CIBC Bank USA Review 2019
Matthew Goldberg is a consumer banking reporter at Bankrate. He graduated from Illinois State University with a bachelor's degree in mass communication and earned an MBA at William Paterson University. He began his writing career in 1998 at Sun Publications in Crystal Lake, Illinois. He was sports editor at The Daily Vidette, a sports reporter at The Journal Standard and a sports writer at The Quincy Herald-Whig. His work has also appeared in Sports Illustrated On Campus. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. He also has more than seven years of financial services experience, in both banking and insurance.
3.2/5
Formerly known as The PrivateBank and Trust Co., CIBC Bank USA offers a range of personal banking products and a high-APY savings account.
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About CIBC Bank USA
CIBC Bank USA has banking centers in Illinois, Michigan, Missouri and Wisconsin. CIBC Bank USA offers checking accounts, savings accounts, mortgages and personal lending options. CIBC, which got its start in 1867, is a global institution that’s based in Toronto and has its U.S. headquarters in Chicago.
CIBC Bank USA is a great option to earn a top-tier yield on a savings account, with its CIBC Agility Online Savings Account. In addition to having a high APY, the account doesn’t have a maintenance fee.
Pros
- Range of personal banking products.
- The CIBC Agility Online Savings Account offers high APY, no maintenance fee.
- The bank offers the CIBC US Mobile Banking App.
Cons
- CIBC Agility Online Savings Account doesn’t offer ATM access.
CIBC Bank USA Services
4.3/5
CIBC Bank USA offers a top-tier yield in 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.
Pros
- CIBC Agility Online Savings Account earns a top-tier yield.
- A minimum balance of only $0.01 is required to earn the APY.
- CIBC Agility Online Savings Account doesn’t have a maintenance fee.
Cons
- $25 fee if you close the CIBC Agility Savings account within 90 days of opening it.
- ATM access isn’t available for the CIBC Agility account.
- Can't do an external transfer in CIBC NetBanking until 30 days after you opened your account.
Savings accounts available from other banks
3.2/5
CIBC Bank USA offers a range of short- and long-term CDs in locations where the bank has a presence in the Midwest. 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 terms offer competitive yields online. You earn a slightly higher yield on either term CD when you deposit $25,000 or more. All CDs opened in a branch have a penalty of six months of interest if you make an early withdrawal.
Pros
- The minimum deposit is relatively low.
- Most of the standard CD terms are offered locally.
- Minimum deposit for Agility CD is only $1,000.
Cons
- $25,000 balance required to get the highest rate on an Agility CD.
- Interest on Agility CDs compounds monthly.
CDs available from other banks
2.6/5
CIBC's MyChoice Checking is an interest-bearing checking account. 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.
Pros
- Monthly out-of-network ATM fee refunds for customers with at least $5,000 in deposit accounts.
- $50 to open account.
- Interest rate bonus on related deposit accounts for those with at least $10,000.
Cons
- Base interest rate for checking account is meager.
- Other accounts make it easier to avoid monthly maintenance fees.
- Accounts must be opened with a branch.
Checking accounts available from other banks
2.3/5
The Money Market Savings Account is available only at CIBC Bank USA branches. CIBC Bank USA has branches in Illinois, Michigan, Missouri and Wisconsin. There’s a $50 minimum deposit required to open this account. The Money Market Savings Account is both compounded and credited on a monthly basis. The account offers tiered interest rates for different balances, with the top-rate tier balance earning a little below the national average APY. The Money Market Savings Account has an ATM card available and also has check-writing privileges.
Pros
- Only $50 required to open the account.
- Offers check-writing privileges.
- You can get an ATM card with the account.
Cons
- Daily account balance above $2,500 required to avoid the $15 monthly fee.
- APY is just under the national average.
- There is a cost to ordering checks.
- Account is available only in CIBC Bank USA branches.
MMAs available from other banks
1.7/5
CIBC Bank USA customers have access to 30 CIBC-branded ATMs. You can also earn up to $50 per month in refunds for any fees incurred at other ATMs, but the refund depends on which account you have. You can, of course, move money from the palm of your hand. The mobile banking app will help you accomplish the basics, including: view your account balances and send money to people you know via People Pay. There are more generous call center hours elsewhere. At CIBC Bank USA, you won’t be able to reach a branch representative on the phone on Sundays.
