2. CIBC USA

CIBC USA


Overview / Commentary
us.cibc.com
312-564-2000
120 South LaSalle Street
Chicago, IL 60603

CIBC USA is the 65th largest bank in the nation. It was established in 1991 and as of December of 2018, it had grown to 1,561 employees. CIBC USA's savings rates are 5X the national average, and it boasts an A+ health rating.

Related Posts

CIBC Bank Ups Rate On Agility Savings Account to 2.39% APY - 12/21/2018

CIBC Bank USA has increased the rate of its Agility Savings account by 23 bps to 2.39% APY. This is the third rate increase since CIBC introduced Agility Savings.

Saving Account Increased To 2.39% - 12/21/2018

Announced today that the new rate will be automatically applied to your account

Less Waiting And Higher Limits For CIBC Agility Savings Account - 12/20/2018

I got the following email: "Change in Terms Notice for Your Agility Savings Account "As of January 24, 2019, the following changes will take effect regarding your ability to make external transfers within CIBC NetBanking: "1. We have reduced the waiting period to 30 days to allow you to use CIBC NetBanking to transfer funds from your CIBC Bank USA account to your account at another financial institution. "2. We have changed the limits for using external transfers in CIBC NetBanking to transfer funds to an account you own at another financial institution. The new limits are $125,000.00 per day and $250,000.00 per month." IIRC, they had a 90 day hold on money once deposited, though I was initially told if I called them they could set external accounts up over the phone before the 90 day period was up and money could sent to the original bank via ACH anyways.

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Reviews (18)

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!

10

Too Many Restrictions

Posted by: RZ | Jan 12, 2018

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.

19

Be Sure To Read All Of The Disclosures!

Posted by: CDInvestor1 | Jul 20, 2016

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).

22

Stay Away Until They Get Their Act Together

Posted by: Jarlath | Sep 14, 2018

I just opened, and closed, a CIBC agility account. I didn't know that they do not allow you to pull money in from an external bank account. You have to wire it over or send them a check. I called customer service question this and they said as they are new to the online banking business, they still are working out the kinks. So, until they do, do not open an online account with them.

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Health
A+

Data as of Q4 2018

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #33306
Year Established1991
Employees1561
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1%
Return on Equity - YTD4.82%
Annual Interest Income$1.10B
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$28.96B$25.74B
LoansQ4 2018vs Q4 2017$18.93B$16.73B
DepositsQ4 2018vs Q4 2017$20.94B$19.94B
Equity CapitalQ4 2018vs Q4 2017$5.83B$5.38B
Loan Loss AllowanceQ4 2018vs Q4 2017$172.9MM$59.6MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$153.0MM$97.3MM
Real Estate OwnedQ4 2018vs Q4 2017$544.00K$1.4MM
Rates
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CIBC USA Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.39%-$1mCIBC Agility Savings - Online Only
Locations

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

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