This post is sponsored by CIBC, however the views and opinions expressed represent my own and I only work with brands & products that I trust and believe in.


Since January, I’ve noticed that there have been a lot of cool things going on in the financial world. Ok, maybe “cool” is a bit of a stretch, but I’m a money nerd so things like new types of bank accounts popping up excite me. 

How you could save on bank fees with a smart account.It’s weird, but even though I’ve been blogging about personal finance for over four years now, I’ve never seen so much change in the financial industry than what’s happened in the past six to eight months.

Personally, I think a lot of it has to do with us millennials getting older, wiser and more interested in our personal finances. We bank differently than our parents’ and grandparents’ generations, and I think financial institutions are finally realizing that they need to up their game to meet our needs.

For example, when my husband and I moved to Toronto almost three years ago, we moved all of our money to a new bank and got ourselves a financial advisor for the first time in our lives.

He was awesome, and not just because he loved that I was a personal finance blogger. Unfortunately, after about a year, he left and we didn’t have his info so we never saw him again.

Well, as luck would have it, just a few weeks ago I bumped into him heading out of the subway downtown and we got to catch up. When we were chatting, he ended up sharing his perspective on the shift that’s been going on in the financial industry.

He said almost gone are the days when you actually need to interact with a bank teller, and most banks aren’t hiring new ones either. Everything is online. Younger customers are less interested in having a safety deposit box and more interested in flexibility, a good mobile app and low fees.

Clearly some banks, like CIBC, are taking action when they get this type of feedback. Instead of just continuing with the status quo, they’ve launched a new type of bank account called the CIBC Smart Account that is both flexible and has an interesting way of dealing with fees.

Basically, the account starts at $4.95 for 12 transactions and caps $14.95 for unlimited transactions, but the biggest difference between this account and others on the market is it includes Interac e-transfers too. Apparently this account is the first of its kind to offer unlimited Interac e-transfers like this. And if you want the $4.95 to be waived, you just need to keep a minimum daily balance of $3,000 in the account along with one recurring direct deposit or two pre-authorized payments each month.

So if you hate fees, and have to do a lot of Interac e-Transfers (like my husband who is self-employed and has to do these all the time), this might be something to look into.

I wonder what kind of new innovations the banks will have in the next few months.

For more information about the CIBC Smart Account, visit CIBC.com

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