CIBC Bank USA Review 2020

CIBC Bank USA offers a highly competitive APY on its CIBC Agility Online Savings Account. The account requires a $1,000 minimum at account opening. While you need $1,000 to open the account, you don’t need to maintain that balance. As long as you have at least a penny in the account, you’ll earn a top-tier APY and not receive a maintenance fee. All balances from $0.01 to $1 million earn the same APY.

The CIBC Agility Online Savings Account is available in all 50 states. The Agility Online Savings Account does not offer ATM access.

CIBC Bank USA offers a range of short- and long-term CDs in locations where the bank has a presence in the Midwest. Customers who visit a CIBC brick-and-mortar location can open CDs with terms ranging from 30 days to five years.

A $1,000 minimum deposit is required to open a CD, but interest isn't compounded frequently — according to the bank's website, interest is "compounded and credited according to the terms of the CD."

Agility CDs come in terms of nine months and 12 months. Both CDs require a $25,000 balance to earn the top yield. Balances under that amount still earn competitive yields.

All CDs opened in a branch have a penalty of six months of interest if you make an early withdrawal.

CIBC's MyChoice Checking is an interest-bearing checking account that pays 0.15 percent APY. The account can be opened with a $50 deposit. The interest comes in tiered rates with the best offer on balances of $50,000 or more. It takes at least $5,500 to avoid the $15 monthly account maintenance fee. Balances of at least $10,000 get an interest rate bonus on related deposit accounts.

The other option from CIBC is the iCan Checking. It does not earn interest but can be opened with $50 and comes with a lower monthly account maintenance fee of $9. Those who hold at least $1,000 in the checking account or another related deposit accounts offered by CIBC Bank USA can waive the fee.

Checking accounts must be opened at a CIBC branch. (Update 8/21/20: CIBC now offers online checking account applications in select states/counties.)

Customers have access to 30 CIBC-branded ATMs and can earn up to $50 per month in ATM fee refunds, depending on account type. The bank charges a $3 fee for out-of-network ATM withdrawals.

The Money Market Savings Account is available only at CIBC Bank USA branches. The account offers tiered interest rates for different balances, with the top-rate tier balance earning a meager 0.2 percent. On the plus side, the account requires only a $50 minimum deposit to open.

The account charges a monthly maintenance fee of $15 per monthly statement cycle; however, the fee is waived for accounts with a balance of at least $2,500.

The Money Market Savings Account has an ATM card available and also has check-writing privileges, though the bank charges for the checks.