The CIBC Smart for Students bank account delivers all the cash-saving features you want from a student account, while also providing the accessibility and widespread ATM network that a Big-5 bank is known for. But what really sets it apart is its free SPC+ membership, which gets you up to 30% off the top brands in Canada.
Of course, nothing is perfect and this account does have a few notable drawbacks, like annoying ATM fees. The downsides are quite minor, though. Even though it’s geared toward students who will graduate after age 25, this is still among the best student accounts in Canada.
CIBC Smart for Students features
This account provides you with all the essentials you want for a student account, plus several tasty extras worth considering:
Why You Want It
Free SPC+ for big shopping discounts + Unlimited free transactions.
Special Features
- Free SPC+ membership
- Save up to 10 cents per litre on gas with Journie Rewards
- Free Skip+ subscription for 12 months
Eligibility
- Canadian resident or international student
- Full-time student graduating after age 25
Provinces
ALL
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$175
Promo End Date
See Issuer for Details
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
CIBC Smart for Students product rating: 3.1 stars
As student accounts go, this is a top choice and an easy recommendation. It offers all the essential features, including no monthly fee, unlimited transactions, and free Interac e-Transfers. On top of that, it provides users with a vast ATM network, plenty of physical locations, a welcome bonus, and a free SPC+ membership.
There may be other student accounts out there that offer more flexible perks, but this is still an excellent choice.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of the CIBC Smart for Students
Here are the features that elevate this account from good to great:
Pros
Free SPC+ membership
This account gives you free access to SPC+, a popular discount program used across Canada. You can get up to 30% off major brands, like H&M, MAC Cosmetics, and Stanley. As far as we're aware, the CIBC Smart for Students account is the only student account in the country offering this membership perk.
No monthly fee
Students need to hold onto as much of their cash as possible, and the CIBC Smart for Students account does it right by charging no monthly fee. Of course, this is pretty standard with student accounts, but it's still worth noting as it's very helpful for cash-strapped young adults.
Unlimited transactions and Interac e-Transfers
You don’t have to worry about an arbitrary transaciton limit with your CIBC Smart for Students account. Instead, you're free to make as many debit purchases, transfers, pre-authorized payments, ATM withdrawals, and Interac e-Transfers as you want without incurring extra fees.
Huge number of physical locations and ATMs
Those who bank with one of the Big 5 Canadian banks benefit from easy access to in-person branches and widespread, convenient ATM locations. There are over 1,050 CIBC branches from coast to coast, and several thousand ATMs, including those found in Pioneer, ONroute and Quickie locations.
A cash welcome bonus and refer a friend cash reward
As an incentive for signing up for this account, students can earn up to $175 and receive 12 months of free access to Skip+. You can also earn $75 for referrals, up to 50 referrals per year.
The cons of the CIBC Smart for Students
There’s no such thing as a perfect student account, and here are two drawbacks to the CIBC Smart for Students account:
Cons
Pricey non-CIBC ATM withdrawals
While you get one fee-free non-CIBC ATM withdrawal per month in Canada, you’ll have to pay at least $2 for other withdrawals at non-CIBC ATMs. If you’re abroad in the U.S., it’ll cost you $3 plus a 2.5% admin fee. Anywhere else in the world, you'll pay $5 plus the 2.5% admin fee to use an ATM.
Welcome bonus requires additional steps beyond signing up
To earn the $175 welcome bonus, the account holder is required to spend money. While it’s only 5 Visa debit purchases online in a single month, within 2 months of opening the account, it’s still a drawback worth consideration if you’re eyeing that cash bonus offer.
CIBC Smart for Students alternatives
While this is a strong student account, here are some alternatives worth considering:
 |  | |
|---|---|---|
| Account | BMO Performance Chequing Account for Students | Simplii No Fee Chequing Account |
| Genius Rating | ||
| Why You Want It | Earn a $175 welcome cash bonus + no monthly plan fees while in school and one year after graduating. |  $50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. |
| Minimum Balance To Waive Fee | N/A | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $0.00 |
| Excess Transaction Fee | N/A | N/A |
Show More | ||
| Open an account See more BMO products Compare | I Want This Deal See more Simplii Financial products Compare |
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FAQ
What is the CIBC Smart for Students?
CIBC Smart for Students is a student-focused chequing account for students graduating after age 25. It helps students keep as much of their cash as possible, while still delivering all the accessibility and perks that a big bank can deliver.
What do I need to apply for the CIBC Smart for Students account?
To apply, you need to be enrolled in a post-secondary institution, and planning to graduate after the age of 25. You must also be a Canadian resident or an international student with proof of international student status.
How do I earn the $125 welcome bonus for the CIBC Smart for Students account?
To earn the $175 welcome bonus, you need to make at least 5 Visa Debit purchases online in a single calendar month, within the first 2 months of opening your CIBC Smart for Students account.
Is CIBC a good bank for students?
As one of Canada's Big 5 Banks, CIBC is popular among all Canadians, but especially with students. It offers affordable banking options, a wide network of ATMs and branches, student-specific support, and valuable perks like Skip+ and cash referrals.
What are the disadvantages of a student bank account?
You won’t earn much interest with most student bank accounts. You’ll also eventually age out of the eligibility requirements for the free student account, and you may end up having to pay a monthly fee when your account transitions.
What is the best bank for international students in Canada?
All the major banks in Canada offer chequing and savings accounts to international students in Canada, though some offer better perks or higher welcome bonuses. Pick a bank that has a location near you, and look for low or no fees for transactions and no minimum balance.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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