CIBC Bank USA is the US banking division of Canada’s financial giant CIBC. It offers top-tier annual percentage yields on its CIBC Agility Online Savings account and its certificates of deposit. The FDIC-insured bank provides two categories of deposit accounts: Agility digital banking and personal banking.
Opening an account, however, can be tricky because these accounts differ in their initial deposit amounts and how they can be opened. A personal savings, or money market account, for example, can only be opened online by residents in a handful of counties in Illinois, Wisconsin, Michigan and Missouri. Otherwise, you’ll have to visit a banking center.
The personal checking account, on the other hand, doesn’t have residency restrictions, but you must open this account in person at a banking center. The CIBC Agility Savings and CD accounts can only be opened online but, fortunately, are available to US residents nationwide.
The bank has a limited number of banking centers in the Midwest but it’s known mainly for its mobile and online banking services. CIBC-operated ATMs are also in short supply, but the bank offers up to $20 in non-CIBC ATM fee refunds each month.
Despite the complexities and limitations of its banking accounts and services, CIBC Bank USA’s Agility Online accounts are worth considering as they offer competitive yields for its savings and CDs and they’re available throughout the US.
What we like
- High-yielding accounts: CIBC’s Agility Online Savings and CD accounts offer APYs currently above 4.00%.
- Cash back rewards: The iCan Checking account offers 1% cash back on debit card purchases of up to $20 a month.
- 24/7 customer service: Live customer assistance is available 24/7 by phone or email.
- ATM refunds: You can receive up to $20 a month in non-CIBC ATM fee refunds.
What we don’t like
- Limited accessibility to online services: Online applications for personal savings and money market accounts are limited to residents of specific counties in Illinois, Wisconsin, Michigan and Missouri.
- Incomplete website information: CIBC’s website doesn’t contain rate information for all available accounts. For standard CD rates, for example, you need to contact a branch directly.
Who is CIBC Bank USA suited for?
CIBC Bank USA has impressive high-yield account options available to residents nationwide. The Agility Online Savings and CD accounts can be opened from anywhere in the US and can be used to supplement your savings strategy. However, CIBC limits opening a personal money market account and savings account online to residents of the following counties in four Midwest states:
| State | County |
|---|---|
| Illinois | Cook, DuPage, Grundy, Kane, Lake, Will |
| Michigan | Macomb, Oakland, Wayne |
| Missouri | St. Louis county, St. Louis City |
| Wisconsin | Milwaukee, Waukesha |
For US residents who live outside these counties, the only way to open a money market or savings account is by applying in person at a CIBC bank branch.
CIBC Bank USA products
CIBC Bank USA offers four types of checking accounts. All checking accounts must be opened in person at a banking center and require a minimum initial deposit of $50 but don’t charge monthly fees. The myChoice Plus and Prestige accounts are interest-bearing, however, at 0.05% APY and 0.10% APY, respectively, the rates are much lower than other checking accounts reviewed by CNET. The myChoice Prestige only earns interest on balances of $10,000 or more. Opening a checking account with a higher yield will serve you better.
An overdraft fee of $35 is applied to all checking accounts -- with the exception of the EasyPath Access account -- that aren’t covered by the overdraft protection program. The myChoice Prestige account offers a free overdraft line of credit for people who qualify. Otherwise, you’ll receive one free overdraft per month.
The iCan or myChoice Checking accounts are eligible for a new account bonus of $200 when the accounts are opened with an initial $500 deposit and remain open for at least 90 days.
Checking Account Features
| Account | APY | Minimum initial deposit | Monthly fee | Overdraft fee |
|---|---|---|---|---|
| iCan | N/A | $50 | $0 | $35 |
| myChoice Plus | 0.05% | $50 | $0 | $35 |
| myChoice Prestige | 0.10% | $50 | $0 | $35 |
| EasyPath Access | N/A | $50 | $0 | $0 |
Rates are as of March 1, 2023.
Pros
Cash back bonus: The iCan account offers a 1% cash back bonus on debit card purchases of up to $20 for qualifying purchases.
ATM refunds: Receive $25 to $50 per month in refunds of non-CIBC ATM fees per month, depending on the account.
New account bonus: Earn a $200 new account bonus when you open an iCan or myChoice checking account.
Cons
Overdraft fees: Accounts that aren’t enrolled in CIBC’s overdraft program will incur a $35 fee with each overdraft.
Limited cash deposits: Cash deposits are only accepted at CIBC banking centers, not through an ATM.
Low rates: Two checking accounts are interest-bearing, but higher rates on checking accounts can be found at other banks. The myChoice Prestige account earns interest on balances of $10,000 or more.
CIBC’s Agility Online Savings account is a high-yield account offering a competitive APY. A minimum initial deposit of $1,000 is required to open the Agility Online Savings account which is a bit higher than other high-yield savings accounts offered by other banks and credit unions. Overall, a great rate and no monthly fees make this account an attractive option.
The CIBC Agility Online Savings account is available to any US resident. The applications can be submitted through the bank’s digital platform. (CIBC’s personal savings account can only be opened in person unless you live in the counties in the four Midwest states listed above.)
- APY: 4.01%
- Minimum balance to open: $1,000
- Quarterly maintenance fee: $0
Pros
High rates: The savings account earns a competitive yield but there are higher-yielding savings accounts available.
Reasonable initial deposit requirements: There are options if you don’t have much cash to open a savings account.
Cons
Minimum balance to avoid fees: While the minimum balance in a savings account of $250 isn’t exorbitant, there are many banks that provide high-yield savings accounts with no minimum balance requirement to avoid service fees.
Limited online banking functionality: Limiting the online banking application process to a small number of states makes this an inconvenient option for most US residents.
CIBC Bank USA offers great rates on its Agility Online CD account. A jumbo CD is available for balances beginning at $100,000. It offers five terms that range from nine months to three years. The Agility Online CDs can only be opened through the bank’s digital platform but are available to US residents nationwide. There’s a standard CD with terms from 30 days to five years if you need more variety. These CDs, however, can only be opened in a branch office and the rates aren’t available to view and compare online.
A $1,000 initial deposit is required. A flat, 30-day simple interest penalty may be incurred with early withdrawals; one of the smallest early withdrawal penalties charged by banks.
Agility Online CD Account Features
| CD term | Balance | APY |
|---|---|---|
| 9 months | Under $25,000 | 4.00% |
| 9 months | $25,000+ | 4.05% |
| 12 months | Under $25,000 | 4.25% |
| 12 months | $25,000+ | 4.30% |
| 18 months | Under $25,000 | 4.35% |
| 18 months | $25,000+ | 4.40% |
| 24 months | Under $25,000 | 4.35% |
| 24 months | $25,000+ | 4.40% |
| 30 months | Under $25,000 | 4.20% |
| 30 months | $25,000+ | 4.25% |
Rates are as of March 1, 2023.
Pros
Wide variety of terms: The CDs are available in a wide array of terms, from three months to four years.
Reasonable initial deposit required: The initial deposit of $1,000 for the standard CD is a reasonable requirement.
High rates: The CDs available from this bank are highly competitive. CNET has a list of more high-yield CD options.
Online banking access: CDs can be opened online and there are no residency restrictions.
Cons
No specialty options available: The standard CD is the only type available from CIBC.
You can open a Personal Money Market Account with just $50 by visiting a CIBC Bank USA branch. These accounts are available to anyone with a US address. You can, however, open this account online if you live in select counties in Illinois, Wisconsin, Michigan or Missouri.
Before opening a money market account, compare rates with banks that offer a higher APY. This APY is lower than the national average.
The account provides a debit card and check-writing privileges. There are no excessive transaction fees. In addition to low rates, you will incur a $15 monthly fee unless you maintain a $2,500 account balance. The overdraft fee is also fairly high at $35 per overdraft.
MMA Account Features
| Account | APY | Minimum balance | Monthly fee | Excessive transaction fee | Overdraft fee |
|---|---|---|---|---|---|
| Personal Money Market Account | 0.03% | $50 | $15 | N/A | $35 |
Rates are as of March 1, 2023.
Pros
Low minimum deposit: The deposit required is only $50.
Cons
Monthly fee: A $15 monthly fee applies to any account with a balance below $2,500.
Overdraft fee: A $35 overdraft fee is high given that many banks are eliminating this fee.
Low rates: The money market account is interest-bearing, but higher-yielding options can be found at other banks.
Limited online functionality: You can’t open a money market account online.
CIBC Bank USA provides mobile and online banking services including mobile check deposit and external transfers with peer-to-peer apps such as People Pay. Apple users can add a card to their wallets and purchase items with Apple Pay.
There are only 23 branches in four states, mainly Illinois. Some accounts, such as the personal savings accounts, can be opened at a banking center or online if you live within the bank’s service footprint. The high-yield savings and CD accounts that are most attractive are available nationwide. The residency restrictions or low yields offered on the remaining accounts, however, make this an inconvenient bank if you’re looking for a one-stop bank shop.
In addition to deposit accounts, CIBC Bank USA offers a slew of other banking products including mortgages, home equity loans, personal loans and private wealth management services.
Overdraft fees
CIBC Bank charges $35 for each overdraft. The early withdrawal penalty on CDs is 30 days’ worth of simple interest.
Customer service
The Client Support Center is available via telephone at 877-448-6500 or email (cibcusadmin@cibc.com). CIBC Bank USA’s telephone banking hours are available 24 hours a day at 877-825-5554.
About CIBC Bank USA
CIBC Bank USA is the US arm of Toronto-based global financial giant CIBC, which was founded in 1867. CIBC’s US headquarters are in Chicago. It provides custom commercial, wealth management, small business financial, personal and cross-border banking services.
