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5Star Bank VS CIBC Bank USA

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
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Pros:

  • Variety of personal accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • Savings account offers good rates

Cons:

  • Money market account has tiered rates
  • Accounts have monthly fees
  • Daily debit card limits
  • Cannot open accounts completely online
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.70%APY
Savings/MMA
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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
5Star Bank Review

5Star Bank offers a variety of accounts. They offer personal deposit and business accounts. These include:

  • 5Star checking account
  • E-Checking account
  • Basic savings account
  • Money market account
  • CD terms from six-months to five-years
  • IRA CDs from 18-months to five-years
  • Lending options
  • Credit cards
  • Business checking and money market accounts
  • Business CDs from six-months to five-years
  • Business lending and credit options

5Star Bank has low amounts required to open their accounts. The E-Checking requires $50. The 5Star checking and the basic savings account require $100 to open. Both the money market account and the different CD terms require $1,000 to open.

The 5Star checking account refunds up to five ATM transactions fees per month. You must keep at least $1,000 in the checking account to have ATM transactions refunded. The E-Checking account does not offer ATM reimbursement.

The basic 5Star savings account offers competitive rates. The rates are higher than typical brick-and-mortar rates. This account only requires $100 to open and keep in the account to waive the monthly fee. Any amount in the account earns the competitive rate. These rates are not tiered.

To earn the most competitive rates for the money market account requires an account balance over $1 million. Any balance over $1,000 does earn interest but a lower rate. The rates gradually increase the more money you have in the account.

Most 5Star Bank accounts have monthly maintenance fees. The savings account fee is $2. The money market fee is $5, and the checking account fee is $7. Waive each of these fees by keeping a set amount in the accounts. Those balances range from $100 to $1,000, depending on the account.

5Star has daily limits for your debit card. The limit for point of sale purchases is $1,000 per day. The daily limit for ATM withdrawals is $300.

Accounts through 5Star Bank are not available to open entirely online. To open the accounts, you need to visit a branch location. You may be able to open the accounts through the mail. Contact customer service for more information.

Read the full 5Star Bank review.

CIBC Bank USA Review

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.

Read the full CIBC Bank USA review.

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Savings 10/21/2020
APY 0.61%
Rate 0.60%
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Checkbook No
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