CIBC Bank USA Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The account can only be accessed online and doesn’t permit deposits or withdrawals to be made using an ATM.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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.
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.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. CIBC Bank USACIBC Bank USA Review 2022
René Bennett is a writer for Bankrate, reporting on banking products and personal finance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
4.0 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.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 Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info 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. Info 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. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info 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. Info 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. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info 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. Info 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. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.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
Savings CD Money Market Checking 4.9 Bankrate ScoreCIBC 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 Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info 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. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 3.4 Bankrate ScoreCIBC 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 Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD 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. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 2.1 Bankrate ScoreCIBC 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 ScoreCIBC 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 Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking 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. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank 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. .