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CIBC Smart for Students Account review

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

Earn $60 when you open a CIBC Smart for Students account, register for CIBC Online or Mobile Banking, and make one Visa Debit purchase within two months of opening the account. Obtain a free SPC membership as a CIBC student client.


Account Fee


Monthly Transactions


OfferEarn $60 when you open a CIBC Smart for Students account
Monthly Account Fee$0

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

Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Scotiabank Ultimate Package
$30.95 per month ($0 if requirements met)
Earn $300 cash when you open a new Scotiabank Ultimate Package. Apply by January 28, 2021.
Scotiabank Preferred Package
$15.95 per month ($0 if requirements met)
Earn $300 cash when you open a new Scotiabank Preferred Package. Apply by January 28, 2021.
Scotiabank Basic Plus Bank Account
$10.95 per month ($0 if requirements met)
25 free per month
10 free per month
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Scotiabank Student Banking Advantage Plan
Sign up today and get up to 5,000 SCENE or Scotia Rewards Points. Terms apply. Apply by April 30, 2021.
Scotiabank Basic Bank Account
$3.95 per month
12 free per month
2 free per month
With a low monthly account fee, you can choose between earning points toward the SCENE or Scotia Rewards reward programs.

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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.


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

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