CIBC Bank USA Review 2019

CIBC Bank USA Logo

3.6/5

Formerly known as The PrivateBank and Trust Co., CIBC Bank USA offers a range of personal banking products and a high-APY savings account.

High APYs
Low Fees
No Monthly Fees

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About CIBC Bank USA

CIBC Bank USA has banking centers in Illinois, Michigan, Missouri and Wisconsin. CIBC Bank USA offers checking accounts, savings accounts, mortgages and personal lending options. CIBC, which got its start in 1867, is a global institution that’s based in Toronto and has its U.S. headquarters in Chicago.

CIBC Bank USA is a great option to earn a top-tier yield on a savings account, with its CIBC Agility Online Savings Account. In addition to having a high APY, the account doesn’t have a maintenance fee.

 Pros

  • The bank offers a range of personal banking products.
  • The Agility Online Savings Account offers a 2.05 percent APY with no maintenance fee.
  • The Agility 1-year CD offers a 2.25 percent APY.

 Cons

  • CIBC Agility Online Savings Account doesn’t offer ATM access.
  • The bank's mobile app received average ratings in app stores.

CIBC Bank USA Services

Savings Rating

5/5

CIBC Bank USA offers a 2.05 percent APY on its CIBC Agility Online Savings Account. The account requires a $1,000 minimum at account opening. While you need $1,000 to open the account, you don’t need to maintain that balance. As long as you have at least a penny in the account, you’ll earn a top-tier APY and not receive a maintenance fee. All balances from $0.01 to $1 million earn the same APY. The CIBC Agility Online Savings Account is available in all 50 states. The Agility Online Savings Account does not offer ATM access.

 Pros

  • CIBC Agility Online Savings Account earns a top-tier yield.
  • A minimum balance of only 1 cent is required to earn the APY.
  • The account doesn’t charge a maintenance fee.

 Cons

  • There's a $25 fee for closing the Agility Savings Account within 90 days of opening it.
  • ATM access isn’t available for the CIBC Agility account.
  • You can't do an external transfer in CIBC NetBanking until 30 days after you opened your account.

Savings accounts available from other banks

CDs Rating

4.3/5

CIBC Bank USA offers a range of short- and long-term CDs in locations where the bank has a presence in the Midwest. Customers who visit a CIBC brick-and-mortar location can open CDs with terms ranging from 30 days to five years. A $1,000 minimum deposit is required to open a CD, but interest isn't compounded frequently — according to the bank's website, interest is "compounded and credited according to the terms of the CD." Agility CDs come in terms of nine months and 12 months. The nine-month CD offers a 2.2 percent APY, while the 12-month CD offers a 2.25 percent APY. Both CDs require a $25,000 balance to earn the top yield. Balances under that amount still earn competitive yields: 2.1 percent on the nine-month CD and 2.15 percent on the 12-month CD. All CDs opened in a branch have a penalty of six months of interest if you make an early withdrawal.

 Pros

  • The Agility CDs both pay top-tier APYs.
  • The minimum deposit to open a CD is low.
  • The bank offers a range of CD terms at its brick-and-mortar locations.

 Cons

  • A balance of $25,000 is required to get the highest rate on Agility CDs.

CDs available from other banks

Checking Rating

3.2/5

CIBC's MyChoice Checking is an interest-bearing checking account that pays 0.15 percent APY. The account can be opened with a $50 deposit. The interest comes in tiered rates with the best offer on balances of $50,000 or more. It takes at least $5,500 to avoid the $15 monthly account maintenance fee. Balances of at least $10,000 get an interest rate bonus on related deposit accounts. The other option from CIBC is the iCan Checking. It does not earn interest but can be opened with $50 and comes with a lower monthly account maintenance fee of $9. Those who hold at least $1,000 in the checking account or another related deposit accounts offered by CIBC Bank USA can waive the fee. Checking accounts must be opened at a CIBC branch. Customers have access to 30 CIBC-branded ATMs and can earn up to $50 per month in ATM fee refunds, depending on account type. The bank charges a $3 fee for out-of-network ATM withdrawals.

 Pros

  • Customers can earn up to $50 per month in ATM refunds.
  • The $50 minimum to open the account is low.
  • There's an interest rate bonus on related deposit accounts for those with at least $10,000.

 Cons

  • The base interest rate for the checking account is meager.
  • Accounts must be opened with a branch.
  • The bank offers access to only 30 CIBC ATMs.

Checking accounts available from other banks

MMAs Rating

1.6/5

The Money Market Savings Account is available only at CIBC Bank USA branches. The account offers tiered interest rates for different balances, with the top-rate tier balance earning a meager 0.2 percent. On the plus side, the account requires only a $50 minimum deposit to open. The account charges a monthly maintenance fee of $15 per monthly statement cycle; however, the fee is waived for accounts with a balance of at least $2,500. The Money Market Savings Account has an ATM card available and also has check-writing privileges, though the bank charges for the checks.

 Pros

  • Only $50 is required to open the account.
  • The account offers check-writing privileges.
  • You can get an ATM card with the account.

 Cons

  • There's a $15 monthly fee for accounts with less than $2,500.
  • The account's 0.2 percent APY is very low.
  • The bank charges for checks.

MMAs available from other banks

Bank Experience Rating

2.8/5

CIBC's mobile banking app will help you accomplish the basics, including: view your account balances and send money to people you know via People Pay. The app is available for Android and iOS devices. The app receives decent ratings in Google Play and the Apple App Store. You can also use the CIBC app to add a card and pay with Apply Pay. The bank offers customer service over the phone Monday-Friday from 8 9 a.m. to 8 p.m. Eastern and on Saturday from 9 a.m. to 2 p.m. Customer service isn't available on Sundays.

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