In this guide

  • Review
  • Your reviews
Finder makes money from featured partners, but editorial opinions are our own.

CIBC Smart for Students Account review

  • Veronica Ott's headshot
CIBC Smart for Students
Bonus Offer
Earn $100
Monthly Account Fee
$0
e-Transfer Fee
unlimited
All information about CIBC Smart for Students has been collected independently by Finder. Finder is not connected with CIBC products, and this page is not sponsored, endorsed or administered by, or associated with, CIBC. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Summary

The CIBC Smart for Students Account is ideal for students seeking a basic, affordable chequing account.

Obtain a free SPC membership as a CIBC student client.

In this guide

  • Review
  • Your reviews

Students are often looking for low cost banking options. The CIBC Smart for Students account has no monthly fee and unlimited transactions. Other banking services are available with this account, but come with a price.

30-second take

  • Unlimited transactions with no monthly fee or per transaction charges.
  • Other banking services are available with an extra cost.
  • There is no minimum income requirement to be eligible.

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

Since students are at a point in their life where they’re spending and not earning money, student bank accounts have unique benefits. Below is a list of perks that come with the CIBC Smart for Students Account:

  • No monthly fee. The account is free for students to use.
  • Unlimited transactions. Pay for your tuition, textbooks, education supplies and entertainment without having to worry about transaction limits.
  • Free Interac e-Transfers. Students don’t have to pay the $1.50 Interac e-Transfer fee.

What should I look out for?

  • Fees for other banking services. Non-CIBC ATM withdrawals, insufficient funds, wire payments, stop payments and other banking services are not free.
  • Overdraft protection qualification. CIBC clients must be approved for overdraft protection. Income, outstanding debt and credit will be considered in the approval process. Students may not be eligible.

CIBC’s ATM network and fees

Accessing CIBC ATMs is convenient because the bank has over 1,000 locations across Canada. In addition to withdrawing and depositing cash, Smart for Students account holders can view recent transactions, access debit and credit account balances and receive paperless receipts using CIBC ATMs.

Students do not have to pay ATM fees when using a CIBC ATM. When using a non-CIBC ATM in Canada, a $2 fee per transaction is applicable. ATM withdrawals made in the US cost $3 each plus a 2.5% administrative fee. ATM withdrawals made outside of Canada and the US cost $5 each plus a 2.5% administrative fee. External fees may apply on ATM withdrawals as well.

Compare with other chequing accounts

1 - 17 of 17
Name Product CAFSA-CHQ Finder Rating Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
Finder Score:
★★★★★
3.7 / 5
$17.95 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until October 31, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii No Fee Chequing Account
Finder Score:
★★★★★
3.9 / 5
$0
unlimited
$0
Earn $500
Earn $500 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Scotiabank Preferred Package
Finder Score:
★★★★★
3.7 / 5
$16.95 (can be waived)
unlimited
$0
Earn $600
Earn up to $600 with a Scotiabank Preferred package and an investment plan. Valid until October 31, 2024. Plus, earn up to 5.65% interest for 3 months on your MomentumPLUS Savings Account.
RBC Signature No Limit Banking Account
Finder Score:
★★★★★
3.8 / 5
$16.95
unlimited
$0
Get $450
Get $450 when you open an RBC Signature No Limit Banking Account. Apply by February 10, 2025.
Coast Capital Free Chequing, Free Debit, and More Account
Finder Score:
★★★★★
3.7 / 5
$0
unlimited
$1.50
Get $150
Get $150 when you open an use a Free Chequing, Free Debit and More Account. Conditions apply. Apply by November 28, 2024.
Scotiabank Basic Bank Account
Finder Score:
★★★★★
3 / 5
$3.95
12/month
$0
N/A
EQ Bank Personal Account
Finder Score:
★★★★★
4.3 / 5
$0
unlimited
$0
Earn 4.00% interest for 12 months
Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
Scotiabank Ultimate Package
Finder Score:
★★★★★
3.5 / 5
$30.95 (can be waived)
unlimited
$0
Earn up to $600
Earn up to $600 with a Scotiabank Ultimate package and an investment plan. Valid until October 31, 2024. Plus, earn up to 5.70% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
Finder Score:
★★★★★
3.6 / 5
$0
unlimited
$0
Earn $100
Earn up to a $100 welcome cash bonus and 7,500 Scene+ points when you open an account. Apply by October 31, 2024.
Coast Capital Unlimited Chequing Account
Finder Score:
★★★★★
3.8 / 5
$8.50 (can be waived)
unlimited
$0
Get $250
Get $250 when you open an use an Unlimited Chequing Account. Conditions apply. Apply by November 28, 2024.
Innovation Federal Credit Union No-Fee Chequing Account
Innovation Federal Credit Union No-Fee Chequing Account
Finder Score:
★★★★★
3.9 / 5
$0
unlimited
$0
Win a $1,000 giveaway
Open an account and you could win a $1,000 giveaway. Valid until December 30, 2024.
Go to site
Scotiabank Basic Plus Bank Account
Finder Score:
★★★★★
3.3 / 5
$11.95 (can be waived)
25/month
$0
N/A
BMO Premium Plan Chequing Account
Finder Score:
★★★★★
3.5 / 5
$30.95 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until October 31, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
BMO Performance Student Chequing Account
Finder Score:
★★★★★
3.6 / 5
$0 (can be waived)
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy six months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until October 31, 2024.
Coast Capital Elevate Chequing Account
Finder Score:
★★★★★
3.7 / 5
$16.95 (can be waived)
unlimited
$0
Get $600
Get up to $600 when you open an Elevate Chequing Account. Conditions apply. Apply by November 28, 2024.
BMO New to Canada Performance Chequing Account
Finder Score:
★★★★★
3.7 / 5
$16.95 (can be waived)
unlimited
$0
Earn $600
Earn up to a $600 welcome bonus. Valid until October 31, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
Finder Score:
★★★★★
3.7 / 5
$0
unlimited
$0
N/A
loading

How do I open a CIBC Smart for Students Account?

  1. From CIBC’s website, click Bank Accounts, then Students under Offers and Bundles.
  2. 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 Students Account. Click Next.
  5. Review the information you entered and click Next.

Eligibility

To be eligible for the CIBC Smart for Students Account, you must meet the following criteria:

  • Be a Canadian resident
  • Be at least the age of majority in your province or territory.
  • 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
  • Proof of student status
  • The same information for a co-applicant, if applicable

How do I deposit or withdraw my money?

CIBC offers a plethora of ways to bank because it’s one of Canada’s biggest financial institutions. Cheque deposits can be performed at a branch or ATM, or from a mobile device, tablet or web browser. Cash can be deposited at a branch or CIBC ATM. Withdrawals are available at a branch or an ATM using your debit card.

What other student banking options does CIBC offer?

  • Aventura Visa for Students. This student credit card has no annual fee. While spending on gas, grocery, pharmacy and travel through the CIBC Rewards Centre, cardholders earn 1 Aventura point. All other purchases yield 1 point for every $2 spent.
  • Aero Platinum Visa for Students. The annual fee for this credit card is $39. Cardholders earn 1 mile for every $1.50 spent on the card.
  • Dividend Visa for Students. Earn cashback rewards when spending with this credit card. There is no annual fee.
  • CIBC Education Line of Credit. Obtain revolving, flexible credit of $5,000 or more to finance a portion of your education.

Expert review

Students who only require a basic chequing account will benefit from the CIBC Smart for Students Account. Individuals that require more banking services while they’re in school may need to research other chequing account options.

Frequently asked questions

Your reviews

No reviews yet. Write a review
Go to site