Skip to Main Content

CIBC Bank USA Review 2022

Updated December 2, 2022
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

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.4 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 4.9 stars out of 5

MMA

Rating: 2.1 stars out of 5

About Bankrate Score

Hover for more

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
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

    The bank offers a range of personal banking products.

  • Checkmark

    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
Rating: 4.9 stars out of 5
Bankrate Score

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

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    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
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4 stars out of 5
InfoHover for more
$0
Min balance for APY

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.