CIBC launches innovative Best Student Life
bundle that enables new post-secondary students to apply for three
banking products with one digital application
TORONTO, Aug. 6, 2024
/CNW/ - A new poll by Student Life Network on behalf of CIBC finds
that the majority (95 per cent) of students polled say managing
their finances is important to contributing to their overall
student life, but nearly two-thirds (63 per cent) of those polled
say they are using mental math to manage their finances. At the
same time, less than half of those polled (44 per cent) expressed
confidence in their level of financial literacy as they navigate
their post-secondary education which often comes with more
financial freedom and responsibility.
"Starting your academic career comes with a mix of emotions,
including the potential for some stress related to taking charge of
your finances," says Michael Clabby,
Executive Vice-President, Head of Digital, Data and Strategy, CIBC.
"Students are looking for digital solutions to help them establish
their financial independence to prepare for life after school."
Launching the CIBC Best Student Life Bundle
To help set students up for success as they begin their academic
career, CIBC has launched the CIBC Best Student Life Bundle, a
first-in-market, digital-exclusive offer for new CIBC international
and Canadian post secondary clients that allows them to apply for
essential student banking products and services in a single
application in less than 15 minutes.
The CIBC Best Student Life Bundle allows qualifying
students to apply for a no-fee Smart Start or Smart for Student
chequing account which helps them manage day to day expenses, an
eAdvantage Savings account to start the habit of putting some money
aside, and their choice of student credit card to help build a
credit history. Students joining CIBC receive an extra
$50 bonus when they apply online at
CIBC.com and earn up to $250 cash
back to use towards other expenses, and to do more of the
things they enjoy to make the most out of their student life.
Student expenses are unique
"Our survey found that most students are relying on mental math
to manage their expenses, with only 29% expressing confidence in
their financial situation. At such a transitional time with new and
unexpected costs, it's so important that students are aware of the
financial resources available to them which will help them build
confidence, develop lifelong financial habits and contribute to
work life balance," adds Clabby. "Budgeting apps and working with
an advisor can help make their academic ambitions real and also set
them up for success upon graduation as they set new
goals."
When it comes to spending, nearly a quarter of students say that
technology (24 per cent) and entertainment (24 per cent) are their
biggest splurges when at school. Travel is a future ambition for
many (56 per cent).
To help students with their everyday purchases, and put money
away for school essentials, CIBC also announced today it has
renewed its exclusive partnership with Student Price Card (SPC),
Canada's most popular student
discount program. CIBC youth and students are eligible for a
free SPC+ membership that provides 450+ discounts at top brands,
and saves students an average of $340
each year.
Additional support for students
CIBC has several products, resources and partnerships designed
to support students pursuing post-secondary education,
including:
- CIBC Smart Start, an everyday banking account with no monthly
fee until age 25
- CIBC clients can refer a student and both earn $50, up to $500 per
year
- Scholarships for students that reward passions through 99
Scholarships
- Access to CIBC Smart Planner to help students spend, save, plan
and budget smarter
- Contests and giveaways through CIBC's exclusive partnership
with Student Life Network
Research Poll Disclaimer:
The findings presented are based on a survey conducted by the
Student Life Network from June 28th
to July 15th, 2024. The survey sample consisted of 1,314
Canadians aged 14 and older, who completed an online
questionnaire for a chance to win $500. Participants were sourced from the
Student Life Network community, which includes over 2 million
Canadian students. While a stratified sample of this size
would typically have a margin of error of ±2.6%, 19 times out
of 20, this survey was not stratified and the sample was not
weighted, and therefore may not be perfectly representative of
the general population. Therefore, it is not possible to
assign a margin of error to these findings.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets and Direct Financial
Services businesses, CIBC offers a full range of advice, solutions
and services through its leading digital banking network, and
locations across Canada, in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/ca/media-centre.
SOURCE CIBC