CIBC Bank USA
CD APY
Minimum Deposit
Our Rating
Savings APY
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.
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 |
|---|---|
4.52% (Compare) | $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.
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CIBC Checking Account
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.
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CIBC Money Market Account
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.
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FAQs
What happens when my CD matures?
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.
How do I fund my CIBC Agility Online CD?
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.
How is interest calculated on my CD?
Interest on your CD is compounded and credited to your account on a monthly basis.
How do I withdraw from my savings account?
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.
