CIBC USA is the 68th largest bank in the nation. It was established in 1991 and as of September of 2018, it had grown to 1,527 employees. CIBC USA's savings rates are 5X the national average, and it boasts an A+ health rating.
Related Posts
12/21 - Saving Account Increased To 2.39%
12/20 - Less Waiting And Higher Limits For CIBC Agility Savings Account
9/7 - CIBC Bank Boosts Rate On Agility Savings Account
6/25 - CIBC Bank Introduces Agility Savings Account
6/24 - CIBC Savings Rate Increased To 1.9% APY
5/22 - Savings Rate Raised To 1.65% APY
3/6 - CIBC Has A 2.30% APY Until 3/31/2018. Then .9%.
8/7/14 - Savings Account Promo Rate at Palladian PrivateBank Ends January 31, 2015
7/22/13 - Top Savings Account Rate at The Palladian PrivateBank
11/23/10 - The Palladian Privatebank's 1.50% Savings Account Is No Longer Available
4/12/10 - Beware This Is Not An FDIC Insured Institution
2/17/10 - Competitive 12-Month CD and Savings Account Rates at Palladian Private Bank - Available Nationwide
| Featured Account Options | SPONSORED LISTINGS | ||||
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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).
Stay Away Until They Get Their Act Together
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.
Data as of Q3 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33306 |
| Year Established | 1991 |
| Employees | 1527 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.04% |
| Return on Equity - YTD | 4.98% |
| Annual Interest Income | $794.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2018vs Q3 2017 | $27.09B$24.69B |
| Loans | Q3 2018vs Q3 2017 | $18.34B$16.46B |
| Deposits | Q3 2018vs Q3 2017 | $18.89B$18.74B |
| Equity Capital | Q3 2018vs Q3 2017 | $5.54B$5.29B |
| Loan Loss Allowance | Q3 2018vs Q3 2017 | $152.4MM$37.3MM |
| Unbacked Noncurrent Loans | Q3 2018vs Q3 2017 | $173.6MM$86.5MM |
| Real Estate Owned | Q3 2018vs Q3 2017 | $623.00K$1.7MM |
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.
Saving Account Increased To 2.39%
Less Waiting And Higher Limits For CIBC Agility Savings Account
"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.
Always verify rates and promotions with the bank or credit union. We are not CIBC USA; we are a rate comparison website and cannot provide official rates or promotions.
CIBC USA Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.39% | - | $1m | CIBC Agility Savings - Online Only |
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