CIBC Bank Boosts Rate On Agility Savings Account

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Deal Summary: Agility Savings, 2.10% APY, $1k min/$250k max opening deposit

Availability: Nationwide

CIBC Bank USA (CIBC) has increased the rate of its Agility Savings account by 20 bps to 2.10% APY. This is the first rate increase since CIBC introduced the Agility Savings account in June, and it shows that CIBC may actually be serious about maintaining a competitive online savings account.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.16%-$1mCIBC USACIBC Agility Savings - Online Only
Rates as of November 18, 2018.

The Agility Savings account is an online savings account that’s accessible via the web (CIBC NetBanking) or mobile app (CIBC US Mobile Banking App). It has no monthly maintenance fees, and there are no balance tiers. All balances up to the maximum allowed balance of $1 million earn the 2.10% APY. The Agility Savings account requires a $1k minimum opening deposit, but initial funding cannot exceed $250k.

ACH Transfers

As is the case with many internet banks, CIBC appears weak on its ACH transfer service. CIBC is a fairly large bank which sometimes improves the odds that the bank spent the resources to ensure a solid online banking experience. I’m not sure if that helped for this case.

According to the Disclosures page, customers can’t initiate incoming ACH transfers after the account is opened:

Requesting a transfer of funds to your Agility account from an external account is currently unavailable via CIBC NetBanking. To transfer funds into your Agility account, the transaction must be initiated through an external bank account.

There are several withdrawal restrictions that are not typical for internet banks. First, according to the disclosure, withdrawing funds by initiating the transaction through an external bank is not possible:

Withdrawals from the Account can be made only by: (i) Sending us a message through the “Contact Us” option in CIBC NetBanking; (ii) written request sent to CIBC c/o CIBC Agility Savings Account Department, 6825 West 111th St. Worth, Illinois 60482; (iii) Making an external transfer in CIBC US NetBanking to an account that you own.

Second, initiating an outgoing ACH transfer isn’t allowed for the first 90 days after the account is opened. According to the disclosure:

External transfers in CIBC NetBanking are not allowed until 90 days after opening the Account.

There appears to be hoops to jump through if you want to withdraw money before the first 90 days. According to the disclosure:

Requests to remove funds from an Account within the first 90 days from the date the Account was opened must be requested in writing and will only be completed by returning the funds by the method in which they were received:

  • Funds in an Account funded by ACH transfers will be returned by ACH transfer to the originating account.
  • Funds in an Account funded by checks will be returned by a check payable to the account holder(s) as titled on the Account and to the address of record.
  • Funds in an Account funded by an internal transfer will be returned by internal transfer back to the originating account.
  • We may take up to 72 hours to process a withdrawal request.

I verified these issues today by calling their customer service (844-704-7882). I was connected quickly to a knowledgeable and helpful CSR. The CSR did say that they are working on CIBC NetBanking to allow for ACH deposits. For ACH withdrawals after the first 90 days, at least the dollar limits are large ($250k per day and $500k per calendar month.) Also, an unlimited number of linked external accounts are permitted. For ACH deposits initiated from the external bank, I was told that there’s no hold time.

Potential Fees

Although there is no monthly maintenance fee, possible fees do exist. For example,

  • $25 early closure fee, if account is closed with 90 days of opening.
  • $5 monthly dormant account fee, following 24 months of no activity.
  • $10 fee per each withdrawal beyond the six allowed per month.

Availability

Headquartered in Chicago, CIBC Bank is currently offering its new Agility Savings Account to any U.S. citizen who has a current U.S. address and a valid Social Security number.

Accounts can be held in the name of one or more people, “either individually or as a joint tenancy with right of survivorship.” Accounts that are not permitted include trusts, fiduciary, or custodial accounts, as well as POD accounts. Beneficiaries or authorized signers cannot be designated.

While CIBC has “personal banking centers” in Illinois, Michigan, Missouri, and Wisconsin, the Agility Savings account must be opened online. A U.S. Driver’s License or state-issued ID is required to open an account.

Bank Overview

CIBC Bank USA has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 2.28% (excellent) based on June 30, 2018 data. In the past year, CIBC Bank’s total deposits have increased by $1.21 billion, an excellent annual growth rate of 7.78%. 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 a recent Bloomberg article,

A year after buying Chicago-based PrivateBank in its biggest ever acquisition, Canadian Imperial Bank of Commerce’sU.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.

How the Agility Savings Account Compares

When compared to the nationally available Savings accounts tracked by DepositAccounts.com, only two banks offer a savings account with similar minimum deposit requirements that has a higher rate than CIBC’s Agility Savings account.

The above rates are accurate as of 9/7/2018.

To compare the top Savings Account rates, both nationwide and in your local area, please refer to DA’s Savings Accounts rate table.

Related Pages: Detroit banks, Atlanta banks, Chicago banks, St. Louis banks, Milwaukee banks

Comments
BadACH
BadACH   |     |   Comment #1
To many restrictions for the money flow, they better rectify that or be marked as unfriendly and not serious bank. Many people like self service and not begging for permissions to do this or that, the customers are irrelevant according to their rules, therefore, not many persons will bank with them.
RZ
RZ   |     |   Comment #3
Most of the restrictions can be avoided by initiating transactions from an external account. I left an old account open with a nominal balance so the hold and early closure fees can also be side stepped as well.
9288
9288   |     |   Comment #4
@RZ Comment #3... It looks like you did not read the disclosures Ken posted above: according to the disclosure, withdrawing funds by initiating the transaction through an external bank is not possible...
RZ
RZ   |     |   Comment #5
See “withdrawals” iii
I have had this account open for over a year and never had a problem with an ACH transfer to a linked external account
9288
9288   |     |   Comment #2
Nice to see a trend on rates going over 2% for savings/mm, but these ridiculous controls and holds on one's funds make any such offers outright objectionable. I will continue to steer clear from these offers, and keep my options open to move about at will without restrictions.
RZ
RZ   |     |   Comment #6
I don't believe that it is mentioned on their webpage but after speaking to a CSR today I was assured that interest is compounded and credited daily and there is no forfeiture should the account be closed mid cycle. After the 90 day initial wait period, withdrawals of up to $250K a day/$500K per month are permitted via an externally linked account. For those such as myself who have maintained an account previously beyond 90 days, there is no wait period imposed. The CSR admitted that the disclosures might be somewhat ambiguous and confusing but they are in the midst of revising it.
Test3
Test3   |     |   Comment #7
This is now 2.16%, up from 2.10%.
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