CIBC USA
CIBC USA is the 67th largest bank in the nation. It was established in 1991 and as of December of 2017, it had grown to 1,392 employees. CIBC USA has an A+ health rating.
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Excellent Promotional Deal
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!
Too Many Restrictions
I have been with this bank for a couple of years as their rates for savings accounts have been competitive up until recently. What is annoying however is that the promo rates are guaranteed for only 6 months and then revert to a much lower one. In order to maintain the better rate a new account must be opened which is an unnecessary hassle requiring that new external linkages must then be established. Out going ACH transfers are also limited adding further hoops for gaining access to your funds. Now that even the promo rate is not near the leaders I am done with dealing with this banks idiosyncrasies and plan to move on.
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).
Do NOT Use These People!
I opened an account with the required minimum and then wanted to add to it. THEY DO NOT HAVE ELECTRONIC FUNDS TRANSFER ( ACH) FOR EITHER DEPOSITING OR WITHDRAWING FUNDS! The only was I can get my money back is write them a letter. God knows when I will get it back. Almost impossible to do business with an institution that does not allow any on line withdrawals or deposits. Outright fraud if you ask me. I have written the State banking authorities in Florida and Illinois. Be warned that 1.25% come with very tight strings attached
Data as of Q4 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33306 |
| Year Established | 1991 |
| Employees | 1392 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.48% |
| Return on Equity - YTD | 2.76% |
| Annual Interest Income | $504.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2017vs Q4 2016 | $25.74B$20.04B |
| Loans | Q4 2017vs Q4 2016 | $16.73B$14.99B |
| Deposits | Q4 2017vs Q4 2016 | $19.94B$16.12B |
| Equity Capital | Q4 2017vs Q4 2016 | $5.38B$2.15B |
| Loan Loss Allowance | Q4 2017vs Q4 2016 | $59.6MM$190.5MM |
| Unbacked Noncurrent Loans | Q4 2017vs Q4 2016 | $97.3MM$83.7MM |
| Real Estate Owned | Q4 2017vs Q4 2016 | $1.4MM$10.2MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Savings Rate Raised To 1.65% APY
https://us.cibc.com/en/personal/savings/agility-savings.html
CIBC Has A 2.30% APY Until 3/31/2018. Then .9%.
https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-savings-account.html
Sorry, we do not have rate data for CIBC USA.
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