Skip to Main Content

CIBC Bank USA Review 2024

Updated July 26, 2024
Bankrate logo

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

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down Icon

CDs

Rating: 4.6 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 4.9 stars out of 5

MMA

Rating: 2.5 stars out of 5

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
Sponsored offers
Info Icon

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 12/9/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Checking Account
0.00
%
APY
APY
Info Icon
As of 12/9/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon

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

  • Checkmark Icon

    The bank offers a wide range of personal banking products.

  • Checkmark Icon

    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 Logo

We want to know what you think about CIBC Bank USA

Do you have experience with CIBC Bank USA? Let us know your thoughts.

CIBC Bank USA banking products

4.9
/5
Rating: 4.9 stars out of 5
SCORE BREAKDOWN
APY offering:
4.51%
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance for APY:
$1.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info Icon
FEATURES
Invest Rate Icon
4.51% APY
Info Icon
Savings Icon
$1 minimum balance for APY
Loan Icon
$1,000 minimum deposit to open

CIBC Bank USA savings overview

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

Pros

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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 USA
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

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.)

Lightbulb Icon

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.

Caret Down Icon

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
CIBC Bank USA Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Most comparable
CIT Bank savings account
CIT Bank Logo
Member FDIC
Bankrate score
Rating: 4.6 stars out of 5
4.6
Info Icon
Read review
Search for or select a bank:
Caret Down Icon
Bankrate score
Info Icon
Read review
APY
Info Icon
4.51% 4.55%
Minimum balance for APY
$1.00 $5,000.00
Estimated earnings
Info Icon
$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.
  • You won’t pay a monthly service fee with CIBC’s Agility savings account.
  • You’ll earn a very competitive yield with this account.
  • The Platinum Savings account earns a competitive rate on balances of $5,000 or more.
  • There’s no monthly maintenance fee.
    N/A
  • A $1,000 minimum opening deposit is required to open the CIBC Agility Savings account.
  • With a balance under $5,000, you’ll earn an APY below the national average.
  • The account doesn’t come with ATM access.
    N/A
APY offering:
4.51%
5/5
Info Icon
Minimum balance for APY:
$1.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
APY offering:
4.55%
5/5
Info Icon
Minimum balance for APY:
$5,000.00
2/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Info Icon
Info Icon
Info Icon
Info Icon
Info Icon
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

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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

CTA CIBC Bank USA has 21 reviews

CIBC Bank USA has 21 reviews

Dive into community reviews below and see what others think about CIBC Bank USA.

3.9 Star Icon
21 ratings
Info Icon
Score breakdown
5 stars
33%
4 stars
38%
3 stars
19%
2 stars
0%
1 star
10%
Score by category
Overall Rating 3.9 / 5
Competitiveness of APY 4.1 / 5
Amount of fees 4.1 / 5
Customer support 3.9 / 5
Website / Mobile app 3.7 / 5
Verified Badge Icon Bankrate methodology disclosure

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

See what users like you are saying about CIBC Bank USA.
Search Icon
Caret Down Icon
Anonymous account holder
September 13, 2024
Their customer service is absolutely wonderful and of course they always have money. The app is smooth and easy to use and its convenient because a branch is only a few blocks from my house. Great atmosphere and people and service.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Your funds are safe. It is a very good bank to use.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
I feel like most people should know the most important aspect is getting everything in order in a fast and simple way. I feel like they could improve on the speed of the service and the effectiveness of it. I feel like I’m waiting a bit before I need what I want covered.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 1 / 5
Anonymous account holder
September 13, 2024
My overall experience has been good. Answering any question s I had influenced my decision to choose cibc bank.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 5 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
The most important aspect would be that the minimum amount should be $300 and if not done, you’ll be charged $5. My family was one major influence to choose this bank and other co-workers also made the suggestion.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
This is a horrible bank. Hold times are super long if I have a problem. The banking fees are high and interest rates on my money are low. I chose it because of ease, reputation, and location.
Score by category
Amount of fees 2 / 5
Competitiveness of APY 2 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
Based on my personal experience, I would like to suggest to research and learn more about the interest rate, term length, and early withdrawal penalties. Those are the key factors to consider when evaluating a CD from CIBC Bank USA. My personal experience with CIBC Bank USA has been positive. Customer service is responsive and helpful, addressing my inquiries promptly. The digital experience is user-friendly, with a well-designed and intuitive online platform and mobile app allowing me to manage my accounts easily. In general, the bank provides a seamless experience with easy access to services both online and in branches, making my banking tasks enjoyable and efficient.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Wait until you have a decent amount to put away, so you can actually save. Family also uses CIBC.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
This bank is fast and good quality. Have the skills I needed and I really like customer service in this bank.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
Are veré good and rates are not that high it’s actually good. Good costumer service really helpful and good rate and explain the offers.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5