At a glance

4.5

Bankrate Score

CDs

Checking

Savings

MMA

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

Compare offers

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Savings Account

4.60

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/5/2023

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offer

Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.

Member FDIC

Savings Account

4.30

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/5/2023

Bankrate Savings rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offer

Promoted offer: It only takes about 5 minutes to open a fee-free account.

Member FDIC

Savings Account

5.05

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/5/2023

Bankrate Savings rating = 4.5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$5,000

Min. balance for APY

View offer

Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.

Overall

CIBC Bank USA offers a range of personal banking products and a high-yield savings account. While it does have 23 branch locations, mostly in the Midwestern U.S., it’s mainly known for online banking.

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

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 USA banking products

4.8

Bankrate Score

Compare top savings rates

FEATURES

5.01% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 12/5/2023

$1 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. 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.

Rate history for CIBC Bank USA's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIBC Bank USA

APY

National average APY

How do we get this data?

CIBC Bank USA savings rates

Date	CIBC Bank USA APY	National average APY
10/13/2023	5.01%	0.58%
08/04/2023	4.76%	0.54%
07/18/2023	4.67%	0.54%
07/11/2023	4.67%	0.54%
07/10/2023	4.67%	0.54%
05/11/2023	4.52%	0.46%
04/27/2023	4.37%	0.42%
03/28/2023	4.27%	0.39%
02/02/2023	4.01%	0.37%
01/19/2023	3.77%	0.35%
12/22/2022	3.62%	0.30%
12/08/2022	3.37%	0.30%
12/05/2022	3.27%	0.30%

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Savings Account

4.60

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/5/2023

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min balance for APY

View offer

Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.

4.1

Bankrate Score

Compare top CD rates

FEATURES

4.75% – 5.66% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 12/5/2023

$1,000 minimum deposit to open

9 months – 2 years

CIBC Bank USA CD overview

CIBC Bank USA offers five online-only CDs called Agility CDs with terms ranging from nine months to 30 months that require a $1,000 minimum deposit. Some 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. CIBC currently also offers in-branch, special-rate CDs with terms of 13 months.

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

A balance of $25,000 is required to get the highest yields.
CIBC has a limited selection of CD terms.

Rate history for CIBC Bank USA's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

CIBC Bank USA

APY

National average APY

Term length

How do we get this data?

CIBC Bank USA CD rates

Term length

Date	CIBC Bank USA APY	National average APY
07/10/2023	4.80%	1.35%
05/11/2023	4.80%	1.29%
02/02/2023	4.40%	1.16%
12/05/2022	3.95%	1.03%

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

CD

5.65

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/5/2023

Bankrate CD rating = 4.7/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. deposit

1 yr

Term

View offer

Promoted offer:

4.1

Bankrate Score

Compare top money market rates

CIBC Bank USA money market overview

The online application for the Money Market Savings Account is available only to residents of select counties in California, Florida, Illinois, Michigan, Missouri and Wisconsin, but the APY offered is above average. There is a $50 minimum opening deposit requirement.

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. Customers can make unlimited withdrawals and 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.
The APY is above average.

Cons

There's a $15 monthly fee for accounts with less than $2,500.

4.5

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 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.

The checking accounts must be opened at a branch, so location may be a barrier to opening an account for consumers who don’t live near a CIBC branch.

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.
There’s a $45 nonsufficient funds fee.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 12/5/2023

Bankrate Checking rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

To open

$0

To avoid fees

View offer

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.

Account bonuses

Earn a $350 bonus. Customers can earn a $350 bonus when opening a new CIBC Smart Account through Oct. 16, 2023. To qualify for the bonus, you must open the account with ongoing direct deposits totalling $500 or more. Moreover, you must meet one of these criteria within the same calendar month: make two ongoing pre-authorized debits, make two online bill payments of $50 or more or make five Visa debit transitions.

Digital experience

Mixed mobile app reviews. CIBC’s mobile app is well-rated on the Apple App Store, with more than 17,000 user ratings. The app receives just OK reviews on the Google Play Store, where more than 30,000 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.)

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.”

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.

How does CIBC Bank compare to other banks?

CIBC Bank vs. PNC Bank

If you’re looking for in-person banking, you’ll find more options with PNC, which offers access to more than 2,400 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 22 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 41,000 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 Standard Savings 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

CIBC Bank is best for customers seeking a free checking account or a high-yield savings account, as well as accounts that charge no monthly maintenance fees.
CIBC Bank is a member of the FDIC, which insures up to $250,000 per account type, per depositor.
CIBC Bank USA is a bank that’s federally chartered with the FDIC. It was formed when Chicago-based PrivateBancorp was acquired by Toronto-based CIBC in 2017. The Canadian bank traces its roots back to the 1860s.
CIBC stands for Canadian Imperial Bank of Commerce.

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 Review 2023

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

CIBC Bank USA banking products

FEATURES

CIBC Bank USA savings overview

Pros

Cons

Rate history for CIBC Bank USA's Savings account

Bank fees

Customer experience

Customer support

Account bonuses

Digital experience

Bankrate staff insights

About CIBC Bank USA

How does CIBC Bank compare to other banks?

CIBC Bank vs. PNC Bank

CIBC Bank FAQs

Who is CIBC Bank best for?

Is CIBC Bank safe?

Is CIBC a legitimate bank?

What does CIBC stand for?

Review methodology

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