American Express VS CIBC Bank USA

Which bank is better for you?

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

  • Options on how to receive interest
  • No opening required amount
  • Pay credit card bill from savings account
  • Competitive interest rates on accounts

Cons:

  • Only offer savings and CD accounts
  • Must link account to a different bank
  • Funds not transferred immediately
  • No checks, debit cards, or ATM cards
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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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
American Express Review

American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.

There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.

Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.

American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.

American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.

You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.

Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.

American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.

Read the full American Express review.

CIBC Bank USA Review

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.

Read the full CIBC Bank USA review.

Favorite Rates

CIT Bank
Savings 10/16/2018
APY 2.15%
Rate 2.13%
For APY $100
Monthly Fee $0.00
Checkbook No
2.15% APY requires a Deposit of $100+/month or $25k+ balance.
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PurePoint Financial
Savings 10/16/2018
APY 2.15%
Rate 2.13%
For APY $10,000
Monthly Fee $0.00
Checkbook No
Open Online in Minutes. Deposits FDIC Insured. Earn More Today.
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Citizens Access
Savings 10/16/2018
APY 2.12%
Rate 2.10%
For APY $5,000
Monthly Fee $0.00
Checkbook No
$5,000 minimum balance to obtain APY. Absolutely no fees.
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Synchrony Bank
Savings 10/16/2018
APY 1.90%
Rate 1.88%
For APY $0
Monthly Fee $0.00
Checkbook No
Great Rates + Safety = Peace of Mind
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Barclays
Savings 10/16/2018
APY 1.90%
Rate 1.88%
For APY $0
Monthly Fee $0.00
Checkbook No
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
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American Express National Bank
Savings 10/16/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
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E*TRADE Bank
Savings 10/16/2018
APY 1.90%
Rate 1.88%
For APY $100
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
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Capital One 360
MMA 10/16/2018
APY 1.85%
Rate 1.83%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
360 Money Market: Up to 1.85% APY
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Open Account