Bank Deals Blog: Deposits Education and Strategies

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.

Vio Bank is the online division of MidFirst Bank, one of the largest privately owned banks in the U.S. But even though its parent bank has an extensive branch network, you can’t use its physical locations to access or service your Vio Bank account, as they are distinct entities.

As an online bank, Vio Bank is...

As expected, the Fed didn’t announce any policy changes at the end of its two-day meeting. Today’s FOMC statement included the same paragraph from April’s statement which describes the Fed’s intention to maintain the near-zero target rate “until it is confident that the economy has weathered recent events.”

The Fed also announced that it plans to keep buying Treasurys and mortgage-backed securities “at least at the current pace.” This continues the commitment of “unlimited QE” that the Fed first announced at its March 15th emergency meeting.

The Fed has been successful in...

Certificates of deposit (CDs)...