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CIBC Bank USA Review

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CIBC Bank USA Agility™ Online Savings Account
2.39% APY

With its CIBC Agility™ Online Savings Account, CIBC Bank USA joins the ranks of numerous banks with high-yield online savings accounts. It’s important to note that you’ll need to call or visit your local CIBC branch to learn more about its other accounts’ interest rates as they are not given online.

Like most other banks, CIBC offers a variety of accounts. From a simpler savings account to many-leveled checking accounts, this allows you to open the accounts that work best for you. CIBC’s checking accounts, the iCan Checking and myChoice Checking accounts, come at different levels ranging from Easy to Prestige. Each level increases in its included perks, and you qualify for higher levels based on your total balances, transactions and other factors. Regardless of which CIBC accounts you’re interested in, though, you should keep an eye out for monthly service fees which come with most accounts. 

Products Offered

Product Key Details
Savings Accounts
  • Two account options
  • CIBC Agility™ Online Savings Account earns at competitive interest rate
Certificates of Deposit
  • Terms range from 30 days to five years
  • $1,000 deposit needed
  • Jumbo CDs available with $100,000 minimum deposit
Money Market Account
  • Earns interest according to balance tiers
  • Low, waivable monthly fee
Checking Accounts
  • Three account options
  • One interest-earning account

CIBC Bank USA Interest Rate Comparison

CIBC Bank USA Overview

The Canadian Bank of Commerce was founded back in 1867 when it opened its first branch in Toronto. Over the years the small bank expanded, and in 2017, Chicago-based The PrivateBank became a wholly owned subsidiary of CIBC. Today, the bank’s U.S. headquarters reside in Chicago. 

In addition to its geographic expansion, CBIC has grown to include not only personal bank accounts, but financial products and services in commercial, wealth management and small business sectors as well. This offers its customers the opportunity to grow their savings in multiple ways and aspects of life, from simple savings accounts to investment management. 

CIBC Bank USA Account Features

All CIBC Bank USA accounts can be easily accessed online with CIBC NetBanking or the CIBC US Mobile Banking App. You will need to enroll yourself (and your accounts) in CIBC NetBanking once you have your account information. Once you enroll with one account, you can access all your other CIBC accounts online, too. This offers 24/7 access to your money so you can manage your accounts how and when you want. If you have a checking account, you can also use your included free debit card at ATMs. 

Compare CIBC Bank USA to Other Competitive Offers

CIBC Agility Online Savings Account

Key Features Details
Minimum Deposit $1,000
Access to Your Savings Account Online, mobile, over the phone and at ATMs.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates 2.39% APY

As its name suggests, the CIBC Agility™ Online Savings Account is only available online. But this means it’s designed to earn a ton of savings, shown by its competitive interest rate. Such a high-yield savings rate is typically found at online banks. This account, however, offers some in-person service. 

Just keep in mind that you’ll need at least $1,000 to open this account, which is a pretty high minimum for a savings account. 

CIBC Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, over the phone and at ATMs.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $3 monthly fee, waivable with $250 minimum daily balance each cycle or for account owners under 18 years old
Current Terms and Rates Call or visit your local branch for the most current rates. 
  • Balance tiers:
    • Account balances below $10,000
    • Account balances of $10,000 - $24,999 
    • Account balances of $25,000 - $49,999
    • Account balances of $50,000 and over

This simpler savings account earns interest according to balance tiers. This enables customers with higher balances to earn at higher interest rates. The account allows for an unlimited number of in-person withdrawals which includes those made at a branch or ATM. This offers more flexibility than savings accounts usually do, limiting you to six outgoing transactions. This account does limit your other transactions, including debit card transactions and pre-authorized, automatic and telephone transfers, to six per statement cycle. 

CIBC Bank USA CDs (Certificates of Deposit)

Key Features Details
Minimum Deposit
  • $1,000
  • $100,000 for Jumbo CDs
Access to Your CD Account Online and mobile.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply. 
Current Terms and Rates Call or visit your local branch for the most current rates.

Certificates of deposit, or CDs, can be a great way to set up some sort of steady income for your future. CDs are designed to grow your initial deposit undisturbed for a set amount of time. Once a CD reaches the end of its set term, or its maturity date, you’ll have access to the savings inside. If you set up multiple accounts, you could receive savings payouts every few months or years, depending on which accounts you open. You can also choose to leave your money inside the account, which will automatically renew for another term and continue earning interest.

CIBC Bank USA offers a great range of CD terms from 30 days to five years. This allows you to open accounts for both short- and long-term savings goals. You’ll need at least $1,000 to open a regular CD. If you have $100,000 or more to deposit,  that is considered a Jumbo CD. 

CIBC Bank USA Money Market Account

Key Features Details
Minimum Deposit $50
Access to Your Money Market Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $15 monthly fee, waivable with $2,500 minimum daily balance.
Current Terms and Rates Call or visit your local branch for the most current rates.
  • Balance tiers:
    • Account balances of $0.01 - $2,499.99
    • Account balances of $2,500 - $49,999.99 
    • Account balances of $50,000 - $99,999.99
    • Account balances of $100,000 and over

Money market accounts are like hybrids between a savings and a checking account, with certain features of each. For starters, you’re allowed to write checks from your money market account, just like with a checking account. Your monthly account statement will include check images for free. On the other hand, like a savings account, this CIBC money market account limits you to six transactions per cycle, apart from in-person withdrawals at branches and ATMs. 

The CIBC Bank USA Money Market Account earns interest according to balance tiers. Again, this allows higher balances to grow your money at better rates. You may benefit best by maintaining at least $2,500 in the account. That way, not only will you earn at the second tier, but you’ll also waive the account service fee each month. 

CIBC Bank USA iCan Checking Account

Key Features Details
Minimum Deposit Call or visit your local branch for the most current amount. 
Access to Your Checking Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • Easy level: $9.00 monthly fee, reduced to $6.00 with electronic statements through CIBC NetBanking
  • All other levels: no monthly fee

The iCan Checking account operates according to which relationship level you qualify for. Your level will determine the amount and the kinds of perks you and your account can benefit from. Your relationship level will depend on the balances you maintain in qualifying CIBC Bank USA Related Accounts, how many ACH credit or debit transactions post to your account during each cycle and e-statement enrollment. Whether you also have a CBIC Bank USA savings, money market or CD account will also factor in, as well as whether you make at least two bill payments from your iCan Checking Account via CIBC NetBanking during each cycle. 

Essentially, the more you use CIBC Bank USA’s services, the more benefits you’ll see. For example, if you maintain a balance below $1,000 and have zero ACH transactions, you won’t really receive any extra perks outside of a free debit card at the Basic level. If you were to just boost your balance or set up more ACH transactions, then you could benefit from a waived monthly fee and up to $7 in ATM fee refunds on the Everyday level. The next level, Plus, offers up to $15 in ATM refunds and cash back on qualified Debit Card Purchases per statement cycle. You’ll earn 1% cash back, up to a total of $10 in cash back. Finally, at the last Premium level, you can receive up to $20 in ATM fee refunds and a maximum of $20 in cash back.

CIBC Bank USA myChoice Checking Account

Key Features Details
Minimum Deposit Call or visit your local branch for the most current amounts.
Access to Your Checking Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • Easy level: $15 monthly fee, reduced to $12 with electronic statements through CIBC NetBanking
  • All other levels: no monthly fee
Current Terms and Rates Call or visit your local branch for the most current rates.

The interest-earning myChoice Checking Account has five different levels of perks, each determined by the balances you maintain in qualifying Related Accounts with CIBC Bank USA. For starters the Easy level is for those with less than $5,000 in Related Accounts. That level won’t get you much other than a free debit card and interest earned. The next level, Everyday, requires balances between $5,000 and $9,999. This level automatically waives a monthly fee and offers up to $6 in foreign ATM fee refunds per statement cycle. 

The Plus level is the first level that includes the opportunity to boost your interest rate on Related Accounts. This level, reserved for balances between $10,000 and $25,000, adds an extra 0.05% to any interest-earning Related Accounts. The Plus level also waives this account’s fee, an annual fee for a new home equity line of credit, an annual fee on an overdraft line of credit and on cashiers checks.

The Premium level (balances between $25,000 and $49,999) includes all the above perks, except it adds on 0.08% on Related Accounts interest rates. It also includes one overdraft and NSF fee refund per statement cycle. The final level is the Prestige level, which maintains all the perks of the Premium level, except it adds 0.10% on Related Accounts.

CIBC Bank USA EasyPath Access Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee

If you need a simple and protective account, the EasyPath Access Checking may be just the thing for you. For starters, you don’t have to worry about meeting a minimum amount to open the account. Then once you own the account, there’s no monthly fee looming over your head either. The account is designed to help you avoid fees, especially for overdrafts. So instead of allowing transactions to go through, despite insufficient funds, the EasyPath Access Checking Account just won’t pay the transaction if you don’t have enough money in your account to cover it. This account is also check-free to help you avoid bounced check fees. 

Where Can I Find CIBC Bank USA?

You can find CIBC Bank USA branches in Illinois, Michigan, Missouri and Wisconsin. There are CIBC Bank USA ATMs in each of these states, except Michigan, unfortunately. 

You can also find the bank at its website and at its mobile app, available on both Apple and Android devices.

What Can You Do Online With CIBC Bank USA?

If you’re not already a CIBC Bank USA customer, you can easily browse the bank’s many financial products and offerings online. You can find your nearest branch, check out fees for each account and more. You cannot, however, find the bank’s deposit accounts interest rates online, except for the new CIBC Agility™ Online Savings Account. 

Once you do have an account with the bank, you can access all your accounts online through CIBC NetBanking and on the mobile app. There, you can manage your accounts, monitor balances and savings growth and pay bills. 

How Do I Access My Money?

You can access your money online and on mobile with your account login information. There you can make external transfers and initiate transfers from another financial institution. You’ll need to request a check from the bank by sending a secure message through your CIBC NetBanking platform or by sending the bank a request through the mail. 

Of course, you can also access your money at a CIBC Bank USA branch or ATM. Just remember that the bank’s ATMs are limited to Illinois, Missouri and Wisconsin.

How Can I Save More Money With a CIBC Bank USA Account?

To save money on your CIBC Bank USA accounts, you’ll want to waive any monthly fees if you can. The bank’s monthly fees may not seem like much, but they can really add up in a year. If possible, try to meet the minimum balance requirements of your account, if any, so you don’t have to worry about that fee getting in the way of your savings.

You’ll also save more money with a CIBC Agility™ Online Savings Account. It has one of the most competitive online savings interest rates in the industry. Plus, paired with no monthly fee, that can really help give your savings a necessary boost. 

What’s the Process for Opening an Account With CIBC Bank USA?

To open most CIBC Bank USA accounts, you’ll need to visit a bank branch. The exception is the CIBC Agility™ Online Savings Account. No matter which account you’re applying for, you’ll need to provide the bank with your personal information. This includes your Social Security number, employment information, U.S. driver's license or state-issued identification and current U.S. home address. 

What’s the Catch? 

A catch to banking with CIBC Bank USA is certainly its limited physical presence. With branches in only four states, and ATMs in three, not everyone will be able to visit a branch and open an account. 

You’ll also want to be careful about running into fees. Almost all the bank’s accounts charge a monthly service fee. Some can be waived by meeting a minimum balance which may not be a problem if you use the account as your standard savings or checking account. 

Bottom Line

For those who live in its few serviced areas, CIBC Bank USA is certainly a solid option with its various account options. There’s room for flexibility in its checking accounts which determine your perks based on account activity. Typically, the more you use CIBC Bank and the more you keep in your accounts, the more benefits you get to use. 

You do get to open the bank’s Agility™ Online Savings Account online, however, regardless of your proximity to a branch. Plus, this account offers the bank’s best interest rate and one of the most competitive rates in the industry.

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