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CD Bank VS CIBC Bank USA

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Good variety of CD terms and no fees
  • Competitive interest rates on CDs
  • Can open any CD account online
  • Short-term CDs offer competitive rates

Cons:

  • Only CDs offered
  • Must link CDs to external accounts
  • High opening required amounts
  • Customer service not available 24/7
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
2.20%APY
Savings/MMA
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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
CD Bank Review

There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.

Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.

CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.

Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.

CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.

The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.

The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.

Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.

Read the full CD Bank 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

CIBC Bank USA
Savings 08/22/2019
APY 2.20%
Rate 2.18%
For APY $1
Monthly Fee $0.00
Checkbook No
Grow your savings with a rate you can rely on.
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