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CIBC Bank USA Review 2022

Published May 2022 by René Bennett

AT A GLANCE
4.0

Bankrate Score

bank-logo

ATM fee refunds

No monthly fees

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

  • Savings
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    4.9
  • Checking
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    4.7
  • CDs
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    3.4
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    4.0

    Bankrate Score

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

    What we don't

    • 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.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • 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.

    What we don't

    • 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.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    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.

    What we like

    • 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.

    What we don't

    • 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.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    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.

    What we like

    • The $1,000 minimum deposit to open a CD is lower than some other banks.

    • Higher balances are rewarded with higher yields.

    What we don't

    • 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.

    Money market accounts

    2.1

    Bankrate Score

    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.

    What we like

    • Only $50 is required to open the account.

    • The account offers check-writing privileges.

    • An ATM card comes with the account.

    What we don't

    • 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.

    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.

    Methodology

    Bankrate evaluated the range of deposit products offered, along with fees, minimum balance requirements, extent of ATM network and the availability of smartphone apps and other digital features.

    We assigned a score to each type of account and its features, weighted them based on importance to account holders and combined them to derive an overall score.

    René Bennett Twitter Created with Sketch. @

    René Bennett Twitter Created with Sketch. @

    René Bennett is a writer for Bankrate, equipping readers with the knowledge they need for best saving practices. He reports on personal finance and, as someone coming out of college, understands how difficult it can be to make choices about money, so he endeavors to make navigating those choices as straightforward as possible. With a background in writing and a bachelor’s degree in English from New York University, René is devoted to balancing clarity of style with accurate and informative content in his reporting. He has written on a number of topics, from savings accounts to roller coasters.