CIBC Bank Introduces Agility Savings Account

POSTED ON BY

Deal Summary: Agility Savings, 1.90% APY, $1k min/$250k max opening deposit

Availability: Nationwide

CIBC Bank USA (CIBC) has unveiled its new Agility Savings account, which earns 1.90% APY on all balances up to $1m. The Agility Savings account requires a $1k minimum opening deposit, but initial funding cannot exceed $250k. The minimum balance to earn the stated APY is $0.01.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.90%-$1mCIBC USACIBC Agility Savings - Online Only
Rates as of July 20, 2018.

According to the Agility Savings landing page, CIBC Palladian Savings accounts are now Agility Savings accounts. In an effort to make a smooth transition, “your account number, bank routing number, login ID and password remain the same.

Funding

According to the Disclosures page, there are three ways to make deposits

  • Transfer money from your existing account with CIBC Bank USA
  • Transfer money from your account at another U.S. bank
  • Send a check (Initial and subsequent deposits made by check are subject to a 10 business day hold)

Additional deposits can be made at any time, but “Deposits that would bring the total balance in your account to more than $1,000,000 are not permitted.”

Withdrawals

The Disclosures page details how the withdrawals process works:

Withdrawals from the Account can be made only by: (i) Sending us a message through the “Contact Us” option in CIBC NetBanking; (ii) calling the CIBC Bank USA Digital Service Team at 844 704-7882; (iii) written request sent to CIBC c/o CIBC Agility Savings Account Department, 6825 West 111th St. Worth, Illinois 60482.

Withdrawals must be paid either by: (i) check, payable to all holders of the Account, and mailed to the Account holders’ address of record; (ii) an internal transfer to an existing account at CIBC in which the Account holders have a primary or secondary ownership interest; or (iii) an external transfer to an account owned by you.

ACH Transfer Services

As is often the case, there is little to no information provided about the ACH transfer system’s limitations on the website. According to CSR:

  • There are no dollar transfer limit for deposits.
  • Withdrawals are limited to $250k per day and $500k per calendar month.
  • An unlimited number of linked external accounts are permitted.
  • There is no official hold time for ACH deposits, beyond the 1-3 days for the initial test ACH deposits. CSR stated, “ACH deposits are almost instantaneous.”

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.

Thanks to DA reader, JDubs, for the Forum post about the new Agility Savings account.

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 1.84% (excellent) based on March 31, 2018 data. In the past year, CIBC Bank’s total deposits have increased by $2.99 billion, an excellent annual growth rate of 23.29%. 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, CIBC Bank’s Agility Savings Account APY currently ranks second, regardless of minimum deposit.

Interest RateAccount NameCredit Union/Bank
2.05% APYUltimate Savings ($25k min)Northpointe Bank
1.90% APYAgility Savings (no min) CIBC Bank USA
1.88% APYHigh Yield Savings ($25k min)IncredibleBank

The above rates are accurate as of 6/25/2018.

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 savings accounts, Atlanta savings accounts, Chicago savings accounts, St. Louis savings accounts, Milwaukee savings accounts, savings accounts, nationwide deals

Comments
bad ACH
bad ACH   |     |   Comment #1
You have to ask for permission to withdraw your own money, I say, NO THANKS to such banks.
#3 - This comment has been removed for violating our comment policy.
RZelman
RZelman   |     |   Comment #2
The main reason I withdrew all but .02 cents from my account was their policy of repetitive promo rates which would drop without notification after 6 mos. In order to get the new promo rate one had to reapply and start with a new account and ACH links. Rates were good but the games they played got tiresome. Hopefully they have abandoned that obnoxious practice.
#5 - This comment has been removed for violating our comment policy.
Palladian PrivateBank Has Savings Account Promotional Rate For 6 Months
Availability: Nationwide

The Palladian PrivateBank (Palladian) has a new savings account promotion that earns a rate of 1.30% for the first six months. At the end of the six months, the promotional interest rate will be replaced with the non-promotional variable rate offered on the Palladian Savings Account at that time (currently 0.90% APY).

Requirements

  • Minimum opening balance is $10K
  • Initial deposit may not exceed $100K
  • Maximum deposit is $500K
  • Minimum balance to obtain stated APY is $0.01.
  • $10 monthly service fee can be waived by maintaining a $10K daily minimum balance.

Continue Reading
Savings Account Promo Rate at Palladian PrivateBank Ends January 31, 2015

Update 9/18/2014: The savings account is no longer available to new customers.

Update 8/10/2014: This Savings Account rate guarantee is no longer available, but the 1.25% rate is still available. The rate is now subject to change at anytime.

Palladian PrivateBank is offering a promotional rate (1.25% APY) for Savings Accounts opened between August 1, 2014 and January 31, 2015. This promotion requires an initial deposit of between $10K and $100K, with subsequent deposits allowed. Initial funding must be received within 10 calendar days following receipt of completed application....

Continue Reading
Top Savings Account Rate at The Palladian PrivateBank
The Palladian PrivateBank is again allowing new customers to apply for its savings account and CDs, and the savings account has a very competitive yield of 1.00%. Minimum initial deposit is $10,000, and the daily minimum balance to avoid a $10 monthly fee is $10,000. The bank also offers some competitive CD rates. These include a 1.00% APY 1-year CD, a 1.05% APY 18-month CD and a 1.10% APY 2-year CD. These also have a $10,000 minimum deposit. There’s an online application for the account, and I was told by...
Continue Reading
Competitive 12-Month CD and Savings Account Rates at Palladian Private Bank - Available Nationwide

Update 11/23/2010: The bank is currently not accepting new applications for its savings account and CDs.

Palladian Private Bank is an internet bank with some competitive rates. The best CD rate is 1.90% APY for a 12-month term. Minimum deposit is $10,000. The 3-month and 6-month CDs are not quite as competitive. The savings account rate is 1.70% APY for a minimum balance of $10K which is pretty good these days. These rates are listed on the bank's rates page as of 2/17/2010.

Palladian is a division of The PrivateBank and Trust...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.