-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Competitive rates on all accounts
- ATM fee reimbursement
- Low opening required amounts
- No monthly maintenance fees
Cons:
- Limited personal deposit accounts
- External transfers only for checking
- Daily withdrawal amounts low
- Customer service not always available
-
Financial Rates:
3.0
-
Customer Service:
4.5
-
Website Experience:
4.0
-
Bank Fees:
4.0
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
Bank5 Connect offers competitive interest rates on all accounts. The rates are much higher than your typical brick and mortar bank rates. They are competitive with other online accounts. Interest rates are not tiered. Any amount over $100 earns the most competitive rate.
To get cash from a Bank5 Connect account, you can access any ATMs in the SUM network. If you withdraw money from an ATM that is not in the SUM network, Bank5 Connect will reimburse you the ATM fee. Bank5 Connect will reimburse up to $15 each month in ATM fees.
Bank5 Connect has low opening required amounts. The checking and savings account only require $10 to open. The CDs require $500 to open. To earn interest on the checking and savings account you must have $100 in the accounts.
Bank5 Connect accounts do not have monthly maintenance fees. There is not a required balance to keep in the account. To earn interest, you must have $100 in the checking and savings account. However, you will not be charged a fee for not having that balance.
Bank5 Connect does not offer a wide variety of accounts. Only personal deposit accounts are available. Those accounts include a checking account, savings account, and CDs. CD terms range from 6-months to 36-month terms. They also offer one investment CD. That term is a 24-month CD. There are no business accounts offered through Bank5 Connect.
Only money in a Bank5 checking account can be transferred to an external bank account. You cannot transfer funds from the Bank5 Connect savings to an external account. You must transfer the money from the Bank5 Connect checking account.
The Bank5 Connect checking account has daily withdrawal and purchase limits. You can only withdraw $500 each day from an ATM. There is a daily purchase limit of $1,000 with your debit card. If you need to spend more money, you must contact a Bank5 Connect representative.
Bank5 Connect customer service are not available 24/7. Their hours vary depending on the day. They open at 7:30 a.m. every day, except Sunday. They open at 11:00 a.m. on Sunday. They are open until 5:00 p.m. Monday thru Wednesday, and 7:00 p.m. Thursday and Friday. They close at 3:00 p.m. Saturday and Sunday. Online chat is available Monday thru Friday from 8:00 a.m. to 4:30 p.m. All times are Eastern Standard Time.
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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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.