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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.
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.
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:
Be mindful of the following when using the CIBC Advantage for Youth account:
To be eligible for the CIBC Advantage for Youth account, you must meet the following criteria:
During the application process, you will be asked to provide the following information:
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 $5 each plus a 2.5% administration fee. Cheques can be deposited at an ATM, branch or through CIBC’s online portal. Cash can be deposited at a branch or CIBC ATM.
Get in touch with CIBC’s customer service using one of the following methods:
The CIBC US$ Personal Account is optimal for individuals who regularly manage US dollars or travel to the US often.
The CIBC Premium Growth Account is a simple savings account that can be used for a variety of purposes and by a broad range of people.
The eAdvantage Savings Account is optimal for existing CIBC clients who have access to a CIBC chequing account.
