Ad Disclaimer

Charles Schwab Bank VS CIBC Bank USA

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Unlimited ATM fee rebates
  • No monthly fees
  • No amounts required in accounts
  • Offer investing products and advice

Cons:

  • Must link checking account to a brokerage
  • Low-interest rates
  • Opening savings account is not online
  • CDs have fees
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

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
Charles Schwab Bank Review

Charles Schwab refunds any ATM fees acquired worldwide. Unlike other banks, there is no limit to the number of times your ATM fee can be refunded. If you make use of ATMs, this is an ideal benefit.

There are no monthly maintenance fees for Charles Schwab savings or checking accounts. The checking account does have a fee, but the fee is waived when you open the brokerage account. The brokerage account is a requirement for a Charles Schwab savings or checking account.

Charles Schwab does not have a set amount you must keep in their savings and checking accounts. You will earn interest on whatever amount you deposit with no monthly fees.

Charles Schwab has a wide variety of products to help you invest and trade. They offer accounts for trusts, college, retirement, small businesses, and IRA accounts. Their website offers tools and advice in these different areas. This can help ensure you open the right account for you.

When you open a Charles Schwab checking account, you have to open a Schwab One brokerage account. Opening this account waives the checking account fee. There isn't a required amount to keep in either account, but you must open both accounts.

The interest on their checking account is competitive with other banks for low account amounts. The interest on their savings account is slightly higher than typical banks. The savings account rates are significantly lower than other online banks.

To open a savings account, you must download an application, fill it out, and send it back to Charles Schwab. Other banks let you open a savings account all online. You can open a checking account with Charles Schwab online, but not a savings account.

Charles Schwab CDs have a fee. They charge a set amount based on the CD opened. There is also a fee to sell based on a broker-assisted fee. The interest rates for their CDs are competitive with other banks, but there are fees.

Read the full Charles Schwab 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.

Sponsored Offers

Vio Bank
Savings 10/18/2019
APY 2.27%
Rate 2.25%
For APY $100
Monthly Fee $0.00
Checkbook No
Save Smart. Earn More. FDIC Insured.
Next >
Customers Bank
MMA 25K 10/15/2019
APY 2.25%
Rate 2.23%
For APY $25,000
Monthly Fee $0.00
Checkbook Yes
MONEY MARKET SAVINGS | MEMBER FDIC
Next >
State Farm Bank
MMA 10/18/2019
APY 2.00%
Intro Rate 1.98%
Intro Duration 12 Months
Post Intro 1.00%
For APY $1,000
Monthly Fee $10.00
To Avoid Fee $500
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
Next >
TIAA Bank
mma 10/20/2019
APY 2.00%
Intro Rate 1.98%
Intro Duration 12 Months
Post Intro 1.00%
For APY $500
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
Next >
Live Oak Bank
savings 10/20/2019
APY 2.00%
Rate 1.98%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC. Earn 22x the National Average
Next >
Capital One
savings 10/20/2019
APY 1.90%
Rate 1.88%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Introducing 360 Performance Savings-All Balances Earn 1.90% APY
Next >