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How CIBC USA products compare
Overall bank rating
Pros and cons
CIBC Agility Account
3.75/5
Annual Percentage Yield (APY)
4.01%
Minimum Deposit Amount
$1,000
CIBC Agility Account
3.75/5
Annual Percentage Yield (APY)
4.01%
Minimum Deposit Amount
$1,000
CIBC Agility Account
Details
Annual Percentage Yield (APY)
4.01%
Minimum Deposit Amount
$1,000
Pros & Cons
High interest rate
No monthly services fees
$1,000 minimum opening deposit
May have limited access to your account
Highlights
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
The CIBC Agility Account pays a great interest rate and might be ideal if you have at least $1,000 for an initial deposit.
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 Agility CD
3.5/5
Annual Percentage Yield (APY)
1.30% to 3.15%
Minimum Deposit Amount
$1,000
CIBC Agility CD
3.5/5
Annual Percentage Yield (APY)
1.30% to 3.15%
Minimum Deposit Amount
$1,000
CIBC Agility CD
Details
Annual Percentage Yield (APY)
1.30% to 3.15%
Minimum Deposit Amount
$1,000
Pros & Cons
High interest rates, especially if deposit $25,000 or more
Standard-to-low early withdrawal penalties
$1,000 minimum opening deposit
Limited CD terms
Highlights
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 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 Money Market Account
3.25/5
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$50
CIBC Money Market Account
3.25/5
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$50
CIBC Money Market Account
Details
Annual Percentage Yield (APY)
0.03%
Minimum Deposit Amount
$50
Pros & Cons
$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 Illinois, Michigan, Missouri, and Wisconsin
Highlights
To waive the $15 monthly service fee, keep at least $2,500 in your account daily
Only available if you’re a resident in Illinois, Michigan, Missouri, and Wisconsin
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.
How CIBC Bank USA works
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 only in 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.
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 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 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 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.
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.
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.