CIBC Bank Has Competitive In-Branch 13-Month CD Special

On Wednesday, CIBC Bank USA (CIBC) replaced its online-only 12-month Agility CD (5.51% APY) with a lower-rate 13-month Agility CD (5.36% APY), but the 5.50%+ APY is still available at CIBC branches. For a limited time, CIBC is offering an in-branch only 13-month CD Special earning 5.52% APY. The opening deposit must be at least $1k and is capped at $1 million. While there is a Jumbo version of the 13-month CD Special ($100k minimum deposit), the rate is the same 5.52% APY.

The 13-month CD Special is also available as an IRA Certificate Special and an IRA Certificate Jumbo Special (Traditional, Roth), earning the APY with the same deposit requirements.

Early Withdrawal Penalty

While the CIBC website has a Truth-in-Savings disclosure for its online Agility CDs, there is no TIS on the website for the in-branch products. According to CSR, the TIS will be provided at opening, which isn’t very helpful when trying to do due diligence. CSR stated that the info in the Agility CD TIS applies to the in-branch CD Special. The Early Withdrawal Penalty reads as follows:

We may impose a 30 day simple interest penalty if you withdraw any or all of the principal balance of your certificate of deposit before maturity.

Partial withdrawals are allowed, but the principal is not protected.

Agility Savings Account

CIBC launched the online-only Agility Savings account in June 2018, with rates remaining very competitive for just more than a year. The Agility Savings account rate began to drop beginning in late summer 2019 and by the end of 2020, was nearly 40 bps points lower than the highest nationally available savings account APY. Between April 2022 and October 2023, the Agility Savings account gained 438 bps in more than 20 rate increases; the resultant 5.01% APY has been in effect for the past four months.

The CIBC Agility Savings account minimum initial deposit is $1,000, but may not exceed $250k. According to the fine print Agility Savings landing page,

For accounts opened on or after September 28, 2022, deposits that would bring the total balance in your Account to more than $500,000 are not permitted. We reserve the right to refuse or return additional deposits that would cause your balance to exceed this $500,000 limit.

For accounts opened before September 28, 2022, balances up to $1,000,000 are permitted, provided your balance does not fall below $500,000 at any time. If your account balance drops below $500,000 at any time, we reserve the right to refuse or return additional deposits that would cause your balance to exceed $500,000.

For more details about the Agility Savings account transactions (deposits, withdrawals, and ACH transfers), please refer to my June 2022 blog post.

Availability and Account Opening

Headquartered in Chicago, CIBC Bank USA has a brick-and-mortar presence in California, Florida, Illinois, Michigan, Missouri, and Wisconsin. Any U.S. citizen/resident alien (18 years or older) who has a current U.S. address (includes Puerto Rico but excludes all other U.S. Territories) and a valid Social Security number are eligible to open an account.

The 13-month CD can be opened at any of 19 Illinois “personal banking centers” located in Channahon, Chicago (4), Geneva, Homer Glen, Lake Forest, Lincolnwood, Minooka, Oak Brook, Oak Lawn, Orland Park, Palos Heights, St. Charles, Tinley Park, Wilmette, Winnetka, and Worth. CIBC also has personal banking centers in San Francisco, CA; Palm Beach, FL; Birmingham, MI; St. Louis, MO; and Milwaukee, WI. In addition to a U.S. driver’s license, state-issued ID, or U.S. passport, proof of address is required to open an account.

Funding and Other Details

The following information was obtained from the CIBC website and a conversation with CSR.

• Funding – ACH, personal check, cash, or internal transfer.
• Ownership – Individual or joint (2 owners). Trusts, fiduciary or custodial accounts are not allowed.
• Interest – Compounded/credited monthly. No automated withdrawal of monthly interest, but can be paid out by check to address on file.
• Maturing Funds – Distributed by “check, payable to all holders of the Account, and mailed to the Account holders’ address of record.”
• Beneficiaries – Up to six with equal shares; Social Security numbers are required for all beneficiaries.
• Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
• Credit Check – ChexSystems.

Bank Overview

CIBC Bank USA has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 2.81% (excellent) based on September 30, 2023 data. In the past year, CIBC’s total non-brokered deposits decreased by -$1.78 billion, a below average annual growth rate of -4.48%. Please refer to our financial overview of CIBC Bank USA (FDIC Certificate #33306) for more details.

CIBC was originally known as The Palladian PrivateBank, a division of The PrivateBank and Trust Company. Established in 1991, The Palladian PrivateBank was acquired in 2017 by the Canadian Imperial Bank of Commerce. According to a 2018 Bloomberg article,

A year after buying Chicago-based PrivateBank in its biggest ever acquisition, Canadian Imperial Bank of Commerce’s U.S. foray is already exceeding its expectations.

CIBC’s U.S. head Larry Richman -- the veteran Chicago banking executive who migrated with the $5 billion acquisition completed in June 2017 -- said he’s driving a “strong and steady" expansion under the wings of Canada’s fifth-largest lender by assets.

CIBC is currently the third largest bank headquartered in Illinois and the 44^the largest bank in the country, with assets in excess of $52.3 billion and more than 156,000 customer accounts.

How the 13-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and have minimum deposit requirements of $10k or less, one credit union has a higher rates than currently offered on the CIBC Bank USA 13-month CD Special. The following table compares the 13-month CD Special to the four highest-rate similar length-of-term CDs from other banks and credit unions within the market area.

The above information and rates are accurate as of 2/23/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.