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CIBC Bank USA Review 2022

Published May 2022 by René Bennett

AT A GLANCE
4.0

Bankrate Score

bank-logo

ATM fee refunds

No monthly fees

CIBC Bank USA is an option for consumers interested in a high-yield savings account and comfortable with online banking.

  • Savings
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    4.9
  • Checking
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    4.7
  • CDs
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    3.4
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    UFB Direct

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    MMA

    1.66 % APY

    $ 0

    Min. balance for APY

    Bask Bank

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    1.61 % APY

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    CIT Bank

    Member FDIC

    Savings account

    1.35 % APY

    $ 0

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    Overall

    4.0

    Bankrate Score

    CIBC Bank USA offers a range of personal banking products and a high-yield savings account.

    What we like

    • The bank offers a range of personal banking products.

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

    What we don't

    • 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.

    Savings accounts

    4.9

    Bankrate Score

    The CIBC Agility Online Savings Account earns an annual percentage yield (APY) that’s well above average. The account requires a $1,000 minimum to open, but there’s no requirement to maintain that balance to earn the APY. 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.

    What we like

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

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

    • The account doesn’t charge a maintenance fee.

    What we don't

    • 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.

    Checking accounts

    4.7

    Bankrate Score

    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.

    What we like

    • 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.

    What we don't

    • CIBC doesn’t have many ATMs and isn’t a member of an ATM network.

    • Only residents in certain markets are eligible to apply online.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    CIBC Bank USA offers four online-only CDs called Agility CDs with terms ranging from nine months to two years that require a $1,000 minimum deposit. At the time of this review, the bank was also offering a promotional CD with a 30-month term. Agility CDs require a $25,000 minimum balance to earn the top yield. Balances under that amount earn slightly less.

    In addition to Agility CDs, the bank has jumbo CDs, which require a $100,000 minimum deposit — and an IRA CD.

    All CDs have a penalty of 30 days of simple interest if you make an early withdrawal.

    What we like

    • The $1,000 minimum deposit to open a CD is lower than some other banks.

    • Higher balances are rewarded with higher yields.

    What we don't

    • Higher rates are available elsewhere.

    • A balance of $25,000 is required to get the highest yields.

    • CIBC has a limited selection of CD terms.

    Money market accounts

    2.1

    Bankrate Score

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