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CIBC Advantage for Youth Account Review

The CIBC Advantage for Youth account is an excellent choice for children and teens.

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No longer offered in the market

CIBC Advantage Youth Account is no longer available for new applications. However, we’ve kept the information online for the benefit of existing customers and for those who are interested.
You can compare savings accounts in Canada here.

Users have the opportunity to learn about chequing and saving account features. There is no monthly fee, balances earn interest and transactions are unlimited. Account holders should be wary of the automatic conversion to another CIBC savings account when the user is no longer eligible.

Expert Review

The CIBC Advantage for Youth account is an optimal choice for individuals who aren’t the age of majority in their province or territory yet. Users should be mindful when using other bank services because they may incur fees. If you aren’t part of the youth demographic or enrolled in post-secondary education, compare savings accounts to find the right one for your needs.

What are the benefits of the CIBC Advantage for Youth Account?

A qualitative benefit of the CIBC Advantage for Youth account is that children and teens can learn about money early on. Other benefits of this savings account include the following:

  • No monthly fee. Start managing money at a bank for no additional cost.
  • Earn interest. Balances in this account earn 0.05% interest.
  • Unlimited transactions. Spend and deposit money without having to worry about transaction limits.
  • Free Interac e-Transfers. Incur no fees when sending and receiving Interac e-Transfers.
  • Complimentary SPC membership. This account comes with a free SPC membership allowing youth to begin learning about discounts and savings.
  • Online portals. CIBC online banking and mobile banking are convenient and comprehensive to use. Access your banking information and perform most transactions from the comfort of your home.

What should I look out for?

Be mindful of the following when using the CIBC Advantage for Youth account:

  • Fees for other services. If you want to use other banking services, such as overdraft protection or withdraw from non-CIBC ATMs, you will likely incur a fee.
  • Automatic conversion. When the user of this account turns 19 or graduates from an eligible education program, it will convert to a CIBC Premium Growth Account. The features are not the same for both accounts.

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How do I open a CIBC Advantage for Youth Account?

  1. Go to CIBC’s website.
  2. Click Bank Account and select Youth under Offers and Bundles.
  3. Select Meet with us.
  4. Under Book a meeting, you’ll be asked “What’s your type of banking?”, select Personal Banking.
  5. Select Bank Accounts.
  6. Select Apply for a new chequing or savings account.
  7. Click Continue.
  8. Type in your postal code to find a branch. Click Find.
  9. Select a branch from the list. Click Continue.
  10. Select a date and time for the appointment. Click Continue.
  11. Provide your full name, email address and phone number. Click Confirm and book meeting.
  12. At the meeting, discuss opening a CIBC Advantage for Youth Account.

Eligibility requirements

To be eligible for the CIBC Advantage for Youth account, you must meet the following criteria:

  • Be a Canadian resident.
  • Be 18 years of age or younger or be a full-time student enrolled in post-secondary education or CEGEP.

Required documents and information

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

  • Full name.
  • Date of birth.
  • Phone number.
  • Email address.
  • Proof of enrollment in post-secondary education or CEGEP if you’re 18 or older.

How do I deposit or withdraw my money?

The CIBC Advantage for Youth account has both chequing and savings account features. This means that users can withdraw and deposit funds to this account, unlike traditional savings accounts. Transactions are classified as debit purchases, CIBC ATM or branch withdrawals, Interac e-Transfers, transfers between CIBC accounts, cheques, pre-authorized payments and bill payments. Other transaction types may incur a fee.

Cash withdrawals can be done at an ATM or branch using your debit card. You can withdraw money from a Canadian non-CIBC ATM as well, but the CIBC fee is $2 per transaction. ATM withdrawals in the US cost $3 each plus a 2.5% administration fee. Outside of Canada and the US, ATM withdrawals cost $5 each plus a 2.5% administration fee. Cheques can be deposited at an ATM, branch or through CIBC’s online portal. Cash can be deposited at a branch or CIBC ATM.

How can I get in touch with customer service?

Get in touch with CIBC’s customer service using one of the following methods:

  • Ask a virtual assistant. Common banking questions can be answered by a virtual assistant through CIBC’s website.
  • Book a meeting. In-person meetings can be booked on CIBC’s website. Chat with a professional to have your queries answered.
  • Visit a branch. Discuss your questions with an expert at a local CIBC branch.
  • Call customer service. Call CIBC’s customer service line to chat with a professional.

Frequently asked questions

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