CIBC Offers Bonus of Up to $400 on Its Agility Savings Account

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Deal Summary: $200 or $400 bonus when opening a new CIBC Agility Savings account, available through March 16, 2020.

Availability: Nationwide (online-only account)

As rates fall on savings accounts, a cash bonus is a good way to offset the lower interest rates. For banks, a bonus can be a good way to attract new savings account customers without having to pay a high rate. The latest bank to offer a cash bonus on its online savings account is CIBC Bank USA (CIBC). It’s offering a cash bonus of up to $400 to new Agility Savings account customers. To apply for the account and bonus, please see the DA bonus page. A summary of the bonus requirements is listed below:

  • Open a new CIBC Agility Savings account by March 16, 2020
  • Make your deposit within 15 days of opening your account:
    • Deposit at least $25,000 to earn a $200 bonus
    • Deposit at least $50,000 to earn a $400 bonus
  • Sign up for eStatements within 15 days of opening your account
  • Keep the money in your account for 120 days

Bonus Details

Below are the important excerpts of the promotion’s small print:

  • Offer is subject to change, and may be withdrawn, at any time without notice.
  • If you have or have had an Agility Savings account on or after May 1, 2018, you will not be eligible for this promotion.
  • An account application is deemed complete when you are provided an account number on the confirmation screen.
  • Deposit at least $25,000/$50,000 of new money from an external bank within the first 15 calendar days from the date of the completed account application (Initial Funding Period).
  • The minimum daily balance on the account must be at least $25,000/$50,000 for 120 days from the last calendar day of the Initial Funding Period.
  • Enroll in Online Banking and change the Statements Delivery Method to "Online" during the Initial Funding Period and continue enrollment for 120 days from the last calendar day of the Initial Funding Period.
  • Once you have qualified for a bonus, your bonus payment will be paid no later than 60 calendar days after you have completed all the requirements listed above.
  • Bonus is considered interest for income tax purposes and will be reported to the IRS.

My Take on the Agility Savings Account and This Bonus

This might be an online savings account that you’ll want to keep for the long run. Since CIBC launched the Agility Saving account in June 2018, the rates have remained very competitive. The APY reached a peak of 2.39% in December 2018, and this APY held for almost eight months. Its APY as of March 6th is 1.85%, which has held since November 2019.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.35%$1$1mCIBC USACIBC Agility Savings - Online Only
Rates as of June 4, 2020.

The Agility Savings account minimum initial deposit is $1,000, but after it is opened, there is no minimum balance required to earn the top APY. The maximum allowed balance is $1 million. There is no monthly service fee. Please refer to my review of the Agility Savings account for more account information and features.

Earning $400 by maintaining a $50k balance for 135 days is equivalent to a 2.16% yield. If you assume the current rate (1.85% APY) remains for the 135 days, the equivalent yield would be close to 4%. This is a compelling offer when you combine the cash bonus with a history of competitive rates.

Thanks to DA reader pinkterror for first posting on this bonus in this DA Forum thread, and thanks to the DA readers who have shared their experience on this offer.

Availability

Headquartered in Chicago, CIBC Bank is currently offering its new Agility Savings account to any adult who has a current U.S. address, a Social Security number, and a valid U.S. driver’s license or state identification number.

In the application process CIBC will access information about you from Chexsystems and Experian to verify your identity and confirm that you’re eligible for an account. According to a CSR, there is no hard credit pull. It’s only a soft pull.

Accounts can be held in the name of one or more people, “either individually or as a joint tenancy with right of survivorship.” Accounts cannot be owned by a trust or established as a fiduciary or custodial account. Accounts can be established as Payable-On-Death (POD) Accounts after the account has been opened by filling out and mailing a form. The form currently has spaces for up to six beneficiaries.

Funding the account can only be done by an electronic funds transfer or by check. There’s no credit card funding available.

While CIBC has “personal banking centers” in Illinois, Michigan, Missouri, and Wisconsin, the Agility Savings account must be opened online.

Bank Overview

CIBC Bank USA has assets in excess of $33 billion. It has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 2.92% (excellent) based on September 30, 2019 data. In the past year, CIBC Bank’s total deposits have increased by $4.02 billion, an excellent annual growth rate of 21.43%. Please refer to our financial overview of CIBC Bank USA (FDIC Certificate #33306) for more details.

DA readers may remember that CIBC Bank USA used to be 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 this 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.

Other Bank Bonuses

Be sure to check out our full list of the best savings and checking account bonus offers.

The above rates are accurate as of 3/6/2020.

Related Pages: Detroit savings accounts, Chicago savings accounts, Milwaukee savings accounts, savings accounts, nationwide deals, bank bonuses, Internet banks

Comments
enduser
  |     |   Comment #1
Citi is offering the same offer but with better options. Get $700 for $50K deposited for 60-days. They are also paying 1.85% APY on the savings account [depending on your zip code] and .03% APY on the checking. $30 fee waived with a combined $50K balance in any combination between accounts. 30-days to fund accounts, expires on 03/31/2020. Look for offer on the link provided in the article above. To see the current interest rates being offered click on this link:  https://www.citi.com/rates
midas89
  |     |   Comment #2
enduser, the Citi offering you mentioned is not available to residents of California, unfortunately.
enduser
  |     |   Comment #4
@midas89 are you sure? I just typed the 90210 zip code in the link above and it gives me the rates for that zip in California. Not sure about account opening though.
midas89
  |     |   Comment #6
enduser, thanks for the reply. I just tested both 90210 and 92606, and the 1.85% rate is nowhere to be found. I then put in Albany, Oregon zip code 97322 as an experiment, and I was able to see the 1.85% APY. I also then tested it on a second computer.

Interesting you were able to see the 1.85% rate using 90210.
enduser
  |     |   Comment #10
@midas89 I was referring to the Citi giving rates for California since you mention that it is not available in California, not that they are offering 1.85% in California. In my zip code 33601 the rate is 1.85% but it appears that rates are different based on region for whatever the reason as stated by their disclosure "Products & pricing based on your home address"
RedNotice
  |     |   Comment #3
Is there closing fee? If keep for 60 days get bonus and close to avoid fee?
enduser
  |     |   Comment #5
@RedNotice I did it in June 2019 and after the bonus posted closed the account with no fees. I can now do it again since you have to wait 180-days between offers.
Hooked
  |     |   Comment #7
I did the Citi bonus last fall ($500 bonus for depositing $15k) and am not eligible again yet. Insignificant interest on the savings/checking package at least in my state. Citi pays bonus in about 40-50 days after the 60 day maintenance period. Many posters at DoC have provided their experiences in dealing with Citi. Definitely not smooth sailing for me even though they paid.
Me Too
  |     |   Comment #9
Like you, I had to contact Citi many times to get my bonus.
enduser
  |     |   Comment #11
Hooked, I got my bonus within 10-days after the 60-day period, and I closed the account as soon as the ACH transfer got all funds out, about 3 business days. I did not have to call them. The bonus clock starts ticking when you meet the full deposit amount stated in the offer not when you open the account or if you made multiple deposits until reaching the full amount and as long as you deposit it within the period specified.
Hooked
  |     |   Comment #12
You have to be one of the lucky ones as I did not see any post in the DoC blog that the bonus was paid so soon after 60 days. Citi says it may take up to 90 days after the 60 day qualification period so I was just happy that my bonus arrived about 4 months after account opening/funding. And, you must be not the same ‘enduser’ on the DoC blog who received the Citi bonus also in about 4 months last year.

I do agree they are good bonuses but many people (including me) ran into issues along the way. I did not have to call to receive the Citi bonus as I had not even reached the 90 day mark.
enduser
  |     |   Comment #13
Hooked your are correct. I just went back and checked my Citi statements and the whole ordeal took 111-days, not 70-days as I stated. Citi paid the bonus 43-days after meeting the 60-day period. It is 5/3 who pays within 10-days. Sorry I just had several deals going and got mixed up. I post as Tom on the DoC board.

March 20, deposited $5000 -60-day clock starts (day 1)
May 28, withdraw $3500, leave $1500 to avoid fees until bonus posts (day 70)
Jul 9, $200 Basic Checking Offer bonus posted (day 111)
Jul 17, account closed (day 120)
LSL
  |     |   Comment #18
DoC board? Where can I find it ? Tks
#19 - This comment has been removed for violating our comment policy.
RickZ
  |     |   Comment #8
It'll take 90 days after meeting the requirements to get any Citi bonus. So it's either keep $50K for 5 months or pay $90 in fees (could be $120 in fees depending on the cycle dates).

So unless you can get the 1.85% savings account rate (which is variable anyway), I think Citi's $400 + $100 promo for a $15K deposit is a better deal. Need $10K to keep that account fee-free.
Papademetriou
  |     |   Comment #14
P2 and I were both denied without explanation. Lame.
Chobe
  |     |   Comment #16
I just opened the savings and checking through the promo link on their website. I called them to confirm and found out that the interest rate is only .1% on the savings. You cannot get a bonus with the account that pays the competitive rate.
enduser
  |     |   Comment #17
@Chobe,
Not sure were you got your info but the site clearly states:
Reward your savings with a cash bonus. New client special offer.
$200
Earn $200 when you deposit at least $25,000
Or
$400
Earn $400 when you deposit at least $50,000
1.45% APY High interest Earn 1.45% APY on your account.
Link:
https://us.cibc.com/en/agility/agility-savings.html
Sperry8
  |     |   Comment #15
CIBC just dropped rates to 1.45% APY. So keep this in consideration re their deal (and effective Interest Rate with promo)
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Requirements

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