Banking » Reviews » CIBC Bank Savings And CDs Review 2024
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

CIBC Bank Savings And CDs Review 2024

CIBC Bank USA provides very competitive rates on its savings account and CDs and low minimum deposits. However, there are only 5 CD terms.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

CIBC Bank USA

CIBC Bank USA logo
CIBC Bank USA logo

CIBC Bank USA

CD APY

4.25% – 5.36%

Minimum Deposit

$1,000

Our Rating

4.3
4.3/5

Savings APY

4.52%

CIBC bank USA offers a range of financial solutions to clients with operations in North America. With its headquarters in Chicago and the support of a 150-year-old global financial institution based in Toronto, CIBC U.S. provides tailored commercial, wealth management, personal, and small business services.

Their offerings include personal checking accounts, various lending options, savings accounts, retirement planning, mortgage services, investment management, corporate and institutional services, wealth planning, trustee services, and private banking.

These products cater to individuals and businesses, ensuring diverse financial needs are met efficiently and effectively.

CIBC CDs: High Rates, Limited Terms

CIBC Bank USA provides CDs with highly competitive rates of 4.25% – 5.36% that surpass those offered by most other banks and credit unions for the same terms.

The minimum deposit requirement of $1,000 is totally reasonable, and there are even slightly higher rates available for terms when depositing over $25,000.

However, it's worth noting that CIBC Bank USA does not offer long-term CDs, with the maximum term being 36 months. As a result, individuals seeking long-term CDs may need to explore alternative options.

CD Term
APY
9 Months (Compare)
5.11%
12 Months (Compare)
5.36%
18 Months (Compare)
4.47%
24 Months (Compare)
4.45%
30 Months
4.25%

Another great thing with CIBC Bank is the low early withdrawal penalty – according to the company website, the early withdrawal penalty is 30 day if you withdraw your CD funds before maturity, which is lower compared to other banks.

Unlike savings account, you can easily open CDs online without any limitations based on residency.

CIBC Agility Savings Account

The CIBC Agility Savings Account offers a range of features that make it an attractive option for growing your savings.

Firstly, it provides a high interest rate, allowing you to earn 4.52% APY on your savings. This account has a variable rate, meaning the interest rate can change over time.

To open an Agility Savings Account, a minimum deposit of $1,000 is required. Also, this is a savings account with no fees

Savings APY
Minimum Deposit
$1,000

Like other financial products from CIBC USA, the Agility Savings Account offers convenient online access. Through CIBC NetBanking or the CIBC US Mobile Banking App, you can access your account 24 hours a day, 7 days a week.

CIBC Savings Account Eligibility Restrictions

CIBC restricts online opening of personal money market and savings accounts to residents residing in specific counties across four Midwest states:

  • Illinois: Cook, DuPage, Grundy, Kane, Lake, Will
  • Michigan: Macomb, Oakland, Wayne
  • Missouri: St. Louis County, St. Louis City
  • Wisconsin: Milwaukee, Waukesha

If you are a US resident residing outside of these counties, the only option to open a money market or savings account is by applying in person at a CIBC bank branch.

Other Financial Products By CIBC Bank USA

CIBC Bank USA offers a variety of products such as health savings account, loans including mortgage, retirement accounts and more. In this section, we will focus two important personal accounts: checking and money market accounts.

CIBC Bank USA offers four types of checking accounts that you can open in person at a banking center. They require a minimum initial deposit of $50, but the good news is that they are checking accounts with no monthly fees.

The myChoice Plus and Prestige accounts even earn a bit of interest, although the rates are quite low. As you move up the account levels, you'll unlock additional perks based on factors like your total balances and transactions.

If you're a resident of Illinois, Michigan, Missouri, or Wisconsin, you can also consider opening a CIBC iCan Checking Account, which is one of their top products. This account stands out because it doesn't have any monthly service fees or charges for using out-of-network ATMs.

On top of that, you'll earn 1% cash back on debit card purchases, up to a maximum of $20 each month.

The CIBC Money Market Account isn't as good as their online savings account. It comes with checks and a debit card, but the interest rate is low.

Finding a CIBC ATM might be a bit difficult because they are not widely available, but the bank offers up to $20 in refunds for fees charged by non-CIBC ATMs each month.

CIBC Bank USA provides convenient mobile and online banking services, allowing you to deposit checks through your phone and make transfers to other people using apps like People Pay.

If you're an Apple user, you can add your CIBC card to your Apple Wallet and use Apple Pay to make purchases.

About CIBC Bank USA

CIBC Bank USA is the American branch of CIBC, a global financial institution based in Toronto and established in 1867.

Their US headquarters are located in Chicago. CIBC Bank USA offers a wide range of financial services, including tailored solutions for commercial, wealth management, small business, personal, and cross-border banking needs.

Although they have only 23 branches across four states, primarily in Illinois, CIBC has expanded its offerings beyond traditional banking to include various products and services in commercial, wealth management, and small business sectors.

To provide support to its clients, CIBC Bank USA offers a Client Support Center reachable by telephone at 877-448-6500 or via email at [email protected]. Their telephone banking service is available 24 hours a day and can be reached at 877-825-5554.

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY

live-oak-bank-logo

Savings Rate: 4.40% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers

Top Savings Accounts From Our Partners

Chime Banking App

  • 2.00% APY on Chime Savings 
  • Build Credit History
  • No Monthly Fees

Quontic High Yield Savings

  • 4.50% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees

CIT Savings Connect 

  • Up to 5.00% APY on savings
  • No monthly service fees.
  • Zelle, Samsung & Apple Pay

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

FAQs

When your CD matures, we will notify you in advance. By default, your account will automatically renew unless you withdraw the funds or provide us with written notice. You have a 10-day grace period after the maturity date to withdraw your money without incurring an early withdrawal fee.

You can set up a one-time transfer from an external U.S. bank or credit union.

Alternatively, you have the option to send a check to CIBC Bank USA. Make sure the check is payable to CIBC Bank USA, include your account number on the memo line, and mail it to CIBC Bank USA c/o Agility Accounts, 6825 West 111th St., Worth, Illinois 60482.

If you have other bank accounts with CIBC Bank USA, you can transfer funds from those accounts to your desired account.

Interest on your CD is compounded and credited to your account on a monthly basis.

One way to access your money is by initiating a transfer from an account at another financial institution. This allows you to move funds electronically from your CIBC Bank USA savings account to another bank or credit union.

Another option is to request a check. By making this request, CIBC Bank USA will issue a check for the desired amount, which you can then use to access your funds or deposit into another account.

Savings Account Reviews Methodology

The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:

  • Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
  • Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
  • Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for  savers.
  • Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.

By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 10/16/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks