The best bank account should manage itself
Between long hours at work and day-to-day responsibilities at home, finding time to take a break, catch up with friends or even squeeze in a workout requires serious time management skills. So it’s easy to shrug it off if you’re a couple of weeks late on that last Internet bill or get accustomed to swallowing the occasional overdraft fee when the rent cheque is cashed. And while an individual penalty charge doesn’t seem like a big deal, those small costs can add up in surprising ways—and they might actually be standing between you and your financial goals. Since hiring a personal assistant to keep you organized isn’t realistic for most Canadians, it’s good to know that simply choosing the best bank account for you can both help you stay on track so you aren’t losing your hard-earned money to unnecessary penalties and interest payments, as well as help you make the most of the money you keep.
The CIBC Smart Plus Account* handles all of your banking in one place with a flat, predictable monthly fee that includes unlimited transactions (including INTERAC e-Transfer), plus the use of a premium credit card like the CIBC Aventura Visa Infinite Card. The rewards you’ll earn on every card purchase means you can plan that vacation sooner than you think.
Here’s how the CIBC Smart Plus Account, paired with the CIBC Aventura Visa Infinite Card, can work for you:
How to bundle your banking
Ever heard of decision fatigue? We are bombarded by choices every single day. They range from the mundane (opting for vanilla or chocolate ice cream) to life-changing (weighing the pros and cons of starting your own business). And it’s stressful to have to consider what we want or what’s best while juggling everything else. Enter the best bank account to keep things simple: The CIBC Smart Plus Account works to simplify your life by streamlining your banking into an all-in-one banking bundle. It includes a premium credit card (with an annual fee rebate), unlimited transactions (including INTERAC e-Transfer service, money orders, debit purchases and bill payments), unlimited ATM withdrawals and overdraft protection. (Hot tip: Open a new account by Sept. 30, 2020, set up one direct deposit to your account or two pre-authorized debits from your account, and you’ll receive $300. Plus, there’s no monthly fee for the first three months on your first Smart Plus account. After that, simply keep a minimum balance in your account, or have a minimum daily balance in Savings and Investments, to receive a monthly rebate.) It’s one less decision to make so you can focus on the important (and fun) stuff.
Avoid NSF fees and declined payments
Even once we clock out of work, for most of us, the to-do list never ends. There are dental appointments, grocery shops, phone consults, pet duties—oh, and don’t forget to pick up a gift for next week’s housewarming party! So we’re all guilty of letting things slide here and there. Unfortunately, that sometimes means we end up paying a little extra, either because of missing the early-pay discount, or being dinged with a late charge or extra interest, which drives us farther away from our financial goals. One way around this? CIBC Smart Balance Alert will send you a text message so you can avoid an NSF fee and a declined payment. With an annual value of over $500 in benefits, the CIBC Smart Plus Account* also makes it easier to get on top of things.
The best bank account helps you save money
Getting the biggest bang for our buck can be as simple as price matching on groceries, using promo codes for online purchases, and checking out the clearance section. You can take those savings even further by using a credit card that earns rewards points on those carefully curated purchases. The CIBC Aventura VISA Infinite credit card has no annual fee when used in conjunction with your CIBC Smart Plus Account, and you’ll collect 1 Aventura Point for every $1 spent as well as an additional bonus 1.5 points for every $1 spent at select grocery, gas, and drug stores for your first $80,000 worth of purchases. So, you’re maximizing every dollar spent when you rent a blockbuster to view online, book a trip, or treat yourself to that new pair of shoes. Bought a hi-tech item? This card has you covered with Purchase Security Insurance in case your new toy is stolen or breaks.