Founded in Canada, CIBC Bank USA has recently been making inroads in the United States. Its big offering is a high-yield savings account with a top of the line yield.
Beyond the high yield savings account, it also offers a full suite of online banking products - from checking and saving, to mortgages.
It’s high-yield product is enticing, but is it high enough to move your money to CIBC bank? We give you the details. See how they compare to the other top high yielding savings accounts as well.
- Top yielding online savings account
- Full suite of banking products - like checking and saving
- Still falls short in the US on several areas
CIBC Bank Details
CIBC Savings Account
Checking, Savings, CD
CIBC Bank USA Banking Products
CIBC has a small suite of personal banking products. In addition to these products, the bank offers wealth management, loans, and other financial services.
The iCan Checking account is a “rewards” checking account that offers up to 1% back on all debit card purchases.
Agility Online Savings Account
There are no fees on this account and you can earn up to 1.35% APY. It’s a basic savings account, but a very high yield.
CIBC Bank USA offers CDs, but it doesn’t publish rates and lengths online.
If you keep a high balance in your checking account, and in savings accounts or CDs, you could earn a rate bump (up to 0.1%) in your related savings accounts or CDs. It’s a great feature for big savers.
This is a fee-free (no monthly fee) checking account. It also doesn’t allow overdrafts or charge overdraft fees.
Best Features When Banking with CIBC
Some ATM Fee Reimbursement
If you keep at least $5,000 in your checking account (or $1,000 with the iCan account), you can get between $6 and $50 in other bank’s ATM fees reimbursed. This is important since it only has ATMs in Illinois, Wisconsin, and Missouri.
Up to 1% Cash Back on Checking
Depending on your rewards level, you may qualify for up to 1% back on all debit purchases when you have an iCan checking account through CIBC.
Some Branch Locations
CIBC has branches in Illinois, Wisconsin, Missouri, and Michigan. If you live near a branch, the bank could make sense.
CIBC Bank USA offers a top notch APY on its online-only Agility high-yield savings accounts.
Where Does CIBC Bank USA Fall Short?
If you’re the type of person who always has a ton of cash in your checking account, you won’t have to worry about monthly fees or missing out on your cash-back rewards.
However, the average person isn’t going to carry that amount of cash in their account. Because of that, I suspect that a lot of people will plan to get certain rewards or perks, but miss out on them. The account terms and conditions are 20 pages long, so it’s easy to miss something in the fine print.
Limited ATM Network
CIBC doesn’t offer free ATMs except in three states (Illinois, Wisconsin, and Missouri). It could become very annoying to get hit with high fees every time you take out cash.
Monthly Fee Only Waived with $1,000+ (or Higher for Some Account) Balance
While the bank waives monthly fees, you have to maintain a monthly balance of at least $1,000 (or $5,000 for myChoice checking). The monthly fee ranges from $9 to $15 depending on account type. If you opt for the EasyPath Access account, you won’t pay a monthly fee.
Many online banks have done away with pesky overdraft or non-sufficient-funds fees, but that’s not the case with CIBC. If you overdraft, expect to pay, unless you meet certain account balance criteria or you have an EasyPath Access account.
CIBC’s checking accounts don’t yield interest.
Should You Bank with CIBC Bank USA?
CIBC Bank has an enticing 1.35% APY on its savings accounts, but its other banking products can use some work.
If you prefer to keep your banking products together and earn high yields, consider Ally or SoFi Money instead of CIBC. However, if you’re on the hunt for the highest yields on savings, CIBC Bank is one of the top contenders right now.
CIBC Bank Review
- Interest Rates - 90
- Fees and Charges - 60
- Customer Service - 80
- Ease of Use - 60
- Tools and Resources - 70
- Products and Services - 80
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
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