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CIBC Bank USA Review: A Reliable FDIC-Insured Bank

CIBC Bank USA offers competitive interest rates on savings and CDs, but these accounts work best for people who can deposit a substantial amount upfront. The best high-yield savings accounts pay up to 6.17% APY right now — see how CIBC compares.

Account TypeAnnual Percentage Yield (APY)
CIBC Agility Online Savings Account4.28%
CIBC Money Market Account0.03%
CIBC Agility 13 Month CD4.36%
CIBC Agility 18 Month CD3.76%
CIBC Agility 2 Year CD
3.70%

CIBC Bank USA Review

CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce.

CIBC has over 1,000 branches and 3,000 ATMs in North America. Banking centers are located in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.

CIBC Bank USA has an online savings account and CDs that you can open anywhere in the US. To open a checking account or money market account in the US, you must live in a state that has a banking center.

Customer support is available 24/7 by phone

The bank's mobile app has 4.1 out of 5 stars in the Google Play Store and 3.9 out of 5 stars in the Apple Store. 

CIBC Bank USA is FDIC-insured. You may safely keep up to $250,000 in an individual bank account.

CIBC Bank USA Overall Rating

FeaturePersonal Finance Insider rating (out of 5)
Savings4
Checking3.75
CD3.75
Money market account3
Trustworthiness4
Total3.75

CIBC Bank USA Pros and Cons

ProsCons
  • Great interest rates on savings accounts and CDs
  • Earn 1% cash back on debit card purchases with the CIBC iCan Checking Account
  • 24/7 customer support
  • No monthly service fees on savings or checking accounts
  • Banking options depend on where you live
  • $1,000 minimum opening deposit for savings account and CDs
  • Limited CD terms

CIBC Bank USA Trustworthiness and BBB Rating

In 2021, CIBC agreed to pay $125 million in a settlement when accused of misrepresenting financial information regarding CIBC investments and US residential mortgage-backed securities. 

We also use ratings from the Better Business Bureau to see how banks deal with customer issues. 

The BBB gave CIBC Bank USA an A+ rating. However, its parent company CIBC has an F rating because the BBB has received numerous complaints and CIBC hasn't responded to or resolved some complaints.

CIBC Bank USA Savings Account

The CIBC Agility Online Savings Account pays a great interest rate and might be ideal if you have at least $1,000 for an initial deposit.

CIBC Agility Online Savings Account
Start saving
CIBC Bank, FDIC Insured.
Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4/5
Fees

no monthly services fee

Annual Percentage Yield (APY)

4.28%

Minimum Opening Deposit

$1,000

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly services fees
Cons
  • con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
  • con icon Two crossed lines that form an 'X'. May have limited access to your account
Product Details
  • Must be at least 18 years old to open an account
  • Must maintain a positive balance to earn interest
  • Interest compounded and deposited monthly
  • Member FDIC

CIBC Bank USA Checking Account

Only residents of Illinois, Michigan, Missouri, and Wisconsin may open a CIBC iCan Checking Account.

The CIBC iCan Checking Account is one of the bank's strongest products. It doesn't charge monthly service fees or out-of-network ATM fees, and you'll earn 1% cash back on debit card purchases (up to $20 each month). 

CIBC iCan Checking Account
Start banking
CIBC Bank, FDIC Insured.
Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
3.75/5
Fees

no monthly service fee

Annual Percentage Yield (APY)

None

Minimum Opening Deposit

$50

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $50 minimum opening deposit
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn 1% cash back on debit card purchases (up to $20 per month)
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Refunds up to $50 in out-of-network ATM fees per month
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection available
Cons
  • con icon Two crossed lines that form an 'X'. Only residents in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin may open an account
  • con icon Two crossed lines that form an 'X'. $35 overdraft fee
  • con icon Two crossed lines that form an 'X'. $10 overdraft transfer fee
Product Details
  • Access to over 1,000 branches and 3,000 ATMs in North America; banking centers are located only in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.
  • Earn 1% cash back on debit card purchases (up to $20 per month)
  • Overdraft protection allows you to link you savings account; if you utilize it you'll pay a $10 overdraft transfer fee
  • Member FDIC

CIBC Bank USA CDs

CIBC Bank USA has competitive interest rates on CDs and offers an even higher rate if you deposit $25,000 or more. 

Keep in mind that terms range from nine months to 30 months, so you'll have to consider other financial institutions if you want to open a CD term that's three years or longer.

CIBC Agility CD
Start saving
CIBC Bank, FDIC Insured.
Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
3.75/5
Annual Percentage Yield (APY)

3.50% to 4.36%

Minimum Opening Deposit

$1,000

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rates, especially if deposit $25,000 or more
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard-to-low early withdrawal penalties
Cons
  • con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
  • con icon Two crossed lines that form an 'X'. Limited CD terms
Product Details
  • Earn a higher interest rate if you deposit $25,000 or more
  • Terms range from 9 months to 30 months
  • Early withdrawal penalty: 30 day of interest if you withdraw before the end of your term
  • Interest compounded and deposited monthly
  • Member FDIC

 CIBC Bank USA Money Market Account

The CIBC Money Market Account isn't as strong as the bank's online savings account.

While it includes checks and a debit card, the money market account has a low interest rate. You'll also need to maintain at least $2,500 in your account daily to waive the $15 monthly service fee. 

CIBC Money Market Account
Start banking
CIBC Bank, FDIC Insured.
Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
3/5
Fees

$15 monthly service fee

Annual Percentage Yield (APY)

0.03%

Minimum Opening Deposit

$50

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $50 minimum opening deposit
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Possible to waive monthly service fee
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Check writing included
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Debit card included
Cons
  • con icon Two crossed lines that form an 'X'. $15 monthly service fee
  • con icon Two crossed lines that form an 'X'. Only available if you're a resident in select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin
Product Details
  • To waive the $15 monthly service fee, keep at least $2,500 in your account daily
  • Can be open in select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin
  • Member FDIC

Compare CIBC Bank USA

CIBC USA vs. Chime

CIBC Bank USA has online savings accounts and CDs that can be opened from anywhere in the US. You'll have to live in Illinois, Michigan, Missouri, or Wisconsin to open a checking account or money market account.

Chime® only lets you open a savings account if you already have the Chime® Checking Account. Otherwise, you'll have to choose another institution. 

CIBC Bank USA offers a slightly highest interest rate on savings accounts but requires a minimum of $1,000 to open a savings account. Chime pays lower interest rates on its savings accounts, but you won't need to make an initial deposit. 

Chime Review

CIBC USA vs. Capital One

Capital One Bank has more bank account options than CIBC USA, regardless of where you live. There are online savings accounts, checking accounts, and CDs. You may also open age-specific bank accounts for kids and teens.

Your decision between these two institutions might also depend on how much money you have to deposit. CIBC Bank USA requires a minimum of $1,000 to open a savings account, while Capital One lets you open a savings account with $0.

Capital One Bank Review

Why You Should Trust Us: How We Reviewed CIBC Bank USA

We rate bank accounts on a scale from one to five stars. For CIBC Bank USAs checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.

For CIBC Bank USA's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

Frequently Asked Questions 

Who is CIBC Bank USA? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce. CIBC Bank USA offers online savings accounts and CDs called Agility accounts.

There are branches located in Illinois, Michigan, Missouri, and Wisconsin, which offer more bank account options. 

How do you open a CIBC Agility savings or CD account?  Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You may open a CIBC Agility savings account or CD from anywhere in the US. You'll need to provide your social security number, US ID, and home address. CIBC Bank USA also requires you to be at least 18 years old to open an online bank account. 

Are Agility accounts FDIC-insured?  Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes, Agility accounts are FDIC-insured. You may keep up to $250,000 in an individual bank account, and it will be safe. 

Chime® Disclosures:

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.

On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

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