CIBC Bank USA Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
CIBC Bank USA may be ideal for consumers interested in a high-yield savings account and comfortable with online banking.
Highlights
- ATM Fee Refunds
- No Monthly Fees
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
CIBC Bank USA offers a range of personal banking products and a high-yield savings account. While it does have 23 branch locations, mostly in the Midwestern U.S., it’s mainly known for online banking.
Pros
-
The bank offers a range of personal banking products.
-
The Agility Online Savings Account offers a competitive yield with no monthly maintenance fee.
Cons
-
Some online account applications are available only in certain counties in four states.
CIBC Bank USA banking products
CIBC Bank USA savings overview
The account can only be accessed online and doesn’t permit deposits or withdrawals to be made using an ATM.
Pros
-
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.
Cons
-
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.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $5 plus interest |
| Non-sufficient funds fee | $45 |
| Monthly maintenance fee | $0 |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | $10 |
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.
Bank experience
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 has been rated with 3.9 stars in the Google Play store and 4.3 stars on the Apple App Store.
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.
As far as account bonuses, customers currently can earn a $200 bonus when opening a new iCan or myChoice checking account. To qualify for the bonus, you must open the account with a minimum balance of $500 and meet direct deposit and eStatement requirements within 90 days of opening the account.
How does CIBC Bank compare to other banks?
CIBC Bank vs. PNC Bank
If you’re looking for in-person banking, you’ll find more options with PNC, which offers access to more than 2,600 branches in 28 states. CIBC, on the other hand, only maintains around 23 branches in five states (mostly in the Midwest).
Likewise, CIBC only offers around 23 ATMs in the U.S. and doesn’t belong to an ATM network, while PNC offers a much larger footprint of fee-free ATMs, since it belongs to the Allpoint network of more than 41,000 ATMs.
Both CIBC Bank and PNC Bank offer some accounts that can be opened online.
When it comes to its savings accounts, PNC offers a competitive rate on its Standard Savings account in some states, whereas customers who live outside of those states earn significantly lower rates. CIBC’s Agility Online Savings Account earns a highly competitive rate across the board, regardless of where customers reside.
CIBC Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
