CIBC Bank USA Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Variety of different accounts offered
  • High-interest rate for CIBC Agility
  • Low required opening amounts
  • Interest Rate Bonus on accounts

Cons:

  • Only one checking account earns interest
  • Account interest rates not listed
  • Cannot open all accounts online
  • Accounts have monthly fees

What You Need to Know

CIBC offers a variety of personal and business accounts. Savings and checking account are available for small and commercial businesses. Different lending and private banking options are available. There are more than one savings and checking accounts, so you can find the account that best fits your needs.

The CIBC Agility savings account offers competitive interest rates. This savings account requires $1,000 to open. There is no monthly fee. The CIBC Agility savings account is an online-only account. The interest rates are competitive with other online-only savings accounts. They are much higher than your typical brick and mortar banks.

CIBC accounts have low required amounts to open the accounts. The MMA and personal savings account only require $50 to open the account. You must open these accounts at a branch location. The online savings account requires $1,000 to open. Regular CDs require $1,000 to open.

The myChoice Checking account offers an Interest Rate Bonus. This allows you to earn higher interest rates on your checking account balance. To earn the higher rates, you must meet a set amount. That amount can come from a total of qualifying CIBC accounts. Those include a myChoice checking account, money market, and savings accounts. CDs and principal balances on personal loans count toward the balance total as well. The more money you have in the accounts, the higher the bonus rate you receive.

Only one CIBC checking account earns interest. The CIBC myChoice Checking account is the interest earning account. You must open this account at a branch location. If you have less than $5,000 in the account, there is a monthly fee.

Interest rates for CIBC accounts are not listed online. Only one CIBC savings account lists the interest rate for the account. The CIBC Agility offers competitive interest rates. The other CIBC accounts do not list the interest rates earned for their accounts. To open those accounts, you must visit a branch location.

Not all CIBC accounts can be opened online. To open a checking or savings account, or CDs you must visit a branch location. CIBC has 46 branch locations in 19 different states. The only account that can be opened online is the CIBC Agility savings account. That is an online-only account.

Most CIBC accounts have a monthly fee. To waive the fee, you must keep a set amount in the account. To avoid the checking account fees, you must have over $1,000 in the iCan account and $5,000 in the myChoice account. The savings account requires $250 to waive the fee. The MMA requires $2,500. The CDs only have fees if you withdraw the money before maturity.

Cool Things

Financial Calculators

The CIBC website offers calculators to help with financial decisions. Some calculators include mortgage information and how much you need to save for a new car. You can see how taxes and inflation affect your savings. How much you need to deposit to reach your savings goals is another topic. These different calculators help you stay on track with your financial goals.

EasyPath Banking

This program offers EasyPath Mortgage Loan. They offer flexible underwriting and access to Homeowner Education Programs. This program helps make home ownership more of an option for people. CIBC also offers personal loans, home improvement loans, and an EasyPath Step loan. This loan helps people rebuild their credit score.

History

In June 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged. This formed a new bank, the Canadian Imperial Bank of Commerce, or CIBC. Both banks had a long history and opened in 1867 and 1875.

When the two banks merged, 15,500 employees joined together to serve the customers. In 1964, CIBC opened a floating bank in Canada. This bank serves 5,000 customers in remote and small towns in that area.

CIBC opened the first 24-hour cash dispenser in 1969. The amount allowed to withdraw each day was $30. In 1996, electronic banking was offered for customers with their own computer. They were the first to offer nationwide telephone banking. In 2010, CIBC was the first bank in Canada to offer an app for the iPhone.

Today, CIBC has over 11 million customers. That includes personal accounts, small business accounts, commercial, and corporate clients. Customers are in Canada, the United States, and around the world. They have 44,000 employees in over 1,000 branches. Their assets total over $565 billion.

Awards and Recognition

  • Highest overall score from Forresters 2017 Canadian Mobile Banking Benchmark for useful and usable mobile apps
  • "Best Treasury and Cash Management Bank in Canada" in 2018 by Global Finance Magazine
  • Named one of the world’s top "100 Most Sustainable Corporations" in 2018 by Corporate Knights

Giving Back

In 2017, CIBC invested more than $70 million to different community organizations. The organizations were from across Canada and the United States. More than $25 million of that money was from employee-led fundraising and giving. Employees donated more than 200,000 hours serving in their communities.

The Canadian Cancer Society CIBC, Run for the Cure, raised $17 million in the 2017 race. Team CIBC raised $3 million of that amount. CIBC has been participating in Run for the Cure for 21 years. Over the years they have raised more than $48 million in support of finding a cure for breast cancer.

In 2017, CIBC raised $7 million on CIBC Miracle Day. Employees in Canada, New York, and Hong Kong raised the money. The money is then given to different charities that help kids rise above.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. CIBC Bank USA is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By debit card purchases, ATM withdrawals, electronic transfers, checks, and bill pay.

Does this bank offer mobile banking?

Yes. With the mobile app, you can check your account balances. You can pay bills and deposit checks.

Is this a good bank?

The CIBC Agility savings account offers competitive interest rates. All accounts except the Agility account must be opened at a branch location. The interest rates are not all listed on the website. The accounts have a monthly fee but keeping a set amount in the accounts waive the fee.

Is this bank free?

No. CIBC accounts have a monthly fee. The checking accounts do not have a fee if you have more than $5,000 in the myChoice account. The iCan checking account requires $1,000 to avoid the fee. You must keep more than $250 in the savings account to waive the monthly fee. The MMA requires $2,500 to avoid the fee.

Is this bank secure online?

Yes. CIBC accounts are password protected. They monitor account activity. They encrypt your information. You will be logged out of your account after a period of inactivity.

Does this bank offer competitive interest rates?

Only the CIBC Agility Savings account lists interest rates. This account offers competitive interest rates. The other account rates are not listed on the CIBC website. You must visit a branch location to open an account.

Can I use this bank for my business accounts?

Yes. CIBC offers a variety of accounts for small and commercial businesses. Savings, checking, and loans are available for small and commercial businesses.

How is the online bank different from the online banking my bank offers?

It is not different; it is the same. Only the CIBC Agility savings account offers competitive interest rates. That account is an online-only account. The rest of CIBC accounts are similar to your brick and mortar banks. Everything you can do on your banks website can be done with CIBC.

Do their checking accounts pay interest?

Only one checking account pays interest, the CIBC myChoice Checking Account. If you have less than $5,000 in the account, you will be charged a fee. To earn the highest interest rates, you must have more than $50,000 in the checking account.

How do I reach customer service?

CBy phone, email, chat, or by visiting a local branch.

Does this bank offer bill pay?

Yes. CIBC checking accounts offer bill pay.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

Transfers made before 6 p.m. will transfer the same day. After that time or on weekends and holidays, transfers will fund the next business day.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into CIBC accounts.

Bank Contact Information

Find a Local Branch
877-448-6500

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