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CIBC Bank USA Review 2022

Name: CIBC Bank USA
Item: CIBC Bank USA
Rating: 4
Author: René Bennett

Written by

René Bennett

Edited by

David Schepp

Updated December 2, 2022

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At a glance

4.0

Bankrate Score

CDs

Checking

Savings

MMA

Overview

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

Highlights

ATM Fee Refunds
No Monthly Fees

Compare offers

Member FDIC

Savings Account

3.00

APY

Min. balance for APY

View offer

Member FDIC

Savings Account

3.00

APY

Min. balance for APY

View offer

Member FDIC

Savings Account

3.60

APY

Min. balance for APY

View offer

Overall

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

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

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.

CIBC Bank USA bank products

4.9

Bankrate Score

Compare top savings rates

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 $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.

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.

Compare Offer

Member FDIC

Savings Account

3.00

APY

Min balance for APY

View offer

3.4

Bankrate Score

Compare top CD rates

CIBC Bank USA CD overview

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.

Pros

The $1,000 minimum deposit to open a CD is lower than some other banks.
Higher balances are rewarded with higher yields.

Cons

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.

Compare Offer

Member FDIC

4.00

APY

Min. deposit

1 yr

Term

View offer

2.1

Bankrate Score

Compare top money market rates

CIBC Bank USA money market overview

The Money Market Savings Account is available only to residents of select counties in Illinois, Michigan, Missouri and Wisconsin, and the APYs offered are below average. On the plus side, the account requires only a $50 minimum deposit to open.

The account charges a monthly maintenance fee of $15 each statement cycle, but the fee is waived for accounts with balances of at least $2,500.

The Money Market Savings Account comes with an ATM card and check-writing privileges, but there is a charge for checks. Customers can make an unlimited number of transfers between CIBC Bank accounts, but they are limited to six check transactions per month.

Pros

Only $50 is required to open the account.
The account offers check-writing privileges.
An ATM card comes with the account.

Cons

There's a $15 monthly fee for accounts with less than $2,500.
The account doesn’t come with free checks.
Many banks offer higher yields.

4.7

Bankrate Score

Compare top checking rates

CIBC Bank USA checking overview

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.

Pros

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.

Cons

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.

Compare Offer

Member FDIC

Checking Account

2.50

APY

To open

To avoid fees

View offer

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 receives better reviews in the Apple App Store than it does on Google Play.

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.

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.

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.

Up next

CIBC Bank USA Review 2022

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

CIBC Bank USA bank products

CIBC Bank USA savings overview

Pros

Cons

Bank experience

About CIBC Bank USA

Review methodology

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