CIBC Bank USA (CIBC) has unveiled its Agility Online Savings (AOS) account four years ago. Earlier this week, CIBC added 40 bps to increase the AOS APY to 1.27% on all balances up to $1m. The AOS account requires a $1k minimum opening deposit, but initial funding cannot exceed $250k. The minimum balance to earn the stated APY is $0.01.
As stated on the Disclosures page,
The initial deposit to the Account needs to be at least $1,000.00 and may not exceed $250,000.00. The initial deposit to the Account must be made by either:
(i) An internal transfer from an existing deposit Account at CIBC Bank USA in which an Account holder is the primary or joint Account holder;
(ii) An ACH debit to an account at another bank; or
(iii) Mailing a Cashier’s Check or personal check to the Bank. Checks must be made payable directly to the Account holder or CIBC Bank USA. Third-party checks, starter checks, foreign checks and temporary checks won’t be accepted.
If a deposit is made by check, the funds will be subject to a 10-business-day hold.
If we don’t receive your initial deposit within 30 days after your Account has been established, we’ll close your Account.
The Disclosures page details how the withdrawals process works:
Withdrawals from the Account can be made0 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) submitting a written request to CIBC c/o CIBC Agility Savings Account Department, 6825 West 111th St. Worth, Illinois 60482; or (iv) making an electronic transfer through CIBC NetBanking to an account that you have.
Checks will be made payable to all holders of the account and mailed to the address of record for the account. Internal transfers can be made to an existing account at CIBC in which the account holders have a primary or secondary ownership interest. External transfers to an account that you own at another US financial institution are not allowed via CIBC NetBanking for the first 30 days after opening the account.
Account owners can initiate incoming ACH transfers using CIBC NetBanking. The ACH transfer limits are currently $125k per day and $250k per month for both incoming and outgoing deposits.
According to the CSR, an unlimited number of linked external accounts are permitted. ACH deposits have no hold time, but there is a 10 business day hold time for check deposits. ACH transfers will take between one and two business days to complete.
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.
Headquartered in Chicago, CIBC Bank offers its Agility Online Savings Account to any U.S. citizen/resident alien (18 years or older) who has a current U.S. home address and a valid Social Security number. A U.S. Driver’s License or state-issued ID is also required to open an account.
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; in addition authorized signers cannot be designated.
An Agility Online Savings Account can be established as a Payable-On-Death (POD) account after the AOSA has been opened. Up to six beneficiaries (equal shares) can be added by completing a Beneficiary Designation form. Beneficiaries must be individuals, with name, date-of-birth, Social Security number, and phone number required for each beneficiaries.
While CIBC has “personal banking centers” in Illinois, Michigan, Missouri, and Wisconsin, the Agility Online Savings account must be opened online.
CIBC Bank USA has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 2.36% (excellent) based on March 31, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $5.79 billion, an excellent annual growth rate of 17.77%. 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 rebranded as CIBC Bank USA when it was acquired in 2017 by Toronto-based Canadian Imperial Bank of Commerce. With a combined history of more than 180 years of operation, the Canadian Bank of Commerce and the Imperial Bank of Canada merged in 1961 and rebranded as Canadian Imperial Bank of Commerce (CIBC).
According to May 2022 press release,
CIBC today announced that it has invested $1 million in First Independence Corporation, parent of First Independence Bank, the first Black-owned and operated commercial bank in Metropolitan Detroit and the state of Michigan.
“This investment is a testament to our commitment to community,” said Beth Witczak, head of CIBC U.S. Community Development. “First Independence Bank shares the same philosophy as CIBC when it comes to serving our communities, and this investment enables them to deliver financial services with a focus on underserved and minority communities.”
How the Agility Online Savings Account Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit, and do not have small balance caps, the CIBC Bank USA Agility Online Savings APY currently ranks fourth.
The above information and rates are accurate as of 6/17/2022.