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CIBC Bank USA Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.62%APY
Savings/MMA

Pros:

  • Variety of 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 accounts. These accounts include:

  • iCan checking
  • myChoice checking
  • myChoice Prestige checking
  • CIBC savings
  • Agility savings
  • CIBC money market
  • CD terms
  • Agility CDs 9, 12, 18, and 24-month terms
  • Personal lending and retirement options
  • Commercial and small business accounts and lending options

The CIBC Agility savings account offers competitive interest rates. This savings account requires $1,000 to open and does not have a 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 typical brick-and-mortar banks.

CIBC accounts have low opening required amounts. The MMA and personal savings account 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. The amounts can come from a total of qualifying CIBC accounts. Those include myChoice checking account, money market and savings accounts. CDs and principal balances on personal loans count toward the balance total also. 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 states. The only accounts you can open online are the CIBC Agility savings account and Agility CDs. Those terms include 9, 12, 18, and 24-month terms

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, and the MMA requires $2,500.

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Digital or Mobile Banking

CIBC offers a mobile app and online banking. Through these tools, you can:

  • Make mobile check deposits
  • Pay bills
  • Find branch locations
  • Open some accounts
  • Pay others through People Pay Services
  • View account balances and statements
  • Transfer money between accounts
  • Contact customer service
  • Make payments with Apple Pay

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 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 homeownership 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 of 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 have 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 around the area.

CIBC opened the first 24-hour cash dispenser in 1969. The amount allowed to withdraw each day was $30. In 1996, CIBC offered electronic banking to 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. This number 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 Forrester's 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 organizations across Canada and the United States. More than $25 million of the 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 charities that help kids rise above.

List of Common Bank Fees

  • ATM Fees in the United States: $0 for CIBC ATMs
  • ATM fees international: Not listed
  • Bill Pay: Not listed
  • CD Early Withdrawal Fees: 30 days of interest
  • Excessive Withdrawal Fees: $10
  • Monthly Service Fees: $3-15
  • Overdraft Service Fees: $35
  • Paper Bank Statements: $5
  • Wire Transfers (Domestic): $0 for incoming wires
  • Wire Transfers (International): Not listed

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. CIBC Bank USA is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The 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. You can visit a branch location, pay others with People Pay services, or make payments through Apple Pay.

Can I deposit cash?

Yes. At a local branch. Some ATMs may accept cash deposits.

How long do transfers take?

Transfers made before 6 p.m. transfer the same day. Deposits made after 6 p.m., or on weekends and holidays, fund the next business day.

Can I sign up for direct deposit?

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

Are ATM transactions free?

Yes. CIBC offers free ATM transactions at CIBC bank-owned ATMs.

Are ATM transaction fees reimbursed?

Yes. CIBC checking accounts offer ATM fee reimbursements. The iCan and myChoice Prestige checking accounts offer up to $50 in ATM fee refunds. The myChoice Plus account offers up to $25 per month in ATM fee refunds. There may be qualifications to receive the fee refunds.

Is mobile banking or a mobile app available?

Yes. With the mobile app, you can check your account balances. You can pay bills and deposit checks. You can make payments with Apple Pay or People Pay services.

Is bill pay offered?

Yes. CIBC checking accounts offer bill pay.

Do the accounts 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.

Do checking accounts earn interest?

Only the CIBC myChoice checking account earns interest. If you have less than $5,000 in the account, there is a fee. To earn the highest interest rates, you must have more than $50,000 in the checking account.

What are the most popular accounts?

The CIBC Agility savings account is popular. It is an online account that earns competitive interest rates.

What are the monthly maintenance fees?

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 one of the best banks?

The CIBC Agility savings account offers competitive interest rates. All accounts except the Agility accounts 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.

How are my money and information protected?

CIBC accounts have security measures complying with federal laws. Their buildings and files are secure, and computers have safeguards. CIBC accounts are password protected.

Are any business accounts offered?

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

What makes these accounts different?

The CIBC Agility savings account offers competitive interest rates. This account is an online-only account. The rest of the CIBC accounts are similar to brick-and-mortar banks.

How do I reach customer service?

By phone, email, or by visiting a local branch. You can follow CIBC Bank USA on Facebook, Instagram, and LinkedIn.

Bank Contact Information

CIBC Bank USA
120 South LaSalle Street
Chicago, Illinois 60603
877-448-6500

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