Review of CIBC's Savings Accounts and CD Rates

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Written by Mitchell Grant | Published on 6/26/2020

 

CIBC U.S. is backed by CIBC (Canadian Imperial Bank of Commerce), a 150-year-old staple in Canadian banking. Headquartered in Chicago, CIBC U.S. offers most of its products through local branches in Illinois, with single locations in Michigan, Missouri and Wisconsin as well.

In addition to its range of checking account, savings account and CD offerings, CIBC U.S. launched Agility Digital Banking in 2018, which offers an online savings account and CD.

However, despite the bank’s breadth of offerings, it doesn’t seem to hit the ball out of the park with any of them.

In this article we will cover:
APYMINMAXINSTITUTIONPRODUCTDETAILS
0.80%$1$1mCIBC Bank USACIBC Agility Savings - Online Only
0.55*%$25k$5mCIBC Bank USA12 Month Agility CD - Online Only
OTHER TIERS: 0.50% $1k - $25k
0.50*%$25k$5mCIBC Bank USA9 Month Agility CD - Online Only
OTHER TIERS: 0.45% $1k - $25k
Rates as of September 20, 2020.

CIBC U.S. account features

CIBC U.S. offers a multitude of options for each account type, and similarities abound. The bank doesn’t limit deposits for its checking accounts, at least for in-person deposits, and overdraft fees are competitive in pricing (even if they add on a sort of “interest” per day). The bank has many savings accounts and alternative accounts like HSAs and CDs available, which require high initial deposits and daily balance requirements in order to achieve industry-average rates.

You must live within certain well-defined geographical areas in only four states in the U.S. (Illinois, Michigan, Missouri and Wisconsin) to be able to apply for an account online. To see which counties are available for online applications, simply click the Apply Now button on the account type you wish to open and you will see the acceptable county list. If you do not reside in one of these counties, your only option for opening an account is to visit a branch in person.

CIBC U.S. checking accounts

iCan Checking Account

The iCan Checking Account offered by CIBC U.S. is a basic choice for everyday banking. The account doesn’t earn any interest, but it does come with other perks. You will earn 1% cash back on debit card purchases, capped at $20, through the end of each statement cycle. You’ll also get up to $50 in ATM fee rebates each month.

The iCan Checking Account comes with free online and mobile banking. To use mobile banking, you’ll need to enroll in CIBC NetBanking. Paper statements are free, and so is your first order of checks. There are no monthly maintenance fees for the iCan Checking Account.

  • Minimum balance: To open an account, you need a $50 minimum opening deposit. There are no other minimum balance requirements associated with this account.
  • Deposit limits: CIBC U.S. only limits mobile banking deposits: You can deposit up to $5,000 through the mobile banking app. If you make your deposit in person at a CIBC U.S. branch, there is no deposit limit.
  • Overdraft fees: There is a $35 overdraft fee, and a $10 fee per day that the account remains overdrawn.

myChoice Plus Checking Account

The myChoice Plus Checking Account is a checking account with free monthly maintenance and mobile and online banking options. It earns interest, but you’ll need to call the bank for current rates. You will also receive monthly ATM fee refunds up to $25. Your first order of checks is free.

  • Minimum balance: A $50 minimum deposit is required to open this account. 
  • Deposit limits: There are no deposit limits associated with this account.
  • Overdraft fees: There is a $35 fee per overdrawn item, and a $10 per day fee per account that is overdrawn.

myChoice Prestige Checking

The CIBC U.S. myChoice Prestige Checking account is an interest-bearing checking account. Interest rates are tiered — the more money in your account, the more interest you will earn. Note that CIBC U.S. only makes rates public for its Agility accounts, so you’ll have to call the bank for current interest rates.

The myChoice Prestige Checking account comes with free mobile and online banking and traditional teller services, like money orders and cashier’s checks. You will also receive ATM fee refunds up to $50 per month.

Domestic wire transfers are free with myChoice Prestige Checking, and CIBC U.S. will also return one overdraft or returned item fee at the end of your statement cycle. If you are looking to avoid overdraft fees altogether, however, CIBC U.S. offers a solution with the EasyPath Access Account (learn more below).

  • Minimum balance: You can open a myChoice Prestige Checking Account with a $50 minimum deposit. The minimum balance required to start earning interest is $10,000. 
  • Deposit limit: There is no deposit limit associated with this account.
  • Overdraft fees: There is a $35 fee per overdrawn item, and a $10 per day fee per account that is overdrawn.

EasyPath Access Account

EasyPath Access from CIBC U.S. is an account with no monthly fees or balance requirements. This account cannot overdraft, so you are protected from overdraft charges if you don’t have sufficient funds in your account. It is a check-free account, so you won’t have to worry about bounced checks either. 

Keeping your money in an EasyPath Access account will not earn you any interest, but it does offer access to your money with a debit card and mobile banking.

  • Minimum balance: You can open an EasyPath Access account for free with no minimum deposit. It has no minimum balance requirements.
  • Overdraft fees: The EasyPath Access account will not complete transactions that will overdraw your count, so there are no overdraft fees.

HSA Checking

For clients with a high-deductible health plan who are not covered by other health plans or who are not enrolled in Medicare or claimed as a dependent on another person’s tax return, CIBC U.S. offers a Health Savings Account (HSA) in the form of its interest-bearing HSA Checking account. 

This account allows you to save money for healthcare expenses that are not covered by high-deductible insurance policies. The higher your account balance, the more interest you’ll earn, and the interest is compounded and credited each month. There is no setup fee or annual fee, and your balance will carry from year to year.

You can access money in your HSA Checking account with your debit card, through CIBC NetBanking or with special HSA checks; your first order of checks is free. An account owner, an account owner’s family member and employers of the account owner may contribute to this Health Savings Account. You may fund your account all at once or make contributions over the course of the year. Contributions to your account are limited by the IRS and may be tax-deductible.

You should inquire with your insurance provider to confirm if you are eligible for a Health Savings Account. To open an account, you can go to CIBC U.S. branch or call the bank’s customer service line.

  • Minimum balance: This account requires a minimum opening deposit of $50. You will earn more interest with a higher balance, but there are no other minimum balance requirements.
  • Deposit limits: Deposit limits vary based on whether your contributions are for individual coverage or family coverage. The maximum contribution for self-only coverage is $3,550 annually, and the limit for family coverage contributions is $7,100 annually. If you are 55 or older, you’ll be able to make catch-up contributions of up to $1,000.

CIBC U.S. savings accounts

CIBC Personal Savings Account

The Personal Savings Account offered by CIBC U.S. has a variable interest rate and APY with interest compounded and credited each quarter. This account grows your money with tiered-balance interest. You’ll earn a higher interest rate when your account balance exceeds $10,000, $25,000 or $50,000. 

Fees for this account are waived if you meet minimum balance requirements. CIBC U.S. also waives minimum balance requirements and monthly maintenance fees for account holders under the age of 18. Otherwise, accounts with a balance below $250 on any day of a statement cycle will incur a $3 fee per quarter. There is a $10 fee per pre-authorized, automatic or telephone transfers or debit card transactions if you make more than six per month. There is no limit to the number of ATM and in-person withdrawals you can make.

You don’t need to have a checking account with CIBC U.S. to open a Personal Savings Account.

  • Minimum balance: This account requires a $50 minimum opening deposit. You will need to maintain a daily balance of at least $250 to avoid quarterly fees.
  • Withdrawal limit: You can make unlimited withdrawals from your savings account in person or at an ATM. You will, however, be charged $10 for each excessive transaction beyond the six pre-authorized or automatic payments, transfers by telephone or debit card purchases allowed each month, per Federal Regulation D.

CIBC Agility Online Savings Account

The CIBC Agility Online Savings Account is an online-only variable, high-interest-earning savings account with complete online accessibility. You can grow your money with a competitive APY and manage it all with CIBC NetBanking or CIBC U.S.’s mobile banking app. Interest is compounded and credited to your account monthly.

Unlike many CIBC U.S. accounts, which must be opened in person at a branch unless you live in certain regions, opening a CIBC Agility Online Savings Account is only possible online. You must fund your account within 30 days of opening or the bank will close it. If you have an existing account at CIBC U.S., you can use it to fund your Agility Online Savings Account. Otherwise, you can use Automated Clearing House (ACH) to transfer funds from an account at another financial institution, or mail a check made payable to the account owner or CIBC U.S. If you make a deposit by check, the funds may be subject to a hold of 10 business days.

You need to be at least 18 years old to open an Agility Online Savings Account. Joint account ownership is possible, but information must be provided upon account opening. You will be charged a $25 penalty if you close your account within 90 days of opening it.

  • Minimum balance: The minimum opening deposit for this savings account is $1,000. You will need to keep a daily balance of at least $0.01 to earn the APY.
  • Deposit limits: Your opening deposit amount must be at least $1,000 and cannot exceed $250,000. You can deposit money into your Online Savings Account whenever you want, but your total Online Savings Account balance cannot exceed $1 million.
  • Withdrawal limit: In a single four-week statement cycle, you may make up to six telephone, pre-authorized or automatic transfers or withdrawals. These transactions are limited by U.S. Federal Regulation D, and you will be charged $10 for each excessive transaction.
  • Overdraft fees: The Agility Online Savings Account does not provide overdraft protection. Each overdraft incurs a charge of $35 per item, up to a maximum of $175 per day; these same fees apply for nonsufficient funds. After three days with an overdrawn balance, you will also be charged $10 for each day your account remains overdrawn.

CIBC Money Market Savings Account

CIBC U.S.’s Money Market Savings Account is an interest-bearing, flexible savings account that lets you access your money easily. This account offers tiered, variable interest rates and account fees vary depending on your balance. A bigger balance will earn you more interest. Interest tiers for this CIBC U.S. account are:

  • $0.01 to $2,499.99
  • $2,500 to $49,999.99
  • $50,000 to $99,999.99
  • $100,000 and greater

You don’t need to have a checking account with CIBC U.S. to open this account. 

  • Minimum balance: The Money Market Savings Account from CIBC U.S. requires a $50 minimum opening deposit. You can avoid monthly fees by keeping your account balance at $2,500 or more.
  • Withdrawal limit: Like other savings accounts, federal regulations limit withdrawals. You can complete up to six pre-authorized, automatic or telephone transactions by check or debit card throughout each monthly statement cycle, though the bank charges a $10 fee for excessive transactions; you can, however, make as many withdrawals as you’d like in person or at an ATM. CIBC U.S. will let you know if you exceed federal limits on withdrawals, and you will have the opportunity to convert your Money Market Savings account into a checking account. There is no minimum withdrawal amount.  
  • Overdraft fees: The bank’s overdraft fee is $35, as well as the $10 per day charge for the overdrawn account. 

CIBC U.S. certificates of deposit (CDs)

Certificates of deposit (CDs) from CIBC U.S. offer a choice of term lengths from 30 days to five years, with a fixed interest rate and APY and no annual or maintenance fees. The bank’s CDs renew automatically at maturity, with interest compounded and credited according to the specific terms of your CD. You can add additional funds upon the renewal of your CD.

CIBC U.S. CDs are a low-risk investment that you may be able to use as loan collateral. You’ll be penalized for early withdrawals, though the bank does not specify the penalty. However, you can withdraw or reinvest available interest from your CD.

  • Minimum balance: It takes a minimum of $1,000 to open a CD at CIBC U.S. To earn interest, you need to maintain a daily balance of at least $1,000.

CIBC Agility Online CD

CIBC Agility Online CD is an online-only certificate of deposit with interest rates that increase with your account balance. These CDs are available with multiple term options: nine, 12, 18 and 24 months. Each Agility Online CD offers higher interest rates if your account balance is more than $25,000, and the interest on your Agility Online CDs is compounded and credited to your account each month. You won’t pay any fees for monthly account maintenance. 

You can open and manage your Agility Online CD entirely online with CIBC NetBanking and the CIBC U.S. Mobile Banking app. You can fund your account by setting up a transfer from another financial institution or by sending CIBC U.S. a check with your account information. You can also transfer funds from other CIBC U.S. accounts if you have them. Funds cannot be added after you’ve already opened your CD, but you can open a new one at the same rate and term.

CIBC U.S. may take up to 72 hours to process your withdrawal request. Your CD will automatically renew at maturity unless you notify the bank or withdraw your money. If you choose to withdraw from your CD early, before your CD matures, you may be charged a 30-day penalty. You will have a 10-day grace period after your CD’s maturity during which you can withdraw your money without fees. To withdraw your funds, you will need to request to do so in your mobile banking app or in a written request mailed to CIBC U.S.

  • Minimum balance: The required initial deposit for this online CD is $1,000. You can make a maximum initial deposit of $5 million. 

Jumbo CDs

Like the other CDs offered by CIBC U.S., jumbo certificates of deposit are a low-risk option for investors who are looking for fixed interest rates and annual percentage yield. The bank’s Jumbo CDs are available in an array of term lengths from 30 days to five years, and require at least $100,000 to open.

There are penalty fees for early withdrawal, which the bank does not publicly disclose. You can reinvest or withdraw available interest from your Jumbo CD. Interest is compounded and credited according to your CD’s terms. You can add additional funds upon its renewal. Jumbo CDs will automatically renew at maturity. 

There are no maintenance or yearly fees for jumbo CDs. They may be eligible to be used as loan collateral.

  • Minimum balance: This account requires a minimum of $100,000 to open and earn interest.

Overall review of CIBC U.S.’s banking products 

One of the only benefits one can consider when banking with CIBC U.S. is that it offers different accounts for different individual needs, and it does offer more in the way of choices than many other banks. 

But despite its many offerings, CIBC U.S. falls flat in almost all of them. While the bank certainly offers a wide selection of products, when looking at individual accounts side-by-side with what competitors offer, it becomes glaringly obvious CIBC U.S. doesn’t measure up. The bank’s interest rates are industry-standard, but often require a high initial deposit and higher-than-normal balance requirements. The overdraft fees at the bank don’t seem too bad initially, but when you consider the fact it tacks on $10 per day in addition to the $35 fee, it is easy to rack up significant penalties.

The bank is a major bank in North America, and yet it is exceedingly cumbersome to open an account. You’re only able to open an account online if you live in a relatively small area of the U.S. — otherwise, you need to physically visit one of its branch locations, which are only present in four states.

Additionally, while writing this review, we found the bank’s customer service department left a lot to be desired, and there were numerous callbacks we were promised but never received. With so many banks to choose from, we see almost no compelling reason to choose CIBC U.S.

Any fees or rates mentioned in this article are as of 6/23/2020.

Related Pages: Detroit banks, Chicago banks, Milwaukee banks

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