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CIBC Bank USA Review 2024

Updated January 2, 2024
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 4.9 stars out of 5

MMA

Rating: 2.5 stars out of 5

About Bankrate Score

Overview

CIBC Bank USA may be ideal for consumers interested in a high-yield savings account and comfortable with online banking. But the bank doesn’t have many ATMs in the U.S., and charges hefty fees, including out-of-network ATM fees (although it offers rebates). If you aren’t near a branch or a CIBC ATM, it may not be the best choice.

Highlights

  • ATM Fee Refunds
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/19/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 3/19/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 3/19/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

Overall

CIBC Bank USA offers a range of personal banking products and a high-yield savings account. While it does have 24 branch locations, mostly in the Midwestern U.S., it’s mainly known for online banking.

Pros

  • Checkmark

    The bank offers a wide range of personal banking products.

  • Checkmark

    The Agility Online Savings Account offers a competitive yield with no monthly maintenance fee.

Cons

  • Some online account applications are available only in certain counties in six states.

  • CIBC charges multiple fees, including overdraft, non-sufficient funds and out-of-network ATM fees.

CIBC Bank USA banking products

4.9
/5
Rating: 4.9 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
5.01%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$1.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$1.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info

FEATURES

Invest Rate
5.01% APY
Info
Loan
$1,000 minimum deposit to open

CIBC Bank USA savings overview

The CIBC Agility Online Savings Account earns an annual percentage yield (APY) that’s well above average. The account requires a minimum of $1,000 to open, but there’s no requirement to maintain that balance to earn the APY; you need just 1 cent in the account. The account also charges no monthly fee, regardless of balance.

The account can only be accessed online and doesn’t permit deposits or withdrawals to be made using an ATM.

Pros

  • Checkmark

    CIBC Agility Online Savings Account earns a top-tier yield.

  • Checkmark

    You don’t need to maintain the minimum opening deposit to earn the APY.

  • Checkmark

    The account doesn’t charge a maintenance fee.

Cons

  • ATM access isn’t available for the CIBC Agility account.

  • Withdrawals using an external transfer aren’t permitted during the first 30 days after opening an account.

  • There is a minimum $1,000 opening deposit requirement.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    CIBC Bank USA
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/19/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $5 plus interest
Non-sufficient funds fee $45
Monthly maintenance fee $0
Out-of-network ATM fee $3 plus a 2.5% administration fee
Excessive transaction fee $10

Customer experience

Customer support

24/7 support. Customers can get help with their accounts by phone 24 hours a day. They can also reach out through email.

Digital experience

Mixed mobile app reviews. CIBC’s mobile app is well-rated on the Apple App Store, with more than 17,000 user ratings. The app receives just OK reviews on the Google Play Store, where more than 30,000 users have reviewed it. The app allows users to accomplish basic tasks, including viewing account balances, making peer-to-peer payments with People Pay and depositing checks. The CIBC app also allows users to add a card to their mobile wallets to make purchases with Apple Pay.

Lack of budgeting features. CIBC doesn’t offer helpful extra features like budgeting tools or the ability to view your credit score, and there aren’t charts or graphs that show a snapshot of your saving and spending over time. (Many other banks offer these tools.)

Lightbulb

Bankrate staff insights

“The Agility Savings annual percentage yield is top notch,” said a Bankrate staff member who uses the account personally. “The app and website are very simple, but in this day and age I’m expecting an app that provides more features that are helpful in managing my money.”

About CIBC Bank USA

CIBC Bank USA was formed by Toronto-based CIBC’s acquisition of Chicago-based PrivateBancorp in 2017.

CIBC Bank USA offers checking accounts, savings accounts, mortgages and personal loans. The bulk of its bank branches are in northeastern Illinois, but CIBC Bank USA also has one branch each in St. Louis, Milwaukee and suburban Detroit. All locations except Michigan feature ATMs.

How does CIBC Bank compare to other banks?

CIBC Bank vs. PNC Bank

If you’re looking for in-person banking, you’ll find more options with PNC, which offers access to approximately 2,400 branches in 29 states. CIBC, on the other hand, only maintains around 24 branches in six states (mostly in the Midwest).

Likewise, CIBC only offers around 20 ATMs in the U.S. and doesn’t belong to an ATM network, while PNC offers a much larger footprint of fee-free ATMs, since it belongs to the Allpoint network of more than 41,000 ATMs.

Both CIBC Bank and PNC Bank offer some accounts that can be opened online.

When it comes to its savings accounts, PNC offers a competitive rate on its account in some states, whereas customers who live outside of those states earn significantly lower rates. CIBC’s Agility Online Savings Account earns a highly competitive rate across the board, regardless of where customers reside.

CIBC Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.