CIBC launches Smart Start benefit for clients
under 25, offering no monthly fee and unlimited
transactions
TORONTO, May 18, 2022
/CNW/ - Financial stress starts young. A new poll by CIBC finds
that the majority (65 per cent) of young Canadians aged 18-24 are
worried about keeping up with living expenses. The most common
contributor to financial stress among young Canadians is simply
having enough disposable income to enjoy themselves, with more than
one-third (38 per cent) identifying this as a top financial
concern.
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 John Ferren, Senior
Vice-President, Deposits, Personal & Business Banking, CIBC.
"This is why we've launched Smart Start, offering unlimited
transactions, no monthly fees and a host of other benefits all the
way up to our clients' 25th birthday."
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 John
Ferren. Smart Start gives young people access to practical
tools and features that make it easy to develop sound financial
habits, and with no monthly fee, it means more dollars going
towards the things or experiences they want most, or money they can
put aside for the future."
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 April 7th to
April 17th, 2022, an online survey of 1,251 randomly selected
Canadian adults who are aged 18-34 and are Maru Voice Canada panelists was
executed by Maru/Blue. For comparison purposes, a
probability sample of this size has an estimated margin of error
(which measures sampling variability) of +/- 3%, 19 times out of
20.
About CIBC
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 Canada, with offices
in the United States and around
the world. Ongoing news releases and more information about CIBC
can be found at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC