CIBC Bank Review 2024
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CIBC Bank Review 2024
5 min read
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By: Pat Fleming

About CIBC

 

Chicago-based CIBC Bank USA is a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC). The bank offers savings, checking, money market, and certificate of deposit (CD) accounts. It launched its mobile platform in 2018 to help customers on-the-go manage their accounts online. CIBC Bank USA also offers health savings accounts (HSAs), individual retirement accounts (IRAs), investment management, wealth management, commercial banking products, and small business products.

 

 

Featured Offers

CIBC Bank USA logo
Bank Grade
Top 3% rate
5.36% APY
13 Month Agility CD - Online Only
1 Year CD by CIBC Bank USA
CIBC Bank USA logo
Bank Grade
5.11% APY
9 Month Agility CD-Online Only
9 Month CD by CIBC Bank USA
CIBC Bank USA logo
Bank Grade
4.47% APY
18 Month Agility CD - Online Only
18 Month CD by CIBC Bank USA
Bank of Mead logo
Bank Grade
Top 1% rate
30.00% APY
3 Months CD
3 Month CD by Bank of Mead
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
24 Month Flex Index CD
2 Year CD by Merchants Bank of Indiana
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
12 Month Flex Index CD
1 Year CD by Merchants Bank of Indiana
Merchants Bank of Indiana logo
Bank Grade
Top 1% rate
5.92% APY
36 Month Flex Index CD
3 Year CD by Merchants Bank of Indiana
M1 Bank logo
Bank Grade
Top 1% rate
5.75% APY
10 Month CD
9 Month CD by M1 Bank
Forbright Bank logo
Bank Grade
Top 1% rate
5.60% APY
9 Month CD
9 Month CD by Forbright Bank

CIBC Bank Overview

 

 

CIBC Bank USA was founded in 1991 as PrivateBancorp and currently has 23 physical locations (mostly in Illinois, with its headquarters in Chicago) across four states. Everyone with a U.S. address is eligible to use the bank's online products.

CIBC Bank USA may be perfect for customers looking for CDs with competitive APYs. They also provide an online-only high-yield savings account with a higher-than-average APY for people who want to put their money to work. The bank only has a few dozen ATMs in the United States, but it offers up to four non-network ATM fee rebates per statement cycle.

 

Their high-yield savings account offers a very attractive APY.The CD accounts are only available online.
A wide range of personal and business account offerings.Some accounts are only available within the six states the bank has physical branches in.
Most accounts do not assess a monthly service charge.
ATM rebates are available for savings accounts when using a non-network ATM.

 

 

CIBC Product Offerings

 

Savings Accounts

A savings account is a deposit account at a bank or credit union that insures your principal up to the FDIC or NCUA limitations and generally pays a modest interest rate. Customers of CIBC Bank USA have an option between the Personal Savings account and the Agility Savings Online-Only high-yield savings account. Here is the most current CIBC savings account information for April 2024:

 

CIBC Bank USA
CIBC Agility Savings - Online Only
High Yield Savings by CIBC Bank USA
Bank Grade
B+
APY
5.01%
Avg. user rating
2.73
Why we chose it?
What to watch for

 

CIBC Bank USA
Personal Savings
Personal Savings Account by CIBC Bank USA
Bank Grade
B+
APY
0.57%
Avg. user rating
2.73
Why we chose it?
What to watch for

Low or no monthly service charge for most accounts.Most accounts are either only available online for to residents in Illinois, where the bank is centered.
No withdrawal penalty for online accounts.
Competitive APY for their Agility Online-Only account.

Checking Accounts

CIBC Bank USA currently offers several personal and business checking accounts that offer features such as ATM rebates, little to no opening balance requirements, monthly service charges, and peer-to-peer services provided by Zelle. These accounts are only available online or to residents of the following states—Illinois, Michigan, Missouri, and Wisconsin—where the bank has physical branches.

 

CIBC Bank USA
myChoice Prestige Checking
Personal Checking Account by CIBC Bank USA
Bank Grade
B+
APY
0.07%
Avg. user rating
2.73
Why we chose it?
What to watch for
Peer-to-Peer transactions available via Zelle for added convenience.Low APY for most account.
Low to no minimum opening deposit requirements for most account.Some of the business accounts have monthly service charges and/or require relatively high average balance requirements to waive the monthly service charges.

Agility Online-Only CDs

A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period of time, known as a term. CIBC offers online-only CDs with terms ranging from 9-months up to 30-months. All of their CD offerings currently yield an APY higher than the national average of 2.79%. Here are some of their top CD accounts for April 2024:

 

CIBC Bank USA
9 Month Agility CD-Online Only
9 Month CD by CIBC Bank USA
Bank Grade
B+
APY
5.11%
Avg. user rating
2.73
Why we chose it?
What to watch for
CIBC Bank USA
13 Month Agility CD - Online Only
1 Year CD by CIBC Bank USA
Bank Grade
B+
APY
5.36%
Avg. user rating
2.73
Why we chose it?
What to watch for
Highly competitive APYs.CDs are available online only.
Relatively low $1,000 minimum opening deposit requirement.There are no terms of less than 9-months available.

Bank Fees

  • Non-sufficient funds fee: $35 per incident; $175 per day maximum

  • Savings and Money Market Account withdrawals: $10/withdrawal for excessive withdrawals

  • Account closure fee: $25 if closed within 90 days of account opening

  • Wire transfer fee: $30/wire for domestic; $40/wire for international

  • Non-network ATM fee: $1

  • Monthly service charge: Personal Savings - $3/quarter if average daily balance drops below $250; Money Market Account: $15/month if average daily balance drops below $2,500

 

CIBC Features

 All CIBC Bank USA accounts can be easily accessed online through their website or mobile app. Once you've opened an account, you can set up and register your account online and access all of your CIBC accounts from the comfort of your home or mobile phone. If your CIBC account offers a debit card, you can also use your card at any ATM machine.

CIBC has more than 20 branches and ATMs in Illinois, Michigan, Missouri, and Wisconsin. If you do not reside in one of these state, you can still open an online-only account and manage your account through the website or mobile app.

 

Our Take

 

CIBC Bank USA offers a diverse range of personal and business accounts, the majority of which have no monthly service charges and do not require opening deposits. This might be an excellent bank for people who live in one of the four states it covers. If you don't live in one of those states, their online CDs and high-yield savings accounts are excellent options with above-average rates. 

Methodology

 

Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.

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