CIBC Banking Services

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Mindmap Unit 2

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Comic Life

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Sources of Finance

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Utopia

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CIBC Banking Services

RESP

An RESP is a Registered Education Savings Plan which allows you to save for your child's post secondary education.

This is a tax deferred investment plan that allows you to gradually save for your child's education so that the funds will be there when you need them. The contributions can be made up to $50,000 and can be added to until the child is 31.

This benefits students because it allows them to be ready for post secondary instead of having to pay a lot at once or not have enough to pay at all.

Individual Plan RESP- when only one child is part of this plan. Not mandatari your child

Family Plan RESP- this is when you can have more than one child as part of this plan. These kids must be related to you.

Savings Accounts

A savings accounts is a place to store money while you earn interest.

CIBC Bonus Savings Account- the interest rate is 0.10% when your balance is $3,000 or more. It can also be 0.05% on balances up to $2,999.99. The monthly fees are $0 and each transaction is $5.

This benefits students because it helps them save for future or monthly expenses such as rent.

Online Banking

Using your phone or computer to pay bills or e-transfer.

The CIBC Mobile Banking App allows you to pay bills and send money to family and friends. You can also use the digital payment and mobile wallet options to pay with your phone.

This benefits students because it is quick and allows them to do everything at home.

Line Of Credit

Line of Credit is an amount of credit that is borrowed.

CIBC offers a student line of credit with a lending $ Range of $5,000 and up. It allows you to borrow up to $350,000 depending on your field and helps pay for things like books and housing.

This benefits students because it helps them pay for their everyday expenses such as food, transportation, etc.

Credit Card

CIBC Aventura® Visa* Card for Students is a card that has multiple bonuses such as access personalized travel booking, 90 day protection if your new purchase is stolen or breaks. You can get up to 5000 points as a new cardholder. There is a $0 annual fee and a 19.99% interest rates of purchases and a 29.99% interest rate on cash.

Opening this account can benefit students because many resources are available online such as payments methods through your phone, which is quick and easy.

Student Plans

CIBC Smart™ for Students- for full time students CIBC offers a plan with the benefits of $0 monthly fee, unlimited transactions, and bonus savings for graduates.

This helps students because it is quick and helps them save money.