CIBC Bank Review: Enticing APY on Savings Accounts

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.

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.

iCan Checking

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 1.05% APY. It’s a basic savings account, but a very high yield.

CDs

CIBC Bank USA offers CDs, but it doesn’t publish rates and lengths online.

myChoice Checking

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.

EasyPath Access

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.

High-Yield Savings

CIBC Bank USA offers a top notch APY on its online-only Agility high-yield savings accounts.

Where Does CIBC Bank USA Fall Short?

Confusing Terms

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.

Overdraft/NSF Fees

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.

Not Interest-Bearing

CIBC’s checking accounts don’t yield interest.

Should You Bank with CIBC Bank USA?

CIBC Bank has an enticing 1.05% 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.