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Overview / Commentary
120 South LaSalle Street
Chicago, IL 60603

CIBC USA is the 69th largest bank in the nation. It was established in 1991 and as of September of 2017, it had grown to 1,370 employees. CIBC USA's savings rates are 3X the national average, and it boasts an A+ health rating.

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15 Mth Promo CD @ 1.41% APY - 3/28/2017

Minimum is $1K. Maximum is $500K per depositor. Visit a branch or call 877.448.6500 to open. I learned of promo upon logging into account. I see no mention of it on web site, probably due more to their clunky systems than desire for secrecy.

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Excellent Promotional Deal

Posted by: rhj | Jul 10, 2016

They have been running a 1.31% APY first 6 month deal for a year or more now. If you call at the end of it, in one step they'll renew the deal if you close and reopen. I've had no problems wiring into the account and EFT'ing out of the account. I'm not sure what the negative reviews are about!

Excellent Customer Service

Posted by: anzavista | Jun 27, 2015

I'm shocked at all the negative comments. I found the account opening process no more burdensome than other online institutions and the CSR are helpful and kind. We've had savings accounts with them since Sept 2014 and the rates are consistently high and funds can be added/withdrawn using other online websites.

Slight Quirk In The Application

I was able to apply for the savings account. The one quirk on the online application was that it asked for an issue date for the driver's license. My Michigan driver's license has a printed expiration date but not an issue date. The online application won't go through without the issue date. Customer support didn't know what to do, and I recalled that my license gets renewed every four years, so I believe that the issue date has to be four years from the expiration date. Customer support consulted with someone on their end and seemed to conform the four year issue date. Using the issue date as four years prior to expiration date worked and I'm able to apply for the savings account. I will provide a follow up review.
The only fee that's not reasonable is the $25 fee for accounts closed within 90 days of opening.

Be Sure To Read All Of The Disclosures!

They currently have a very good promotional rate of 1.30% fixed for the first six months the savings account is open. HOWEVER, when I read the disclosure statement, three things kept me from opening the account:
1. No trusts, and no POD accounts--therefore, no beneficiaries!!!! A deal breaker for me, no matter how good the interest rate is.
2. There is a maximum initial deposit of $100,000.00.
3. You can ACH by "pulling" from another external account with no fees or maximums, but you have a 90 day waiting period after opening the account before you can do so. Not good if an emergency arises during that time and you would need the funds.

At least their disclosure statements are posted on their website. Many banks do not do this (but they all should).



Health Grade Components

FDIC Certificate #33306
Year Established1991
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.33%
Return on Equity - YTD2%
Annual Interest Income$263.2MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$24.69B$19.09B
LoansQ3 2017vs Q3 2016$16.46B$14.57B
DepositsQ3 2017vs Q3 2016$18.74B$15.54B
Equity CapitalQ3 2017vs Q3 2016$5.29B$2.11B
Loan Loss AllowanceQ3 2017vs Q3 2016$37.3MM$185.1MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$86.5MM$87.6MM
Real Estate OwnedQ3 2017vs Q3 2016$1.7MM$12.0MM
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CIBC USA Savings Account Rates

1.30%$1k-CIBC Palladian Savings Account Promo Rate
1.10%$1k-CIBC Palladian Savings Account

CIBC USA is an Internet only bank and does not have branch locations. Its headquarters is located at 120 South LaSalle Street - Chicago, IL 60603