CIBC Bank USA (CIBC) has increased the rate of its Agility Savings account by 23 bps to 2.39% APY. This is the third rate increase since CIBC introduced the Agility Savings account in June. For the last six months, CIBC has kept the Agility Savings rate very competitive, and this is continuing with today’s rate increase.
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 2.39% APY. The Agility Savings account requires a $1k minimum opening deposit, but initial funding cannot exceed $250k.
Thanks to DA reader, RZ, for mentioning the rate hike and to DA reader, Test3, for posting on the email that announced the upcoming transfer changes.
There have been a few recent improvements to CIBC’s ACH transfer system. I was told by the CSR that these changes occurred about a month ago. Customers can now initiate incoming ACH transfers using CIBC NetBanking. The ACH transfer limits are currently $250k per day and $500k per month for both incoming and outgoing deposits. However, that is scheduled to change on January 24th. A DA reader posted on an email that CIBC sent listing the changes. The new limits will be $125k per day and $250k per month.
According to the CSR, an unlimited number of linked external accounts are permitted. For ACH deposits, there’s no hold time. There’s a 10 business day hold time for check deposits. I was told ACH transfers take between one and two business days to complete.
There is one withdrawal restriction that is not typical for internet banks. This is explained in the Disclosure:
External transfers to an account that you own at another US financial institution aren’t allowed via CIBC NetBanking for the first 90 days after opening the account.
However, this is scheduled to change in January. That email mentioned above also informed customers that this 90-day restriction will be reduced to 30 days on January 24:
We have reduced the waiting period to 30 days to allow you to use CIBC NetBanking to transfer funds from your CIBC Bank USA account to your account at another financial institution.
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 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.
According to the CSR, there’s no hard credit pull in the application. It’s only a soft pull, so customers’ credit scores should not be dinged.
CIBC Bank USA has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 3.06% (excellent) based on September 30, 2018 data. In the past year, CIBC Bank’s total non-brokered deposits have increased by $899.34 million, an excellent annual growth rate of 5.49%. 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’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.
How the Agility Savings Account Compares
When compared to the nationally available Savings accounts tracked by DepositAccounts.com, CIBC’s Agility Savings account ranks third.
The above rates are accurate as of 12/21/2018.
To compare the top Savings Account rates, both nationwide and in your local area, please refer to DA’s Savings Accounts rate table.