors Account is a low-cost account that offers flexible spending. It features a discount on the monthly fee for individuals who are 65 years of age or older. Seniors considering this chequing account should be wary of fees for other banking services.

30-second take

  • Get a discount on the monthly fee and enjoy several free banking services.
  • Fees may apply on some banking services.
  • There is no minimum income requirement to be eligible for this account.

What are the benefits of the CIBC Smart for Seniors Account?

CIBC offers special perks for seniors using their chequing accounts. Consider the CIBC Smart for Seniors Account benefits below:

  • Free Interac e-Transfers. Send Interac e-Transfers without having to pay the $1.50 fee.
  • Flexibility with spending. Users only pay for transactions they incur, and there is an option for unlimited transactions.
  • Discount on monthly fees. Seniors receive a $6.95 discount on the regular CIBC Smart Account.
  • Complimentary banking services. Bank drafts and money orders are free for seniors with a CIBC Smart for Seniors Account.
  • Safety deposit box discount. Seniors receive a $5 discount on the annual rental fee for a safety deposit box.

What should I look out for?

CIBC Smart for Seniors Account users should be mindful of the following:

  • Minimum balances. The monthly fees are waived if you maintain a balance of $3,000 or more in addition to having 1 recurring direct deposit or 2 pre-authorized payments every month.
  • Hidden fees. If you wish to use other banking services, such as stop payments, global money transfers and overdraft protection, fees may apply.

CIBC’s ATM network and fees

Seniors can easily access CIBC ATMs since there are more than 1,000 locations across Canada. Account holders can access debit and credit account balances and view recent transactions using CIBC ATMs. If you require other currencies, some ATMs located in travel hubs allow you to withdraw foreign currency, including US dollars and euros.

Withdrawals from CIBC ATMs are free. Non-CIBC ATM withdrawals in Canada cost $2 per transaction. ATM withdrawals in the US cost $3 each plus a 2.5% administrative fee. Outside of Canada and the US, ATM withdrawals cost $5 each plus a 2.5% administrative fee.

What other senior banking options does CIBC offer?

CIBC has two other special offers for seniors:

  • Smart Plus for Seniors. CIBC offers discounts for seniors on the Smart Plus Account as well. After the $4.95 discount, the monthly fee is $25. Transactions are unlimited and non-CIBC ATM withdrawals are free internationally.
  • Premium Growth Account for Seniors. Grow your savings at 0.01% on every dollar with this account. Users benefit from two free transactions per month and no monthly fee.

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How do I open a CIBC Smart for Seniors Account?

  1. From CIBC’s website, click Bank Accounts, then Seniors under Offers and Bundles.
  2. Scroll down to CIBC Smart Account and click Apply now.
  3. Provide CIBC with the necessary information, including your full name, date of birth, address, residential status and contact information. After entering each piece of information, click Next.
  4. Indicate how you intend to use the Smart for Seniors Account. Click Next.
  5. Review the information you entered and click Next.

Eligibility

To be eligible for the CIBC Smart for Seniors Accountt, you must meet the following criteria:

  • Be a Canadian resident
  • Be 65 years of age or older
  • Reside at a valid Canadian, residential address

Required information

During the application process, you will be asked to provide the following information:

  • Full name
  • Date of birth
  • Address, residential status and length of time at that residence
  • Phone number
  • Email address
  • Employment status
  • The same information for a co-applicant, if applicable

How do I deposit or withdraw my money?

Seniors can bank with CIBC via their computer, mobile, telephone, a physical branch, CIBC ATM or non-CIBC ATM. Cash deposits can only be performed at a CIBC ATM or branch. Cheques can be deposited at home using the Internet, a branch or an ATM. Withdrawing money can be done at a branch or ATM using your debit card.

Expert review

Seniors seeking a flexible chequing account to suit their varying spending needs will benefit from the CIBC Smart for Seniors Account. Those wanting a daily banking account with more features and services should research other chequing account options.

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