CIBC Bank USA Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.7

Bankrate Score

bank-logo

ATM fee refunds

No monthly fees

CIBC Bank USA is a great option to earn a high yield on a savings account, with its CIBC Agility Online Savings Account.

  • Savings
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    4.3
  • CDs
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    2.8
  • Checking
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    4.4
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    3.7

    Bankrate Score

    CIBC Bank USA offers a range of personal banking products and a high-APY 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 maintenance fee.

    What we don't

    • CIBC Agility Online Savings Account doesn’t offer ATM access.

    • The bank's mobile app received average ratings in app stores.

    Savings accounts

    4.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    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 incur a maintenance fee.

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

    What we like

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

    • A minimum balance of only 1 cent is required 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.

    • You can fund your new CIBC account initially with an external transfer. But you can’t withdraw money through an external transfer during the first 30 days after opening your CIBC Agility Savings Account.

    CD rates

    2.8

    Bankrate Score

    CIBC Bank USA offers four online-only CDs with terms ranging from nine months to two years as well as an IRA CD.

    A $1,000 minimum deposit is required to open a CD. Agility CDs require a $25,000 balance to earn the top yield. Balances under that amount still earn competitive yields.

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

    What we like

    • The minimum deposit to open a CD is manageable.

    What we don't

    • There are higher rates available elsewhere.

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

    • CIBC has a limited selection of CD terms.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    CIBC's MyChoice Checking offers two interest-bearing checking accounts, myChoice Plus Checking and myChoice Prestige Checking. The latter requires a minimum balance of $10,000 to earn interest on a tier base. However, customers only need a balance of $0.01 to earn interest with myChoice Plus.

    CIBC also offers a regular savings account, iCan Checking, that earns cash back on up to $20.

    All CIBC checking accounts require a $50 deposit to open and offer up to $50 in ATM refunds.

    Customers in select states can open an account online, however, some customers must go directly to a CIBC branch to open.

    What we like

    • Customers can earn up to $50 per month in ATM refunds.

    • There's only a $50 minimum deposit needed to open the account.

    What we don't

    • CIBC's ATM footprint is small, and it's not a member of an ATM network.

    Money market accounts

    2.1

    Bankrate Score

    The Money Market Savings Account is available only at CIBC Bank USA branches. When it comes to interest earnings, don’t expect much. 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.

    What we like

    • Only $50 is required to open the account.

    • The account offers check-writing privileges.

    • You can get an ATM card with the account.

    What we don't

    • There's a $15 monthly fee for accounts with less than $2,500.

    • You can find higher yields elsewhere if you shop around.

    Bank experience

    CIBC's mobile banking app will help you accomplish the basics, including: view your account balances, send money to people you know via People Pay and deposit checks. The app receives decent ratings in Google Play and the App Store.

    You can also use the CIBC app to add a card and pay with Apply Pay.

    The bank offers customer service over the phone 24 hours a day, according to the bank’s website.

    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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a social producer at Bankrate who occasionally writes articles on-site. She was previously a writer at The Points Guy, where she covered all things travel ranging from the latest news to credit card reviews. Her writing has been featured on MSN, Business Insider and in various local publications. She graduated from the University of Missouri School of Journalism. Money has always been something that’s excited Liz, particularly when it comes to maximizing it. Growing up, her biggest money motivator was her desire to travel, which led her to become a point and miles enthusiast. Through lots of research and experience, Liz has been able to visit many beautiful destinations. Seeing how this knowledge benefited her, she became inspired to share her knowledge with others, which journalism and social media allowed her to do. Her goal is to get others as excited about maximizing their money as she is by creating digestible and engaging content on the otherwise intimidating and hard-to-understand topic of finance.