Play Just For Funds Trivia! You might win $1,0005 just for playing.
What’s the lowdown on banking stuff? We’ve got all the tips.
For starters, you can earn $60 when you open the CIBC Smart™ for Students account as your first CIBC chequing account and complete three qualifying Visa*Debit purchases1 using your CIBC Advantage Debit Card®. Plus, you’ll pay $0 in monthly fees and get free unlimited transactions including Interac e-Transfer® service2. You’ll also receive a free SPC membership†, giving you instant deals on some of the coolest brands.
Bling, bling, money IS a thing. A thing we need. A thing we have. A thing we want more of. But most of us don’t know what the heck to do with it. There was no “Personal Finance 101” class in high school, and now, our bank statements read like morse code and that only bank tellers can decode.
Well, we’re going to be like Drake and start from the bottom in our personal finance quest with (drumroll please) BANK ACCOUNTS.
If you’re new to the world of banking, you may be unsure about where to park your money. So, let’s start off by learning a little bit more about what’s what.
A Chequing Account – For Now
Think of this account as your wallet. It contains the money you have right now and is used for everyday spending (like using your debit card, depositing your paycheques, withdrawing cash and sending money using Interac e-Transfer service.) Keep in mind that because these accounts are for your day-to-day spending and your money isn’t meant to stay there for long, they usually earn little or no interest.
(Cheat sheet: Interest is money the bank pays you regularly at a particular rate to keep your money there.)
Important things to consider in a chequing account:
- How many transactions can you make each month? (Cheat sheet: a transaction is when you pay for something/take money out of your bank account or put money in)
- Is there a monthly fee?
- Is there a limit on the number of transfers you can send via Interac e-Transfer service?
- Is there a minimum amount to send via Interac e-Transfer service? (Like, if you owe a bud $3 for a coffee, can you send it to them via Interac e-Transfer or do you have to scavenge for change because you can only send $10 and up?)
With the CIBC Smart for Students account, you get unlimited transactions, including Interac e-Transfer service. And you can use Interac e-Transfer service to send any amount of money you want….flip your friend a nickel, just because you can.
This whopper of an account will even save you money on burgers (see what we did there?). Seriously. Not only does this account let you keep your money instead of forking it out for monthly fees or transactions, but it can also save you money too with a FREE SPC membership, providing access to instant deals with over 450 leading brands; including Levi’s, Little Burgundy and Burger King.
Students who use SPC on average save $200 a year3.
- Can you make purchases online?
With the CIBC Smart for Students account, you can make online purchases using the Visa Debit feature of your CIBC Advantage Debit Card. And, right now, making three qualifying purchases through Visa Debit can even earn you $60 cash-back! For more information on qualifying purchases, visit Visa Debit’s website.
Oh, and did we mention that when you get the account, you get to keep these features the entire time you’re in school, and even for 6 months after you graduate AND you can get an automatic entry into Full Ride for a chance to win $35,000 for tuition? ◊◊
A Savings Account – For Later
Think of this account as a safe. You park your money here and make it grow so you can use it in the future. Want to buy a car? Pay your tuition? Take a trip? Money for these future goals should be kept in this account. It’s also a good place to stash an emergency fund. Why? Interest. (Remember…it’s the money banks pay you regularly at a particular rate for keeping your money with them). The longer your money stays put, the more interest (read: money) you earn.
Key things to consider in a savings account:
- How many monthly transactions can you make
- Is there a minimum amount you need to keep in it?
- Will you be charged a monthly fee?
- Are there bank account fees attached, like when you need to take money out?
- What interest rate does the bank offer?
If you’re looking for a savings account, and you’re 18 years of age or under and not enrolled in college, university or CEGEP, check out the CIBC Advantage® for Youth account. You’ll get unlimited transactions for no monthly fee1, earn interest on your savings, and you’ll also get that FREE SPC membership to save you even more. If you’re already 19, or a full-time post-secondary student, you’ll want to check out the CIBC TFSA Tax Advantage Savings Account®.
Let’s Sum It All Up
Not all accounts are created equal, so make sure you ask questions and find out what’s best for you. To stay up to date with all of your accounts, CIBC offers both online banking and the award-winning CIBC Mobile Banking® App that you can use on the go to keep track of all your banking needs.
Still, feeling unsure about which account(s) you need? Luckily, CIBC is there to help! On their website, you will find a tool that allows you to compare accounts and find the best account for you.
Earn $60 with the CIBC Smart for Students account!
† To be eligible for a free SPC membership, you must hold an eligible CIBC product at the time you register for the membership, which you must do through CIBC online or mobile banking. Eligible CIBC products include a CIBC Youth or Student bank account, Student credit card or Student line of credit. A complete list of eligible CIBC products can be found at cibc.com/spc. Joint account holders of eligible CIBC products are not eligible for membership. You must also be a legal resident of Canada who is fourteen (14) years of age or over, but under the age of thirty (30) years if the eligible CIBC product you use to qualify for the membership is a student line of credit. The membership will automatically renew and remain in effect for as long as you hold an eligible CIBC product.
1. The Smart for Student $60 Offer begins on February 29, 2020 at 12:01 a.m. (ET) and ends on October 30, 2020 at 11:59 p.m. (ET). Offer only open to Canadian residents who are not holders or joint holders of a CIBC chequing account. To qualify, open a CIBC Smart™ Account with Smart for Students and provide your email address. Within two (2) months, you must: (i) register for and sign on to CIBC Online Banking or CIBC Mobile Banking; and (ii) complete at least three (3) eligible Visa Debit purchases from the CIBC Smart Account for students. Offer cannot be combined with any other offer, reward or rebate, unless otherwise indicated. The cash reward will be deposited into your account five (5) months after you have completed the required transactions. Other conditions apply. Visit a CIBC banking centre or visit cibc.com/smart-student.
2. A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage Savings Accounts, a transaction does not include transfers to your other CIBC bank account(s) using the transfer function on CIBC Online Banking, CIBC Mobile Banking, CIBC Telephone Banking and at CIBC ATMs. For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free. “CIBC-branded” means any brand that has CIBC in its name and is offered by CIBC or its Canadian affiliates (and does not include CIBC Bank USA). Other fees (in addition to any transaction fee) include: withdrawals from non-CIBC bank machines (rebated for CIBC Smart Plus Accounts except the 2.5% administration fee on the converted amount of foreign currency ATM withdrawals), wire payments, Interac e-Transfer transactions (the Interac e-Transfer fee is waived for CIBC Smart Accounts, CIBC Smart Plus Accounts and for clients who are enrolled in CIBC Advantage for Youth, CIBC Smart for Students, CIBC Smart for Seniors (on the CIBC Smart Account) and CIBC Advantage for Students (on the CIBC Everyday Chequing Account)) and transactions in foreign currency (including cheques written in currencies other than the account currency).
3. Source: https://spccard.ca/why-spc
4. NO PURCHASE NECESSARY. Open <March 16th, 2020> to <April 15th, 2020> to legal residents of Canada who are sixteen (16) years of age or older and are current students of an accredited Canadian university, college or secondary school. One (1) $1,000 prize available. Odds of winning depend on number of eligible entries received. Math skill test required. Full Contest Rules
◊◊ NO PURCHASE NECESSARY. Open January 1st, 2020 to December 31st, 2020 to legal residents of Canada who are sixteen (16) years of age or older and are current students of an accredited Canadian university, college or secondary school. One (1) Grand Prize available to be won consisting of: one (1) cheque for $8,750 made payable to the winner; one (1) 1-year GIC for $8,750 opened in the winner’s name; one (1) 2-year GIC for $8,750 opened in the winner’s name, and one (1) 3-year GIC for $8,750 opened in the winner’s name. Odds of winning depend on number of eligible entries received. Math skill testing question required. Full Contest Rules Règlements officiels d’inscription au Concours.
*Trademark of Visa Int, used under license.
® Registered trademarks of CIBC or its subsidiaries.
The CIBC logo is a trademark of CIBC, used under license. Interac e-Transfer is a trademark of Interac Inc. used under license.
*Opinions expressed are those of the author, and not necessarily those of Student Life Network or their partners.