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CIBC Bank USA offers competitive interest rates on savings and CDs, but these accounts work best for people who can deposit a substantial amount upfront. The best high-yield savings accounts pay up to 5.50% APY right now — see how CIBC compares.
CIBC Bank USA Review
CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce.
CIBC has over 1,000 branches and 3,000 ATMs in North America. Banking centers are located in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.
CIBC Bank USA has an online savings account and CDs that you can open anywhere in the US. To open a checking account or money market account in the US, you must live in a state that has a banking center.
Customer support is available 24/7 by phone.
The bank’s mobile app has 4.1 out of 5 stars in the Google Play Store and 3.9 out of 5 stars in the Apple Store.
CIBC Bank USA is FDIC insured. You may safely keep up to $250,000 in an individual bank account.
CIBC Bank bank rating
CIBC Bank pros and cons
CIBC Bank USA trustworthiness and BBB rating
In 2021, CIBC agreed to pay $125 million in a settlement when accused of misrepresenting financial information regarding CIBC investments and US residential mortgage-backed securities.
We also use ratings from the Better Business Bureau to see how banks deal with customer issues.
The BBB gave CIBC Bank USA an A+ rating. However, its parent company CIBC has an F rating because the BBB has received numerous complaints and hasn’t responded to or resolved some complaints.
A good BBB rating won’t guarantee your relationship with a bank will be smooth. Consider chatting with current customers or reading online customer reviews to see if CIBC Bank USA might be a good fit for you.
CIBC Bank Accounts
CIBC Bank savings account
The CIBC Agility Online Savings Account pays a great interest rate and might be ideal if you have at least $1,000 for an initial deposit.
If you don’t have a lot of money for an opening deposit, see our best high-yield savings accounts guide. Some of our top picks let you open a high-yield savings account with $0.
CIBC Agility Online Savings Account
Start saving
Fees
no monthly services fee
Annual Percentage Yield (APY)
5.01%
Minimum Deposit Amount
$1,000
- High interest rate
- No monthly services fees
- $1,000 minimum opening deposit
- May have limited access to your account
Product Details
- Earn up to $500 bonus in your Agility Savings account with qualifying deposit
- Must be at least 18 years old to open an account
- Must maintain a positive balance to earn interest
- Interest compounded and deposited monthly
- Member FDIC
CIBC Bank Checking Account
Only residents of Illinois, Michigan, Missouri, and Wisconsin may open a CIBC iCan Checking Account.
The CIBC iCan Checking Account is one of the bank’s strongest products. It doesn’t charge monthly service fees or out-of-network ATM fees, and you’ll earn 1% cash back on debit card purchases (up to $20 each month).
CIBC iCan Checking Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$50
- $50 minimum opening deposit
- No monthly service fees
- No out-of-network ATM fees
- Earn 1% cash back on debit card purchases (up to $20 per month)
- Refunds up to $50 in out-of-network ATM fees per month
- Overdraft protection available
- Only residents in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin may open an account
- $35 overdraft fee
- $10 overdraft transfer fee
Product Details
- Access to over 1,000 branches and 3,000 ATMs in North America; banking centers are located only in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.
- Earn 1% cash back on debit card purchases (up to $20 per month)
- Overdraft protection allows you to link you savings account; if you utilize it you’ll pay a $10 overdraft transfer fee
- Member FDIC
CIBC Bank CDs
CIBC Bank USA has competitive interest rates on CDs and offers an even higher rate if you deposit $25,000 or more.
Keep in mind that terms range from nine months to 30 months, so you’ll have to consider other financial institutions if you want to open a CD term that’s three years or longer.
CIBC Agility CD
Annual Percentage Yield (APY)
4.20% to 5.62%
Minimum Deposit Amount
$1,000
- High interest rates, especially if deposit $25,000 or more
- Standard-to-low early withdrawal penalties
- $1,000 minimum opening deposit
- Limited CD terms
Product Details
- Earn a higher interest rate if you deposit $25,000 or more
- Terms range from 9 months to 30 months
- Early withdrawal penalty: 30 day of interest if you withdraw before the end of your term
- Interest compounded and deposited monthly
- Member FDIC
CIBC Money Market Account
The CIBC Money Market Account isn’t as strong as the bank’s online savings account.
While it includes checks and a debit card, the money market account has a low interest rate. You’ll also need to maintain at least $2,500 in your account daily to waive the $15 monthly service fee.
CIBC Money Market Account
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$50
- $50 minimum opening deposit
- Possible to waive monthly service fee
- Check writing included
- Debit card included
- $15 monthly service fee
- Only available if you’re a resident in select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin
Product Details
- To waive the $15 monthly service fee, keep at least $2,500 in your account daily
- Can be open in select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin
- Member FDIC
Compare CIBC Bank
CIBC USA vs. Chime
CIBC Bank USA has online savings accounts and CDs that can be opened from anywhere in the US. You’ll have to live in Illinois, Michigan, Missouri, or Wisconsin to open a checking account or money market account.
Chime only lets you open a savings account if you already have the Chime® Checking Account. Otherwise, you’ll have to choose another institution.
CIBC Bank USA offers a slightly highest interest rate on savings accounts but requires a minimum of $1,000 to open a savings account. Chime pays lower interest rates on its savings accounts, but you won’t need to make an initial deposit.
CIBC USA vs. Capital One
Capital One Bank has more bank account options than CIBC USA, regardless of where you live. There are online savings accounts, checking accounts, and CDs. You may also open age-specific bank accounts for kids and teens.
Your decision between these two institutions might also depend on how much money you have to deposit. CIBC Bank USA requires a minimum of $1,000 to open a savings account, while Capital One lets you open a savings account with $0.
See Insider’s list of the best savings accounts »
Frequently Asked Questions
CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce. CIBC Bank USA offers online savings accounts and CDs called Agility accounts.
There are branches located in Illinois, Michigan, Missouri, and Wisconsin, which offer more bank account options.
You may open a CIBC Agility savings account or CD from anywhere in the US. You’ll need to provide your social security number, US ID, and home address. CIBC Bank USA also requires you to be at least 18 years old to open an online bank account.
Yes, Agility accounts are FDIC insured. You may keep up to $250,000 in an individual bank account, and it will be safe.
SoFi Checking and Savings
Earn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit
