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CIBC Bank USA Review: A Closer Look On Its Online-Only Savings Account

This CIBC Bank USA review will provide you with the essential information you need to know as a potential customer not only about the bank itself but most particularly with its online-only savings account.

CIBC Bank USA Review: A Closer Look On Its Online-Only Savings Account

If you are looking for a full-service bank with physical branches across four states, at the same time, offers an online-only savings account and CDs, CIBC Bank USA is probably one of the best choices for you.

An article published by Business Insider says that “the banking industry is in a much healthier place now than it was after the financial crisis of 2008“. In fact, it further states that according to The Banker’s Top 1000 World Banks Ranking for 2018, the total assets increased to $124 trillion in 2018 alone.

Surely, challenges were faced in 2020 because of the global pandemic, but nonetheless, the banking industry, particularly digital banking has continued to be strong. In fact, a Reuters report says that digital banks have won over customers in the United States during the coronavirus pandemic.

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Speaking of digital banks, over recent years, there has been really good competition between digital and traditional banking platforms. The latter, in fact, had to cope up with what the former has to offer – forcing many traditional banks to offer digital banking experience among their customers as well.

CIBC Bank USA is definitely one of those traditional, full-service banking institutions that had to step up their game and offer their customers both options – traditional and digital banking.

Currently, CIBC Bank USA is offering an online-only savings account, which we are going to particularly focus on in today’s CIBC Bank USA review.

For your reference, we are going to particularly tackle the following important aspects you need to know before opening an online savings accounts at CIBC Bank USA:

  • What is CIBC Bank USA?
  • Who is CIBC Bank USA best for?
  • What are the products offered by CIBC Bank USA?
  • How to do banking with CIBC Bank USA?
  • Is CIBC Bank USA safe?
  • What to like about CIBC Bank USA?   
  • What not to like about CIBC Bank USA?

WHAT IS CIBC BANK USA?

One of the most important things you need to do as a potential customer is to research the bank you are eyeing for. This means you do not only check the products it offers, but also its history. Doing so will help you become more confident with where you place your money.

So, to start off our CIBC Bank USA review here’s what the bank is all about:

As mentioned earlier, CIBC Bank USA is a full-service bank that offers consumer and business deposit accounts, as well as other financial services.

CIBC Bank USA was established in 1867 and is considered as a global institution that is based in Toronto, Canada, and has its headquarters in Chicago in the United States of America. In the U.S., the bank has banking centers located in Illinois, Michigan, Missouri, and Wisconsin.

CIBC Bank USA is the arm of the Canadian Imperial Bank of Commerce, its parent company, here in the country.

As mentioned, the bank offers a variety of banking products and services. While it offers mostly offline accounts, the bank does offer an online-only account for high-yield savings and CDs as well. We are going to particularly look into this product later on.

Also, although its online-only accounts are limited to savings and CDs, all CIBC Bank USA accounts can be accessed through its mobile app.

If you want to know more about CIBC online banking and mobile banking, check the video below:

WHO IS CIBC BANK USA BEST FOR?

In this section of our CIBC Bank USA review, we are going to talk about who the banks are most ideal for.

As we have already mentioned, the bank offers both online and offline accounts. It is a full-service banking institution, which means unlike digital banks, CIBC Bank USA comes with physical branches located in the Midwest.

Having said that, CIBC Bank USA is best for people who:

  • Want an online-only high-yield savings account
  • Want online-only high-yield CDs
  • Want having an option for both online and offline products
  • Are based in the Midwest, particularly in Michigan, Illinois, Wisconsin, and Missouri
  • Do not need 24/7 telephone support

Furthermore, CIBC Bank USA is also ideal for people who:

  • Want a checking account without monthly fees and a low minimum opening deposit
  • Want a full-service banking institution

If you fall under any if not all of the above-mentioned, then CIBC Bank USA may just be your perfect match.

WHAT ARE THE PRODUCTS OFFERED BY CIBC BANK USA?

In the previous sections, we talked about what CIBC Bank USA is and who is it ideal for. This time around, our review on CIBC Bank USA will focus on one of the most important things – the products and services offered by the bank.

Let’s admit it, when choosing a bank, apart from its history or popularity, most customers particularly look into the products and services it offers. We look into how it matches our banking needs and preferences, and if we found that the bank offers what we need, then we go ahead and open an account.

So, having said that, we are going to look into the products offered by CIBC Bank USA, which we have divided into three categories: online-only products, offline products, and other products offered by the bank.

ONLINE-ONLY PRODUCTS

There are two online-only accounts being offered by CIBC Bank USA. These are savings and CD accounts. Now, let’s take a look at each of these products:

Savings Account

CIBC Bank USA offers what they call the CIBC Agility™ Online Savings Account. It is a high-yield online-only savings account that is ideal for customers who want to enjoy the benefits of an online-only savings account and a high-interest rate.

The CIBC Agility™ Online Savings Account earns a competitive rate of 0.54% annual percentage yield (APY) on all balances, which is high as compared to other banks’ online savings account.

The CIBC Agility™ Online Savings Account does not require monthly account maintenance fees, which is definitely a plus.

To open an account, the bank requires a minimum deposit of $1,000. While it may be high than other online-only savings accounts offered by its competitors, once the account is open, though, the bank does not have a minimum balance requirement.

Certificates of Deposit (CDs)

Apart from the savings account, CIBC Bank USA also offers the CIBC Agility™ Online Certificates of Deposit.

The CIBC Agility™ Online Certificates of Deposit is also an option for people who are outside of CIBC’s footprint.

To open an online-only CD, the bank requires a minimum deposit of $1,000. CIBC offers four online-only CDs with terms that range from nine months to two years as well as an IRA CD.

The CIBC Agility™ Online Certificates of Deposit requires a $25,000 balance for it to earn the top yield. As with those balances below $25,000, they still earn competitive yields.

Meanwhile, all CDs come with a penalty of 30 days of simple interest should you decide to make an early withdrawal.

Unfortunately, apart from the CIBC Agility™ Online Savings Account and the CIBC Agility™ Online Certificates of Deposit, the bank does not offer other online-only accounts. However, please note that all CIBC Bank USA products are accessible through its mobile banking app, which allows customers to accomplish the basics like viewing account balances, send funds to other people through People Pay and deposit checks.

Unlike other mobile banking apps with excellent ratings, though, the CIBC mobile app only receives decent ratings in both the App Store and Google Play.

In addition, the CIBC app also allows customers to add a card and pay with Apple Pay.

OFFLINE PRODUCTS

Apart from the online-only products, the bank also offers various offline products and services. Remember, CIBC Bank USA is a full-service bank, thus the variety of available products and services.

Moving on, for your reference, the bank offers the following:

Checking Account

CIBC Bank USA offers five different checking account types. All do not charge monthly service fees, and that the bank only requires an initial deposit of $50 or less.

Meanwhile, the banks iCan, myChoice Plus, and myChoice Prestige accounts reimburse ATM fees that are charged by other banks. The myChoice Plus refunds up to $25, while the iCan and myChoice Prestige accounts could make refunds of up to $50 per month.

Another checking account, which is called the EasyPath Access is particularly designed to avoid overdrafts as well as overdraft fees. The bank automatically stops transactions that could possibly cause the account to be overdrawn. Furthermore, this account does not require any minimum balance, as well as monthly fees.

As with the HSA Checking account, this one’s designed to pair with the high-deductible health plan. It does not have setup fees as well as annual fees. What’s nice about it, even more, is that it allows you to earn interest on your balances.

Savings Account

Although CIBC Bank USA offers an online-only savings account, it does have traditional savings accounts as well.

The CIBC Savings is a traditional savings account that comes with a low minimum balance requirement allowing unlimited in-person withdrawals.

With this account type, you can earn higher interest when your balance grows.

For CIBC savings account, customers are required to maintain at least a $250 minimum daily balance in their account every statement cycle. Should you fail to meet this requirement, a $3 quarterly fee will be charged.

Money Market Account

CIBC Bank USA only offers one money market account option.

To open, it requires a minimum deposit of $50. It comes with an unlimited number of in-person withdrawals and allows up to six transfers, checks, and debit card transactions every monthly statement cycle.

The CIBC Money Market account offers tiered interest rates, which rewards customers to keep higher balances.

The bank requires you to keep a daily account balance of $2,500, otherwise, you will be charged $15 per monthly statement cycle.

Certificates of Deposits (CDs)

Apart from its online-only CDs, the bank also offers Standard and Jumbo Certificates of Deposit.

Similar to the online-only version, Standard CDs also require a minimum deposit of $1,000. Meanwhile, Jumbo CDs require a minimum deposit of $100,000.

For these CDs to earn interest, they must meet the minimum balances set by the bank. The interest earned may be withdrawn or reinvested depending on the customer’s choice. Furthermore, customers may opt to use their CDs as loan collateral. More so, these CDs are automatically renewed at maturity.

In case of an early withdrawal, though, CIBC Bank charges a penalty. For CDs that are less than a year, the penalty is 90 days of interest, while maturities of 12 months or longer are penalized for six months of interest.

OTHER PRODUCTS

Apart from the online-only products as well as offline products offered by CIBC Bank USA, it also offers the following:

  • Business Bank Accounts
  • Business Loans
  • SBA Loans
  • Corporate Retirement Plans
  • Wealth Planning and Trustee Services
  • Private Banking
  • Escrow Services
  • Custody Services

If you want to know more about these products, you may head on to the nearest CIBC Bank USA branch or call the bank’s Client Support Center, which is available during normal business hours at 877-448-6500.

HOW TO DO BANKING WITH CIBC BANK USA?

In this part of our CIBC Bank USA review, we are going to talk about how to actually bank with CIBC.

For the CIBC Agility™ Online Savings Account, anyone in the United States can open one. All you have to do is access the CIBC Bank USA website from your computer or mobile device.

Meanwhile, for the offline products and services offered by the bank, customers may open an account by visiting one of its 23 branches in Illinois, Michigan, Missouri, or Wisconsin.

Regardless if you are opening an account online or at the branch, please take note that you will be asked to provide your personal information such as your Social Security number, U.S. driver’s license or state-issued identification, employment information, and your current U.S. home address.

IS CIBC BANK USA SAFE?

Generally speaking, CIBC Bank USA follows standard requirements to ensure all accounts under it. The bank has put all security and safety measures in place – both for online accounts and offline accounts – to avoid the possibility of fraud or identity theft.

Moreover, the bank is FDIC insured, which means the federal government will pay up to $250,000 per customer in the event of bank failure.

WHAT TO LIKE ABOUT CIBC BANK USA?

In the previous sections, we have already tackled all the important information you need to know prior to opening an account at CIBC Bank USA.

This time, to complete our CIBC Bank USA review, we are going to share with you a summary of the thing to like about the bank, and this includes the following:

Competitive Rates on its CIBC Agility™ Online Savings Account – One of the things that really set CIBC Bank USA apart from the rest is its high-yield online savings account option. Compared to its competitors, the CIBC Agility™ Online Savings Account earns 0.54% APY on all balances.

Offers a Wide Range of Personal Banking Products – Although it has very limited online-only products (which is pretty much understandable because after all, it’s a traditional banking institution), the bank offers a wide variety of consumer and business deposit accounts, as well as other financial services.

No Monthly Maintenance Fees for Online-Only Accounts – Another plus point for the CIBC Agility™ Online Savings Account is that it does not charge monthly maintenance fees, which is prevalent in other online-only savings accounts provided by other banks.

Refunds Up To $50 in ATM Fees – Although we are focused on the online-only products by the bank, we just want to include this here — CIBC Bank USA may have limited ATMs, but what’s nice about it is that the bank refunds up to $50 in ATM fees charged by other banks for its iCan, myChoice Plus, and myChoice Prestige checking accounts

WHAT NOT TO LIKE ABOUT CIBC BANK USA?

In the previous section, we gave you a list of summary about the things we like about CIBC Bank USA. This time, we are going to share with you a summary of the things that we do not particularly like about the bank.

This includes the following:

CIBC Agility™ Online Savings Accounts has No ATM Access – Unfortunately, the CIBC Agility™ Online Savings Accounts do not come with ATM access. So if you want a personal online-only deposit account with ATM access, CIBC’s Agility may not be the right product for you.

CIBC Agility™ Online Certificates of Deposit Rates are Average – If compared to other online certificates of deposit out there, the annual average yield offered by CIBC Bank USA for its CDs is not as high. There are definitely other banks that offer better rates.  

Requires $1,000 Minimum Deposit to Open a CIBC Agility™ Online Savings Accounts – Although the online-only savings account does not require a minimum balance to earn rates, the bank requires at least $1,000 to open, which is kind of high as compared to other online savings accounts out there.

Very Limited Access to Physical Branches and ATMs – Although the online-only savings account is available for anyone in the United States, other products and services offered by CIBC are only limited to those living in the Midwest. Needless to say, the bank has only 28 ATMs available to date.

Mobile App has Average Ratings – Although the bank’s website is great, CIBC Bank’s mobile app has an average rating on both Google Play and App Store.

FINAL THOUGHTS ON CIBC BANK USA REVIEW

For those living across the Midwest, CIBC Bank USA is definitely a solid option given the fact that it offers a variety of account options. More so, the bank offers more room for flexibility, particularly in its checking account.

Furthermore, the CIBC Agility™ Online Savings Account is a great option for people who want to enjoy the benefits of an online-only savings account at the same time earning a high yield. Although CIBC’s online CDs offer not as high rates as its competitors, it definitely is a good alternative/option as well.

To conclude, we hope that this CIBC Bank USA was able to provide you what you need to know about the Toronto-based bank, but more so, about its online-only account options.