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CIBC

Smart Start Cash Offer (i.e. Kids Account) - $150 cashback, no fees

  • Last Updated:
  • Feb 23rd, 2024 11:17 am
Sr. Member
Nov 20, 2017
885 posts
1163 upvotes
seagull1987 wrote: CIBC SmartTM Account Monthly Fee1

Up to 12 transactions:
$6.95

13 to 20 transactions:
$1.25 per additional transaction up to a maximum of $16.95

Unlimited transactions:
$16.95
CIBC Smart™ Start
Introducing the new benefit that helps you be money smart from the start. Enjoy no-fee everyday banking until you’re 25.

Already opened my kid's account last month. It's the highest bonus for kid's bank account I found. Unfortunately my kis only can get $100. The direct deposit part couldn't done.
Deal Addict
Nov 30, 2016
1375 posts
1868 upvotes
Grande Prairie, AB
Tony98 wrote: CIBC Smart™ Start
Introducing the new benefit that helps you be money smart from the start. Enjoy no-fee everyday banking until you’re 25.

Already opened my kid's account last month. It's the highest bonus for kid's bank account I found. Unfortunately my kis only can get $100. The direct deposit part couldn't done.
For some reason it shows fees through my online banking
Sr. Member
Nov 20, 2017
885 posts
1163 upvotes
Stankonia wrote: Used to be $50 bucks when I opened my kids' accounts. Some conditions but should be fairly easy to achieve On a side note, when they hit 18, they can trade for free using investors edge.

------------------------------------------------------------
Introducing the new benefit that helps you be money smart from the start. Enjoy no-fee everyday banking until you’re 25.

Open your first chequing account with the Smart Start benefit. Within 2 months, complete up to 3 of the following:
  • Get $50 when you provide your email address
  • Get $50 when you complete 1 ongoing direct deposit
  • Get $50 when you complete one of:
    1. 2 different ongoing pre-authorized debits
    2. 2 Visa* Debit purchases ; or
    3. 2 online bill payments of at least $50 each
Thanks for the OP. This chequing account is great for kids. How ever for investment I recommend Nationabank Direct Brokerage. NBDB is $0 commission for trade stocks and ETFs. Under 30 years old will waive $100 annual fee.
Sr. Member
Nov 20, 2017
885 posts
1163 upvotes
seagull1987 wrote: For some reason it shows fees through my online banking
The fee is for CIBC SmartTM Account and this thread is CIBC Smart Start Account.
Deal Addict
Nov 30, 2016
1375 posts
1868 upvotes
Grande Prairie, AB
Tony98 wrote: The fee is for CIBC SmartTM Account and this thread is CIBC Smart Start Account.
For sure, right now its just showing as a Smart Account even though its registered to my son after filling out the OP link. Maybe its just updating or something.
Sr. Member
Aug 13, 2015
797 posts
1396 upvotes
Vancouver, BC
seagull1987 wrote: CIBC SmartTM Account Monthly Fee1

Up to 12 transactions:
$6.95

13 to 20 transactions:
$1.25 per additional transaction up to a maximum of $16.95

Unlimited transactions:
$16.95


Seems then RBC's Leo's Young Savers account is better since it has no monthly fee and unlimited Interac Etransfers. It has a $25 sign up bonus. Not sure if it has offered more sign up bonuses in the past.
Member
Sep 5, 2005
282 posts
77 upvotes
Toronto
Do not get this. I applied and got 2 accounts with this promo about 4 months ago for both my young daughters. Did all the steps and still haven't seen a penny from them. Not only that they have the worst customer service, if you call in and ask about the account they say to verify the account we need to speak with the account holder.... My 6 year old daughter.

Don't trust this deal.
-Ashraf
Member
Jul 30, 2006
411 posts
329 upvotes
Ottawa
ashraf_nana wrote: Do not get this. I applied and got 2 accounts with this promo about 4 months ago for both my young daughters. Did all the steps and still haven't seen a penny from them. Not only that they have the worst customer service, if you call in and ask about the account they say to verify the account we need to speak with the account holder.... My 6 year old daughter.

Don't trust this deal.
Looks like you'll have to wait another 3 months or so. From their terms and conditions:
"The cash reward will be deposited into your account within 7 months (or 10 months for ISBO) after you have opened the account. Other conditions apply; review the terms and conditions (PDF, 135 KB) Opens in a new window.."
Sr. Member
Nov 20, 2017
885 posts
1163 upvotes
adaniel wrote: Seems then RBC's Leo's Young Savers account is better since it has no monthly fee and unlimited Interac Etransfers. It has a $25 sign up bonus. Not sure if it has offered more sign up bonuses in the past.
CIBC Smart Start for kids under 25 is unlimited transactions and free.
Last edited by Tony98 on Feb 3rd, 2023 8:54 am, edited 1 time in total.
Sr. Member
Nov 20, 2017
885 posts
1163 upvotes
ashraf_nana wrote: Do not get this. I applied and got 2 accounts with this promo about 4 months ago for both my young daughters. Did all the steps and still haven't seen a penny from them. Not only that they have the worst customer service, if you call in and ask about the account they say to verify the account we need to speak with the account holder.... My 6 year old daughter.

Don't trust this deal.
After I opened my 6-year old kid's account, it appears in my online banking.
Jr. Member
Nov 1, 2015
148 posts
214 upvotes
London, ON
seagull1987 wrote: For some reason it shows fees through my online banking
You're totally right, it displays online as a Product Type: CIBC Smart™ Account with the associated fees.

I have another account opened a couple of years back for another child, same display in online banking, and it charges then credits back the fees each month. I called CIBC to confirm the new account opened under this promo would be the same, man said yes.

I wish they had coded the Smart Start account type differently for display purposes.
Deal Fanatic
User avatar
Jul 12, 2005
5039 posts
302 upvotes
Stoney Creek
Thanks OP! Been looking for an account with no fees for my 9 year old for a while and getting $100 on top of that is a nice bonus
Deal Addict
Jan 5, 2018
2725 posts
2535 upvotes
finally....kids are making you money....
NOT A WOMAN. JUST GOT A WEIRD NAME. I AM A MAN. THANKS.
Deal Addict
Feb 24, 2008
2331 posts
826 upvotes
Looking to open first account for my daughter. Can this be opened online or do I have to go to a branch? Can the parent be a joint account holder and if so will the account still remain free till the kid turns 25? Thanks.
Deal Fanatic
User avatar
Jul 12, 2005
5039 posts
302 upvotes
Stoney Creek
kulb wrote: Looking to open first account for my daughter. Can this be opened online or do I have to go to a branch? Can the parent be a joint account holder and if so will the account still remain free till the kid turns 25? Thanks.
I did everything online, then when we got the card and temporary PIN in the mail, we went to a CIBC ATM to deposit funds and change the PIN. Yes, you will need to open a parent account during the account opening process (start with the child's account and it will guide you through opening yours also)
Deal Addict
Oct 29, 2004
2443 posts
1043 upvotes
Nhuynh555 wrote: You can put your pay deposit into your kids account.
I assume you can do a reoccurring allowance deposit to the account linking it with the chq account number. Looks the same as a pay chq deposit.

Hmmm.. I wonder if you can get away with using them as your trading account when they are 18 to get a tax break in capital gains
Member
Feb 21, 2013
315 posts
91 upvotes
Montréal
hmm I would love to know more about that.. If we use Resp and TFSA account
Deal Fanatic
User avatar
Jul 12, 2005
5039 posts
302 upvotes
Stoney Creek
jon604 wrote: I assume you can do a reoccurring allowance deposit to the account linking it with the chq account number. Looks the same as a pay chq deposit.
Nope, has to be from your employer or the gov. (see the T&C I posted above)
jon604 wrote: Hmmm.. I wonder if you can get away with using them as your trading account when they are 18 to get a tax break in capital gains
That's tax evasion.
Deal Addict
Apr 20, 2021
1597 posts
2398 upvotes
h00ch wrote: I did everything online, then when we got the card and temporary PIN in the mail, we went to a CIBC ATM to deposit funds and change the PIN. Yes, you will need to open a parent account during the account opening process (start with the child's account and it will guide you through opening yours also)
Wait, do you get a no fee account too?

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