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.
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.
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.”
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.”
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.
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.
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 Rate||Account Name||Credit Union/Bank|
|2.05% APY||Ultimate Savings ($25k min)||Northpointe Bank|
|1.90% APY||Agility Savings (no min)||CIBC Bank USA|
|1.88% APY||High 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.