CIBC launches Smart Start benefit for clients under 25, offering no monthly fee and unlimited transactions
To help young Canadians shape good financial habits as they begin their financial journeys, CIBC has launched its new Smart TM Start benefit, a no-fee banking solution available to clients until the age of 25.
"Young Canadians want to enjoy the present and also set themselves up for success – and whether they choose to enter the workforce, take a gap year, or pursue post-secondary education, CIBC is committed to helping young people realize their ambitions," says
Introducing CIBC Smart Start
The CIBC Smart Start benefit, available to everyone up to their 25th birthday when they sign up for a CIBC Smart account, makes banking easy and convenient with:
- No monthly fee;
- Free, unlimited transactions, including: sending money with
Interac e-Transfer,Visa debit purchases, and paying bills; - A fee rebate on one non-CIBC ATM withdrawal (in
Canada ) per month; - Access to CIBC Insights (a feature available on the CIBC mobile banking app), which:
- Tracks and summarizes spending across categories;
- Flags duplicate transactions;
- Flags when your bills are higher or lower than usual;
- Encourages savings;
- Enables you to set spending limits at your favourite shops and spots;
- CIBC Smart Balance Alerts, a text alert you can receive when you're low on funds, so you can transfer funds to avoid declined payments and a non-sufficient funds (NSF) fee; and,
- No-fee trading with CIBC Investor's Edge, including free online stock and ETF trading, with no annual account administration fees and no minimum balance required.
Saving remains a challenge
While 69 per cent of young Canadians (aged 18-24) consider themselves to be 'good at saving' and 48 per cent describe themselves as "savers," when asked about their monthly saving habits, 42 per cent say they are unable to save right now.
"Every little bit counts, especially in the early years of your financial journey," says
Gen Z more open about their finances than their parents – and willing to seek advice
More than two-thirds (69 per cent) of 18-to-24-year-old Canadians believe people their age are more open about discussing their finances than their parents were at the same age. But young Canadians are also worried about keeping up with their peers – half (50 per cent) feel they're financially behind other people their age.
When it comes to seeking financial advice, 51 per cent of young Canadians lean on their friends and family for financial advice. Banks also remain an important area young Canadians turn to for financial information, with 35 per cent seeking the support of a financial advisor or staff member at a bank, and 26 per cent going to their bank's website. As for online forums and other websites? Only 16 per cent of 18-to-24-year-old Canadians turn to sites like Reddit and message boards, with the same percentage looking to financial or general news sites or newspapers for guidance.
Support for students
In addition to Smart Start, CIBC has products, resources and partnerships to specifically support students pursuing post-secondary education, including:
- A variety of credit card options so they can earn rewards while building a credit history;
- An education line of credit;
- Free SPC+ membership for eligible student and youth clients;
- Access to exclusive partner programs and content with Student Life Network, and,
- A new digital Student Budget Calculator that easily guides students through the process of building a full-year budget, with valuable insights on how to fund their post-secondary education, build savings, manage spending, and more.
For students graduating at age 25 years or over, the CIBC Smart Account with the CIBC Smart for Students benefit is available until the graduation date plus six months, up to a maximum of four-and-a-half years .
Research Poll Disclaimer:
This Maru Public Opinion survey conducted on behalf of CIBC was undertaken by the sample and data collection experts at Maru/Blue. From
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across
SOURCE CIBC
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