CIBC Bank USA offers a range of personal banking products and a high-yield savings account.
CIBC USA’s free ATM access is limited to three states.
Some accounts are available only in certain counties in four states.
The bank's mobile app received mediocre ratings on Google Play.
OTHER CHECKING OFFERS YOU MAY LIKE
CIBC’s iCan Checking account, the account scored for this review, requires at least $50 to open and charges no monthly fees. The account earns no interest, but it does come with a 1 percent cash back feature on debit-card purchases, though no more than $20 can be earned each month. CIBC also refunds up to $50 a month in ATM fees.
CIBC also offers two interest-bearing checking accounts: myChoice Plus Checking and myChoice Prestige Checking. Neither account charges monthly fees, though the Prestige Checking account requires a $10,000 minimum opening deposit.
Only residents of select counties in Illinois, Michigan, Missouri and Wisconsin can open any of these accounts online.
Customers can earn back up to $50 a month in ATM refunds.
An iCan Checking account can be opened with just $50.
The account earns 1 percent cash back on debit-card payments.
The Money Market Savings Account is available only to residents of select counties in Illinois, Michigan, Missouri and Wisconsin, and the APYs offered are below average. On the plus side, the account requires only a $50 minimum deposit to open.
The account charges a monthly maintenance fee of $15 each statement cycle, but the fee is waived for accounts with balances of at least $2,500.
The Money Market Savings Account comes with an ATM card and check-writing privileges, but there is a charge for checks. Customers can make an unlimited number of transfers between CIBC Bank accounts, but they are limited to six check transactions per month.
Only $50 is required to open the account.
The account offers check-writing privileges.
An ATM card comes with the account.
There's a $15 monthly fee for accounts with less than $2,500.
The account doesn’t come with free checks.
Many banks offer higher yields.
CIBC's mobile banking app allows users to accomplish basic tasks, including viewing account balances, making peer-to-peer payments with People Pay and depositing checks. The app receives better reviews in the Apple App Store than it does on Google Play.
The CIBC app also allows users to add a card to their mobile wallets to make purchases with Apple Pay.
The bank offers over-the-phone banking 24 hours a day, according to the CIBC website.
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.
Bankrate evaluated the range of deposit products offered, along with fees, minimum balance requirements, extent of ATM network and the availability of smartphone apps and other digital features.
We assigned a score to each type of account and its features, weighted them based on importance to account holders and combined them to derive an overall score.