The CIBC Smart Start Account is a chequing account tailored for Canadians under the age of 25, and its convenient features make it very attractive, especially to students. And since CIBC is one of Canada's big 5 banks, the young account holders can rest assured of their bank's security and reliability.
But while it's an excellent choice for youth and students, things get a bit more complicated once the account holder reaches the age of 25. Going from no fee to a rather high one can be a bit of a shock, so you'll want to have a plan in place before this milestone birthday. Is it still worth it? You'll need to consider all of the following information before making that decision.
CIBC Smart Start Account features
Rather than search for each of its individual features, you'll find all the particulars of the CIBC Smart Start Account here in this table of features:
Why You Want It
Unlimited free transactions until you're 25 + A free SPC+ membership.
Special Features
- Free SPC+ membership
- Earn up to $500 each year with referrals
- Save on gas with Journie Rewards
Eligibility
- Under 25 years of age or a parent of a youth under age 13
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# 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 Start Account product rating: 3.5 stars
The CIBC Smart Start Account truly is an excellent choice for young Canadians, especially those who are still in school and looking for as many student discounts as they can get. You'll save money on fees, get a free SPC+ membership, aand even get 12 months of Skip+ for free. It's pretty sweet.
But what if you're not a student? For kids and teens still in elementary or high school, is it still worth it? This age group won't be interested in (or eligible for) investments and they won't be spending much on gas either, so the Jounie Reward discount won't mean that much to them. All of this means it's very much a personal choice as to whether the CIBC Smart Start Account is what you or your teen is looking for.
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 CIBC Smart Start Account
No matter your age, you'll enjoy plenty of benefits with this account. Here are a few of its best features:
Pros
No monthly fees until age 25
You (or your child, if they're the actual account holder) won't pay a penny for your CIBC Smart Start Account until you turn 25 years old. And even then, if you're still a full-time student at age 25 ou can switch to the CIBC Smart for Students. . This account is also free and you can keep it until 6 months after you graduate.
Unlimited transactions
Account holders get free and unlimited debit and Interac e-Transfers, period. This includes any Visa debit purchases, CIBC ATM withdrawals, cheque payments, pre-authorized payments, bill payments, and any transactions via Apple Pay or Google Pay. It's truly unlimited.
Free SPC+ membership
A free SPC+ membership is a huge perk as it allows you to save in a long list of ways at a long list of places. You'll get big discounts on everything from laptops at Apple, to combos at Burger King, to a DAZN sports streaming subscription. This membership typically costs around $12 per year.
CIBC Investor's Edge trading perks
Any CIBC Smart Start Account holder between the ages of 18 and 24 can enjoy unlimited commission-free North American stock and ETF trades through CIBC Investor's Edge. There's no annual fee or minimum balance required to use this service, making it a convenient and valuable way to get started on your investment journey.
Save up to 10 cents per litre on gas
Journie Rewards is one of Canada's top rewards programs for gas purchases, and CIBC Smart Start Account holders who link their debit card can receive up to 10 cents off per litre at participating gas stations. Pioneer, Fas Gas, Ultramar, and Chevron stations are all partners so you should have no problem finding a convenient location to gas up and save.
Welcome and referral bonuses
The $175 welcome bonus for new account holders is pretty sweet, especially as this account is for youth and students. On top of that, you can get $75 for each friend you refer (as long as they also open an account) up to a max of 50 referrals each year.
The cons of CIBC Smart Start Account
Not everything is sunshine and roses, and there are a few areas where we think the CIBC Smart Start Account could use improvement. These are our top concerns:
Cons
Converts to the CIBC Smart Account at age 25
When an account holder turns 25, they're automatically converted from the fee-free CIBC Smart Start Account to the CIBC Smart Account which does have a fee. This new account will cost you up to $16.95 per month. It's not so much the size of the fee that is the problem, but the fact that you're essentially forced to convert accounts and pay up.
Unaffiliated ATM fees are rather high
Paying $2 for a non-affiliated ATM in Canada is annoying, but not a big deal. However, when you're paying up to $5 per use PLUS a 2.5% admin fee for a non-affiliated ATM outside of Canada – frustration ensues. Most banks charge a flat dollar fee for these transactions, so we're unsure why CIBC adds the admin fee to the mix.
CIBC Smart Start Account alternatives
The CIBC Smart Start Account isn't the only player in the game – take a look at how it stacks up against the competition:
 |  |  | |
|---|---|---|---|
| Account | Coast Capital Elevate Chequing Account | Scotiabank Preferred Package | BMO Performance Chequing Account |
| Genius Rating | |||
| Why You Want It |  $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
| $50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $75 GeniusCash + Up to $700 in welcome bonuses + up to 4.6% interest on Savings Amplifier account. *T&Cs apply. |
| Minimum Balance To Waive Fee | N/A | $4,000 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $16.95 | $17.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more Scotiabank products Compare | I Want This Deal See more BMO products Compare |
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FAQ
What is the CIBC Smart Start Account?
The CIBC Smart Start Account is a chequing account designed for Canadian youth and students under the age of 25. Its features include unlimited transactions, a free SPC+ membership, and more, all for a $0 monthly fee.
Does the CIBC Smart Start Account have a welcome bonus?
Yes, new account holders are given a welcome bonus of $175. They also have the opportunity to earn a bonus of up to $500 per year by referring family and friends and having them open their own accounts.
Can I keep the CIBC Smart Start Account after I turn 25?
You're no longer eligible for this account when you hit age 25, but you'll be automatically converted to the CIBC Smart Account. If you're still a student then, you can switch to a free CIBC Smart for Students.
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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