CIBC Bank USA Review 2024
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. But the bank doesn’t have many ATMs in the U.S., and charges hefty fees, including out-of-network ATM fees (although it offers rebates). If you aren’t near a branch or a CIBC ATM, it may not be the best choice.
Highlights
- ATM Fee Refunds
- No Monthly Fees
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 Checking 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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Overall
CIBC Bank USA offers a range of personal banking products and a high-yield savings account. While it does have 24 branch locations, mostly in the Midwestern U.S., it’s mainly known for online banking.
Pros
-
The bank offers a wide 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 six states.
-
CIBC charges multiple fees, including overdraft, non-sufficient funds and out-of-network ATM fees.
CIBC Bank USA banking products
APY last updated between 12/2 and 12/8.
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.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
CIBC Bank USAAPYAPY last updated between 12/2 and 12/8.APYAPY last updated between 12/2 and 12/8.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | $5 plus interest |
Non-sufficient funds fee | $45 |
Monthly maintenance fee | $0 |
Out-of-network ATM fee | $3 plus a 2.5% administration fee |
Excessive transaction fee | $10 |
Customer experience
Customer support
24/7 support. Customers can get help with their accounts by phone 24 hours a day. They can also reach out through email.
Digital experience
Mixed mobile app reviews. CIBC’s mobile app is well-rated on the Apple App Store, with more than 20,000 user ratings. The app receives just OK reviews on the Google Play Store, where more than 43,000 users have reviewed it. The app allows users to accomplish basic tasks, including viewing account balances, making peer-to-peer payments with People Pay and depositing checks. The CIBC app also allows users to add a card to their mobile wallets to make purchases with Apple Pay.
Lack of budgeting features. CIBC doesn’t offer helpful extra features like budgeting tools or the ability to view your credit score, and there aren’t charts or graphs that show a snapshot of your saving and spending over time. (Many other banks offer these tools.)
Bankrate staff insights
“The Agility Savings annual percentage yield is top notch,” said a Bankrate staff member who uses the account personally. “The app and website are very simple, but in this day and age I’m expecting an app that provides more features that are helpful in managing my money.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
The above images were last updated on July 12, 2024.
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 Birmingham, Michigan; Palm Beach, Florida; San Francisco; St. Louis; Milwaukee; and suburban Detroit. Most locations feature ATMs.
How does CIBC Bank compare to other banks?
Compare different account types offered by CIBC Bank USA. Annual percentage yields (APYs) shown were updated between Dec. 2, 2024 and Dec. 8, 2024.
Selected bank
CIBC Bank USA savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
CIT Bank savings account
Bankrate score
4.6
Bankrate Savings rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
---|---|---|
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 2, 2024 and Dec. 8, 2024.
|
||
4.51% | 4.55% | |
Minimum balance for APY
|
||
$1.00 | $5,000.00 | |
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
|
||
$2,255 | $2,275 | |
The CIBC Bank USA Agility Savings Account offers a very competitive yield. There’s no monthly fees, although you’ll need to have at least $1,000 to open an account. | CIT Bank’s Platinum Savings account earns a competitive yield on balances of $5,000 or more. Lower balances earn an APY that’s below the national average. The account requires a low minimum opening deposit, and it doesn’t charge monthly maintenance fees. | |
|
|
N/A
|
|
|
N/A
|
APY offering:
4.51%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$1.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.55%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$5,000.00
2/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
|
CIBC Bank vs. PNC Bank
If you’re looking for in-person banking, you’ll find more options with PNC, which offers access to approximately 2,350 branches in 29 states. CIBC, on the other hand, only maintains around 24 branches in six states (mostly in the Midwest).
Likewise, CIBC only offers around 18 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 60,000 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 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.
CIBC Bank USA customer reviews
CIBC Bank USA has 21 reviews
Dive into community reviews below and see what others think about CIBC Bank USA.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
Thank you for sharing your experience with Bankrate