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Mobile Banking

CIT Savings Builder Review: A Deposit Account That Pays High APY

Unless you a diligent saver who wants to earn high-interest rates, and is comfortable managing your money entirely online, then, this CIT Savings Builder review is not for you.

CIT Savings Builder Review: A Deposit Account That Pays High APY

This review on CIT Savings Builder will focus entirely on what the bank is all about, the product it offers, as well as other relevant and equally important information every customer needs to know.

According to research conducted by Statista, it has been found that the value of savings deposits in the United States increases every single year. In fact, in 2018 alone it has reached $9.28 trillion.

Meanwhile, in a separate study also by Statista, it has been found between that 2010 and 2019, families in the country save for different reasons, however, according to most of the respondents, the top three reasons why they save is for liquidity, retirement, as well as purchases.

Let’s face it, saving money is important. It helps us buy the things we want and need, but more so, it helps us get through challenging times.

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Savings is important that most – if not all – financial experts always advise people to always keep a certain percentage of their monthly income to the bank (or whatever financial institution of your preference for that matter). That, before you even allot money for your expenses, make sure to put a certain amount into your savings first.

Now, when saving a portion of what you earn, you have different places to put your money into for safekeeping. But, the most common and the most popular one is through banks.

There are lots of banks out there, and to be honest, it could get a little challenging choosing the right institution. However, if you know exactly what you need and want in a banking institution, trimming down your options should be a lot easier.

Ideally, when choosing a bank to safe-keep your money, you should go for banks that offer high-interest rates. That way, your savings grow faster than usual.  

As mentioned earlier, there are lots of banks out there, and each bank offers products appealing to specific target markets. Today, though, we are going to focus on the CIT Savings Builder, it’s a product by CIT Bank that providers customers at very competitive rates.

In the next sections, we are going to provide you essential information not just about the product, but the bank as well.

Specifically, in this CIT Savings Builder review, we are going to provide answers to the following questions:

  • What is CIT Bank?
  • What are the pros and cons of CIT Bank?
  • Who is CIT Bank best for?
  • What are the products offered by CIT Bank?
  • What is CIT Savings Builder?
  • Who would benefit from the CIT Savings Builder?
  • What are the advantages and disadvantages of CIT Savings Builder?
  • How to open a CIT Savings Builder account?
  • Is banking with CIT Bank safe?

WHAT IS CIT BANK?

Before we even talk about the product, which is the very reason for this review, it is important that we also get to know the institution that actually provides it.

Knowing a little about the bank is about being able to build that confidence you need as a potential bank account holder. You need to ensure that the bank is credible and reliable because after all, it is your hard-earned money, and that as much as possible, you should be with a bank that provides amazing features and perks.

Anyway, so here are some key points about CIT Bank —

CIT Bank is a subsidiary of CIT Group, which is a popularly known financial holding company.

CIT Bank is an online-only company, which means it has lesser operating costs as compared to traditional or conventional banking institutions.

Since it operates online only, it enables the bank to offer customers higher interest rates and fewer fees.

CIT Bank offers a variety of products and services, including checking, savings, as well as certificates of deposit accounts. In this review, however, we are going to particularly focus on the CIT Savings Builder account that comes with the highest annual percentage yield (APY).

Since CIT Bank operates entirely online, this means the bank does not have physical branches. Thus, if you are not comfortable with banking online only, then, CIT Bank and its products and services are not for you.

CIT Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means all deposits receive up to $250,000 in the event of a bank failure.

If you want to know more about CIT Bank, here’s an insightful review by BankTruth:

WHAT ARE THE PROS AND CONS OF CIT BANK?

The previous section provided some of the most important things you need to know about CIT Bank, the provider of the CIT Savings Builder account.

This time, we are going to share with you a few of the pros and cons of CIT Bank, which includes:

PROS

  • High-Interest Rates – One of the best benefits customers get from opening an account, particularly a savings account with CIT Bank is that it offers a high annual percentage yield as compared to other online-only banks in the market.
  • No Monthly Service Fees – Another feature of CIT Bank is that it does not charge monthly service fees contrary to some banks of the same type.
  • Minimal Banking Fees – While CIT Bank does implement certain fees, theirs are definitely minimal and bearable.
  • FDIC Insured – Of course, another feature that CIT Bank does have is that it is FDIC-insured, which means, should the bank fails, each account holder receives up to $250,000 insurance money.

CONS

  • Online-Only – Unless you are okay with managing your account entirely online, then, the fact that the CIT is an online-only bank will be a downside for you.
  • No ATM Access – Similar to most online-only banks out there, CIT Bank does not provide ATM access as well. To withdraw money, you will have to transfer it to a different account that comes with an ATM card or access to in-person withdrawal from the bank.
  • No Physical Branches – Obviously, since CIT Bank is an online-only bank, it does not have physical branches. Again, all banking transactions are done entirely online.

WHO IS CIT BANK BEST FOR?

CIT Bank is an online-only bank that offers a high annual percentage yield (APY) particularly only its Savings Builder account.

With that said, CIT Bank is appealing to customers who:

  • Want to save money in a bank, and grow their money quickly because of high APY
  • Want to manage their accounts entirely online
  • Do not mind not having ATM access
  • Want an online bank that does not charge monthly fees
  • Have minimal charges in common bank fees

If you see yourself in any or all of the above-mentioned, then CIT Bank is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY CIT BANK?

Although this is a CIT Savings Builder review, just to give you an idea, we are sharing with you other products that CIT Bank offers.

Apart from the CIT Savings Builder, which we are going to discuss further in the next section, CIT Bank also offers checking and CD accounts.

Here’s a quick backgrounder of these two accounts:

Checking Account

Generally, standard checking accounts do not earn interest. So, the fact that CIT Bank eChecking Account pays 0.10% APY on balances below $25,000 is a big plus.

Sure, there are other online checking accounts out there that pay more, but usually, these accounts require a series of spending as well as deposit requirements to be able to earn the high rate.

With their eChecking account, CIT Bank offers $30 per month in reimbursements of outside ATM fees. Additionally, for this account, the bank does not charge any ATM fees.

The bank does not offer its own free ATM network, which means if you withdraw cash more than what is allowed in a month, it may cost you a lot.

CIT Bank eChecking account does not charge a monthly fee, which is also a perk that not all online-only bank provides.

To open an eChecking account, CIT Bank requires at least a $100 initial deposit.

Certificate of Deposit

To compare to other CD accounts offered by other banks of the same type, CIT Bank’s Certificate of Deposit accounts are above average.

The bank’s CD terms range from six months to five years. The APY also varies depending on the term. As a general rule, the longer your money is in the bank, the higher the APY is.

To open a CIT Bank CD account, a minimum deposit of $1,000 is required. While the amount is common for national banks, some online banks as well as credit unions have lower minimums as compared to CIT Bank.

WHAT IS CIT SAVINGS BUILDER?

In the previous sections, we talked about CIT Bank and what it has to offer. Now it’s time to do a serious CIT Savings Builder review.

So, what is CIT Savings Builder?

The CIT Savings Builder is CIT Bank’s high-interest rate savings account product. It offers two-tier interest rates, which are the Upper Tier and the Base Tier.

While the two tiers offer good rates, the Upper Tier definitely shines the most. It’s one of the highest APYs on savings accounts out there. The Base Tier, though, is still higher than a lot of what brick and mortar banks offer.

The CIT Savings Builder account upper-tier pays up to 0.40% APY for accounts with less than $25,000 with at least $100 monthly deposits or for accounts with a balance of more than $25,000 balance.

Meanwhile, the CIT Savings Builder account base tier pays up to 0.29% for balances below $25,000.

To open a CIT Savings Builder account, the bank requires at least a $100 initial deposit. Compared to other online banks that offer savings accounts, this stands in the middle ground, because while some do not require any initial deposit at all, others would have at least $5,000 to open or earn interest.

So, definitely, this one’s a “just right” kind of deal.

Overall, the CIT Bank Savings Builder account has strong rates and just the right perks that come with it.

WHO WOULD BENEFIT FROM THE CIT SAVINGS BUILDER?

So, in the last section of our CIT Savings Builder review, we talked about what this product is all about.

Now, let’s discuss who would benefit from it the most.

With what CIT Savings Builder has to offer, it would be most ideal for people or customers who:

  • Are looking forward to earning quickly from their savings account
  • Want high annual percentage yield
  • Can afford the initial deposit requirement of $100
  • Have the capacity to main at least $25,000 with a minimum of $100 deposit a month to earn the highest rate available

WHAT ARE THE ADVANTAGES AND DISADVANTAGED OF CIT SAVINGS BUILDER?

This CIT Savings Builder review will not be complete if we are not going to give you a list of the advantages and disadvantages of the account.

So, here it is —

ADVANTAGES

  • High Annual Percentage Yield – As mentioned earlier, the CIT Bank Savings Builder account has one of the most competitive rates in the market today.
  • No Monthly Fees – CIT Bank does not charge monthly fees for Savings Builder account holders, however, it does charge a $10 outgoing wire transfer fee if your account balance falls below $25,000.
  • No Ongoing Balance Requirement – CIT Bank requires at least a $100 deposit to open a Savings Builder account. Once the account is open, customers need not worry about maintaining a minimum balance requirement. It is important to take note, however, that if your account balance drops below $25,000 and you are not depositing a minimum of $100 per month, then expect that your APY will drop until such time you meet one of these bank requirements again.
  • Easy Fund Transfer – CIT Bank has an app that is available for both Apple and Android devices. The app allows customers to view account balance, quickly transfer money between linked accounts, as well as remotely deposit checks.
  • Free 24/7 Online and Mobile Banking – CIT Bank is an online-only bank, thus, it’s only right that it is accessible both online and mobile.
  • Mobile Check Deposit – As mentioned, earlier, CIT Bank supports mobile check deposit, which is not available in other online-only banks.

DISADVANTAGES

  • No ATM Access – This one’s not surprising, though, because it is common for almost all online-only banks’ savings accounts not to have ATM access. So, if you are someone who wants to have access to your account not only through online or mobile, but ATM as well, then you may have to look for another bank. To withdraw money from your account, you may do an electronic funds transfer, request a mailed check, or wire transfer.
  • Minimum Initial Deposit – Although compared to other savings accounts, the minimum initial deposit requirement of $100 is still considered low. The only reason why we consider it as a disadvantage is that other online-only banks that offer savings account product does not minimum initial deposit requirement at all.

With all the pros and cons listed, it’s up to you now to decide if the CIT Savings Builder is the right deposit account for you, or something else.

HOW TO OPEN A CIT SAVINGS BUILDER ACCOUNT?

By now, you are probably wondering already how to actually open a CIT Savings Builder account.

To open a Savings Builder account, you must be at least 18 years of age and must be a citizen of the United States or a permanent resident.

Since the application process is done online, it would only take a few minutes to finish.

To begin the process, you will need to fill out the application, and provide basic information such as your name, address, phone, email, and Social Security number (or other taxpayer ID).

Once done, you may proceed to fund your account with at least $100. To deposit, you may opt to link another bank account and perform an electronic transfer or choose to do bank wire or mail in a check.

IS BANKING WITH CIT BANK SAFE?

One of the major concerns of depositors when it comes to online-only banks is how secure it is.

With CIT, the bank has made sure to put all security and safety measures in place to avoid possible fraud or identity theft threats.

The bank follows the standard requirement to ensure all depositors’ data and of course, money is safe and secured.

Ultimately, CIT Bank is a member of FDIC, which means all deposits are insured up to $250,000 per deposit in case of a bank failure.

FINAL THOUGHTS ON CIT SAVINGS BUILDER REVIEW

Overall, there’s much to love about CIT Bank and CIT Savings Builder accounts per se. It comes with lots of perks that not all online-only banks can offer.

However, of all the features available, the fact that CIT Savings Builder offers a high annual percentage yield as compared to most online as well as brick and mortar savings accounts out there, definitely makes CIT shine the brightest.

So, given all the perks that CIT Bank has to offer particularly on its savings builder account, are you convinced that this one’s the right account for you?

To conclude, this CIT Savings Builder review only proves that the account is best for savers who are diligent in saving money and that it is one of the few online-only bank savings account products to beat.

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Mobile Banking

SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You

Are you looking for a high-yield online-only savings account? If so, then this SFGI Direct Savings review is for you as it focuses on providing essential information customers need to know about the product and the bank as well.

SFGI Direct Savings Review: High-Yield Online-Only Savings Account For You

Digital banking is a rising industry. Over the recent years, the number of people who prefer digital or mobile banks increases, and experts say there is no sign of slowing down. This prediction was made even more evident with the turn of events that happened in 2020.

According to a study conducted by J.D. Power, it was found that during the height of the COVID-19 pandemic, “37% of retail bank customers said they were using their bank’s mobile app more frequently than ever before, and 48% said their preferred means of depositing a check during that period was via mobile phone.”

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More so, in July 2020, Cornerstone Advisors published a report, which says that “14.6 million Americans considered digital banking to be their primary way to the bank“.

These studies are proof that, indeed, the future of digital banking is bright. With the pandemic still ongoing, and health experts not knowing when people get to go back to their normal lives, the digital banking industry will continue to be in demand.

Of course, we also cannot deny the fact that digital banking provides a lot of benefits as compared to traditional or conventional banking. Digital banks are very convenient, easy to use and do banking jobs in real-time.

Even before the pandemic hit, digital banks are already becoming the preferred choice by most young people. It was just that during the pandemic, adult people who are used to traditional banking have also transitioned to mobile banking for health and safety reasons.

Now, with the increasing demand, the competition among digital banks is really high. Today more than ever, digital banks see to it that they have the best offerings in order to keep up with the competition.

Surely, there are lots of digital banks out there, and for customers, choosing one could really be tough. However, for as long as you know what you need and what you prefer in a bank, picking among an array of options should be a lot easier.

Anyway, one of the digital banks out there is SFGI Direct, and today, we are going to specifically do an SFGI Direct Savings review to help you find out if this account and the bank is exactly what you are looking for.

To help you compare and do a thorough assessment on the bank and the product, in this SFGI Direct Savings review, we are going to particularly tackle the following:

  • What is SFGI Direct?
  • Who is SFGI Direct best for?
  • What are the products offered by SFGI Direct?
  • What is SFGI Direct Online Savings Account?
  • What are the advantages and disadvantages of the SFGI Direct Online Savings Account?
  • How to do banking with SFGI Direct?
  • Is SFGI Direct safe?
  • What to like about SFGI Direct?
  • What not to like about SFGI Direct?

WHAT IS SFGI DIRECT?

When selecting an online bank, there are a lot of things that you need to consider. Apart from ease of use, convenience, products and services offered, and many more, one of the most important things every customer needs to look into is the bank’s credibility.

Sure, there are a lot of digital banks out there. Many of them offer really amazing deals, but the question is, are these banks reliable? If things come to the worst, will you be assured that your money is intact?

Now, to be able to know if a bank is credible and reliable, it is every customer’s responsibility to do a background check.

Good thing, you need not go elsewhere, because we are giving you some of the most important things you need to know about SFGI Direct in particular.

As stated on its website, SFGI Direct is an online division of Summit Community Bank, which is owned by the Summit Financial Group Inc., a financial holding company based in Moorefield, West Virginia that provides community banking and insurance services.

SFGI Direct allows customers to bank safely and easily, at the same time, enjoy competitive rates on its online-only savings account.

Yes, currently, the bank only offers one product and that is a high-yield online-only savings account.

By the way, if you want to know more about what a high-yield savings account is, here’s a very informative video by Think Wealthy with Mike Adams. This will surely help expand your knowledge.

The online bank is committed to “offering efficient banking products with personal customer service“. Furthermore, the bank assures customers that their “tradition of old fashioned service with regular investments in technology yields a unique combination of high-quality service standards and high-tech capabilities.”

With SFGI Direct, customers need not worry about their money in case the bank fails, because all accounts are covered by Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000.

WHO IS SFGI DIRECT BEST FOR?

In the previous section of our SFGI Direct Savings review, we talked about what SFGI Direct is about.

As we have said, as customers, we have to be responsible for choosing the right bank. We need a credible and reliable bank that won’t fail us come what may.

Now, before we even proceed with the main point of our review, to help you assess, we are sharing with you who SFGI Direct is best for.

Generally speaking, SFGI Direct is appealing to people who want high-interest rates on their savings. Of course, it also suits people who prefer to do online banking.

Additionally, SFGI Direct will attract people who prefer online banks without monthly fees, as well as a bank that provides easy transfers from your external checking account.

So, if opt for these features, then SFGI is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY SFGI DIRECT?

Unlike other online banks, SFGI Direct only offers a single type of account, and that is a high-yield savings account.

In the next section, we are going to discuss more the product. After all, this is an SFGI Direct savings review, right?

WHAT IS SFGI DIRECT ONLINE SAVINGS ACCOUNT?

When we talk about a savings account, the first thing that comes to mind is that it is a way of keeping our money secure as we work towards a particular financial goal.

However, for sure, you will agree with us, that a savings account is even better when it allows us to earn interest on what we save.

SFGI Direct offers a high-yield savings account, which makes it at par when it comes to digital banking competition.

Apart from the fact that it allows you to earn a high-interest rate, SFGI Direct online-only savings account is simple and easy to use. Of course, since it is online-only, it means it is accessible anytime and anywhere for as long as there’s internet access.

By the way, as of January 2021, the annual percentage rate of SFGI Direct online-only savings account is 0.56%. The rate fluctuates, so, it is best to always check.

Moving on, another feature that SFGI Direct Savings Account offer is that it does not charge a monthly maintenance fee, which is very common in many online banks. Also, it allows you to set up automatic transfers from your external account, as well as allows you to transfer money from your SFGI Direct savings to your external account.

As mentioned earlier, all SFGI Direct savings accounts are FDIC-insured up to $250,000.

Now, since the account is an online-only savings account, it does not come with an ATM card, which means you need to perform an electronic transfer when you want to withdraw your money. Fund transfers usually take two working days.

More so, the account can only be funded with electronic transfers from another bank account. Unfortunately, the account does not accept paper checks.

To open an account, all you need to do is go online. You will need to plug in your name, as well as other personal information including Social Security number, date of birth, address, and phone number. Your employment information will also be asked. More so, you will need a valid government-issued ID as well.

Apart from all that, the bank requires a minimum initial deposit of $500. By the way, to earn interest, you must have at least a $1 account balance.

Once your account is activated, please note that the bank limits your transactions on your savings account to six per month only.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF THE SFGI DIRECT ONLINE SAVINGS ACCOUNT?

In this section of our SFGI Direct Savings review, we are going to give you a summary of the advantages and disadvantages of the SFGI Direct savings account. This, hopefully, helps you decide if this online-only savings account is fit for you or not.

Advantages

  • High-Interest Rate – As of January 2021, the APY of the SFGI Direct savings account is at 0.56%. But, in the past, it has reached as high as 1%, which makes it one of the best online-only savings accounts out there.
  • No Monthly Maintenance Fee – Not all online banks offer this perk, thus, we find this a good advantage. SFGI does not charge monthly maintenance fees, which allows account holders to save a few bucks.
  • 24/7 Accessibility – Since it is an online-only savings account, for as long as you have an internet connection, you can access your account and make transactions.
  • Simple and Easy to Use – Unlike other online-only savings accounts, SFGI offers a simple and easy-to-use online banking platform.
  • FDIC-Insured – All accounts under SFGI Direct are FDIC-insured up to $250,000.

Disadvantages

  • No ATM Access – SFGI Direct savings account is an online-only account, which means it does not come with ATM access. So, if you want an account that allows you to withdraw or deposit cash using an ATM, you may have to look elsewhere.
  • No Paper Check Deposit – Unfortunately, the SFGI Direct savings account does not allow paper check deposits. Needless to say, it does not have a paper check feature as well.
  • No Cash Deposit – The online-only savings account does not come with ATM access, which is why it’s understandable that it does not allow cash deposits as well.

HOW TO DO BANKING WITH SFGI DIRECT?

In the previous sections, we already talked about what SFGI is about and what it has to offer, as well as the important details you need to know about the SFGI Direct online-only savings account.

This time, we are going to talk about how to do banking with SFGI Direct.

As we have already mentioned earlier, SFGI provides an easy process when it comes to account applications. Since SFGI Direct is an online banking platform, you can easily open an account for as long as you have an internet connection.

To open, go to the SFGI Direct website and client “Open an Account”. Make sure, however, to collect everything you need to open an account as your session will time out if you leave it inactive for 30 minutes. This is a security feature of the site. If that happens, unfortunately, you have to start over again.

To proceed with your account application, you will be asked to provide your personal information such as your name, Social Security number, date of birth, address, and phone number. You will also be asked to provide your employment information.

In addition, you will need a valid government-issued identification such as a driver’s license and passport as well.

To complete the account application process, you will need to make a minimum initial deposit of $500.

To deposit, you can link your account to an external checking or savings account. Also, you can put money into your account via ACH transfer or direct deposit but not through an incoming wire transfer or paper check deposits. Since SFGI Direct does not have a mobile app, it does not support mobile check deposits as well.

IS SFGI DIRECT SAFE?

Online banking can be crucial especially because of fraud and identity theft threats. So, in this SFGI Direct savings review, we are also looking into the safety and security features of the bank.

SFGI Direct uses multiple security measures to help ensure the safety and security of its customers’ personal information as well as banking transactions.

The bank’s security measures include 128-bit SSL encryption, password, and other authentication methods.

As mentioned, SFGI Direct is FDIC-insured under the Summit Community Bank umbrella. This means that the federal government protects the account holders’ money up to $250,000 (combined between all SFGI Direct and Summit Community Bank accounts) per depositor, per ownership category, in case of a bank failure.

WHAT TO LIKE ABOUT SFGI DIRECT?

Earlier in our SFGI Direct savings review, we talked about the advantages and disadvantages of the online-only savings account. This time, we are going to share with you a summary of the things that we particularly like about SFGI Direct.

This includes the following:

  • Competitive Rates – What makes SFGI Direct known in the world of digital banking is that it offers a high-yield online-only savings account that could go as high as 1%, which definitely is one of the best rates in the United States.
  • No Monthly Maintenance Fees – SFGI Direct does not charge a monthly maintenance fee as compared to other banks of the same type. This allows account holders to save a few bucks, really.
  • 24/7 Online Access – SFGI Direct savings account is accessible through the website anytime, anywhere.

WHAT NOT TO LIKE ABOUT SFGI DIRECT?

Of course, to complete our review, we also listed down some of the things we particularly do not like about SFGI Direct. Well, nothing is perfect, as they say – and the same goes for SFGI.

So, some of the not-so-good things about SFGI Direct are as follows:

  • No Mobile Banking App – Currently, SFGI Direct does not have its own mobile app, however, you can access your account through the Summit Community Bank mobile app.
  • Limited Personal Account Options – SFGI Direct only offers online-only savings account. It does not have other products like checking, CDs, money market, loans, etc. So, if you are someone who needs this kind of feature, SFGI Direct is not for you.
  • No Physical Branches – SFGI Direct is an online bank, and does not cater to what traditional banks offer. So, it is understandable that it does not come with physical branches.
  • High Minimum Deposit Requirement – Contrary to other online banks out there with similar product offerings, the $500 minimum initial deposit for SFGI Direct bank savings account is high. Although, the good thing is that the minimum balance requirement is only at least $1.
  • No Cash or Check Deposits – Since the online-only savings account does not come with ATM access, cash and check deposits are not allowed. In addition, since it does not come with its own mobile app, mobile check deposits are also prohibited.
  • No Business Accounts – Again, SFGI Direct only offers one account, which also means it does not provide business account options as well.

FINAL THOUGHTS ON SFGI DIRECT SAVINGS REVIEW

SFGI Direct has its share of advantages and disadvantages, and the same goes with its online-only savings account.

We must say, though, that the best feature that this online bank offers is the high-interest rate on its savings account. As mentioned, it is one of the highest in the industry. It definitely is very competitive even with what the top online banks have to offer.

However, we must admit that functionality is a major factor as well when choosing a bank. Unfortunately, SFGI does have a lot to work on in this aspect. It would be best if the bank also has its own mobile app, as well as additional product offerings to give customers more options.

Nonetheless, overall, SFGI Direct serves its purpose based on what it promises to offer.

Now, given all the information we have provided, do you consider opening a savings account with SFGI?

Well, we hope that through this SFGI Direct savings review, we are able to help you compare your options, and weigh whether this bank is worth it or not.

Categories
Mobile Banking

Barclays Online Savings Review: A High-Interest Rates Online Bank For You

While there are a lot of online savings accounts out there, only a few offer high-interest rates. If you are looking for such, though, then this Barclays Online Savings review is perfect for you.

Barclays Online Savings Review: A High Interest Rates Digital Bank For You

Obviously, the recent pandemic has brought a lot of changes in people’s day-to-day lives. For a time, most of us were restricted to go out unless necessary, and it was during that time when people relied so much on anything digital — including banking.

In fact, an article published by Reuters says that digital banks “have won over more U.S. customers during the coronavirus pandemic” most particularly because of the fact that it has helped process stimulus payments faster. Thanks to digital banking, people survived.

But then, pre-pandemic era, digital banks have already captured a lot of consumers/customers in the country, especially young people. It was just that during the pandemic, even older customers have seen how valuable online banks are.

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In a study conducted by Statista, it was found that in 2018, roughly 61 percent of Americans are using digital banking and that experts project it to increase to 65.3 percent by 2022.

We would not be surprised, though, if the number rises higher than projected given the turn of events in recent years.

Moving on, as the number of digital bank users is increasing, the same goes for the number of existing digital banks. Customers have so many options that sometimes it can really get overwhelming to choose one.

However, at the end of the day, it all boils down to what your needs and preferences are as a digital bank user. One example is – are you looking for an online savings account that provides one of the best – if not the best — rates out there?

If your answer to this question is a yes, then you got to keep reading this Barclays Online Savings review.

In this review, we are going to provide you with thorough information about Barclays Online Savings, and the bank itself, which is very important especially if you are a first-time customer or a first-time digital bank user.

In particular, this Barclays Online Savings review will touch on the following:

  • What is Barclays Bank?
  • Who is Barclays Bank best for?
  • What are the products offered by Barclays Bank?
  • What is Barclays Online Savings?
  • What are the advantages and disadvantages of Barclays Online Savings?
  • How to do banking with Barclays Bank?
  • Is Barclays Bank safe?
  • What to like about Barclays Bank?
  • What not to like about Radius Bank?

WHAT IS BARCLAYS BANK?

Before we even go into a detailed review of Barclays online savings, it is important that we get to know the bank itself first.

Knowing about the bank will greatly help us be confident with the institution that will help keep our money.

So, with that said, here are a few important things you need to know about Barclays Bank —

Barclays Bank is a London-based bank that services 48 million people from all over the world since 1690. The bank’s operation in the United States, however, is online-only, which means, it does not provide traditional or conventional banking products and services.

However, the online-only bank is known for providing customers one of the best annual percentage yields on savings accounts as well as certificates of deposit (in this review, though, we are just going to particularly focus on the savings account).

Since it is an online-only bank, at least in the country, similar to other all-digital banks out there, it lacks a branch network, making it suitable for customers who prefer online banking or those who do not require in-person assistance.

If you are interested to know more about Barclays, we recommend you check this video out:

WHO IS BARCLAYS BANK BEST FOR?

As mentioned in the previous section, Barclays Bank in the United States is an online-only bank, thus, making it ideal for people who prefer online banking, and does not need in-person assistance.

Apart from that, Barclays also appeals to customers who are looking for an online-only bank with savings account that provides competitive rates. In this case, though, Barclays Bank’s savings account, as well as its CDs are known to be one of those that provide the highest annual percentage rate in the market.

Furthermore, the online-only bank is also suitable for customers who are looking for a digital bank that does not require a minimum balance, as well as does not charge monthly fees.

Ultimately, Barclays is best for those who want to have the ability to set and achieve savings goals.

WHAT ARE THE PRODUCTS OFFERED BY BARCLAYS BANK?

When looking for an all-digital bank such as Barclays, it is important to look into the products and services available. This helps a lot in deciding which bank to put your money into.

As a customer, you would want your bank to serve you the best way possible. Needless to say, be able to easily access different banking products and services.

With Barclays, though, the online-only bank is limited to providing customers with only two products. These are:

  • Barclays Savings Account, and
  • Barclays Certificates of Deposit.

Later on, we are going to tell you more about the savings account. For now, let’s talk about the Barclays Certificates of Deposit.

Barclays Certificates of Deposit

Barclays Certificates of Deposit also provides one of the highest annual percentage yields (APY) in the industry. It is particularly slightly better for customers who are interested in 3-month CD terms. At the moment, for a 3-month CD term, the APY is 0.35%, while a 60-month CD term has 3.10% APY.

The online-only bank’s CD terms range from 3 months up to 60 months.

To open a CD account, the bank does not require a minimum opening deposit, which means you can save any amount you can afford. This is actually what we find really convincing to opt for Barclays CDs.

WHAT IS BARCLAYS ONLINE SAVINGS?

As mentioned earlier, while we are providing you relevant information about the bank, ultimately this is a Barclays Online Savings review. Thus, we provided a separate section just to tackle this product.

Barclays Bank offers one of the highest annual percentage yields nationwide, which is absolutely great, to begin with. As of January 2021, the APY for Barclays online savings account is 0.45%. The rates vary every now and then, so, it’s best to always check.

Because of the savings account’s competitive interest rate, the effects of compound interest are more obvious.

Unlike other online savings accounts, Barclays does not charge monthly maintenance fees, withdrawal fees for online withdrawals as well as fund transfers to other banks. More so, the online-only bank does not require a minimum balance, however, Barclays has the right to close the account if you have a balance of less than $1.00 for 180 days.

Additionally, the bank does not have a minimum initial deposit requirement as well, which means, you can open an account in as little as $1.

However, it does charge the following:

  • $5 each for Excessive Transaction (after the allowed six withdrawals or external transfers per month),
  • $5 for Official Check,
  • $5 for Returned Deposit Items,
  • $5 for Non-Sufficient Funds (NSF),
  • $0.50 for Statement Copy, and
  • $25 for Express Mail/Rush Delivery Charge.

Since Barclays does not come with an ATM card, it means customers need not worry about ATM fees.

Since Barclays is an online-only bank, to open an account, all you need is to access the website or download the mobile app. You may contact the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

Barclays is an FDIC member, which means all accounts are insured up to $250,000 in case of bank failure.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF BARCLAYS ONLINE SAVINGS?

Since this is a Barclays online savings review, we are going to provide you with a list of the advantages and disadvantages of the account. Hopefully, this insight will give you a clearer picture of what and what not to expect in this online savings account.

Advantages

  • Very Competitive Rates – As stated, Barclays Bank’s online savings account provides one of the most competitive interest rates among its contemporaries. Currently, it’s at 0.45%, but in the past, it has been as high as over 4% APY.
  • No Monthly Maintenance Fee – Unlike other online-only banks, Barclays does not charge a monthly maintenance fee.
  • No Minimum Balance Required – Another perk that we like about Barclays online savings account is that it does not require a minimum balance, which means, you can leave as low as $1 in your account and you won’t be charged for anything.
  • No Minimum Initial Deposit Requirement – Another great advantage of Barclays online savings is that you can open an account for as little as $1. It’s definitely one of the most flexible accounts out there.
  • Low Insufficient Funds Fee – While the bank does not have a minimum balance requirement, it, however, charges accounts with a $0 balance. The charge, though, is relatively low at $5 as compared to $30 charged by many other banks.
  • 24/7 Online Access – Since Barclays is an online-only bank, at least in the United States, you can easily access your account anytime as long as there is an internet connection.
  • Easy Online Transfers – With Barclays online savings account, you can easily transfer as well as receive funds.
  • Allows Linking Your Savings To Your External Checking Account – Last, but not least in our list is that you can link your online savings account to your external checking account without any fuss.
  • Remote Deposits – Barclays online savings account provides an option for remote deposits through the website. The process is simple and fast. However, deposits made after 3 PM Eastern Time will not be available until the next working day. It is important to note, though, that there are limits when using this feature such as $5,000 maximum individual check amount, $10,000 maximum daily amount, 10 maximum daily number of checks permitted, 50,000 maximum 10-day amount, and 20 maximum 10-day number of checks permitted.

Disadvantages

  • No ATM Access – Unfortunately, Barclays online savings account does not come with an ATM card, which means, have no access to ATM transactions. If you are someone who prefers having the ability to withdraw cash from your savings account, then, you might have to look for another bank.
  • Excessive Transaction Fee – While other online-only banks offer unlimited transactions, Barclays does not. The online-only bank charges a $5 excessive transaction fee per month after the allowed six online withdrawals and external transfers.

HOW TO DO BANKING WITH BARCLAYS BANK

Barclays is an online-only bank. Thus, opening an account and all the other banking transactions are done using either your smartphone or computer.

Similar to any other banks, you are required to provide personal information like your Social Security number, mobile number, and email address. Make sure to prepare a government-issued identification like a driver’s license and passport to complete the account application process.

Since everything is done online, expect to finish the account application process in just a few minutes.

Furthermore, if you have questions, you may reach the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

IS BARCLAYS BANK SAFE?

When people talk about digital banks or digital banking, one of the major concerns is safety and security. This is valid, though, given the fact that there have been a lot of fraud and identity theft cases that happened in the past.

So, we would not be surprised if you, too, are concerned about this. That is why in this section of our Barclays online savings review, we are going to talk about the safety and security measures that the bank has.

As mentioned earlier, Barclays has been around as a bank since 1690. With that kind of longevity in the industry, it is safe to say that the bank already knows what to do to ensure their customers’ money and personal information are safely kept.

Following all standard safety and security measures in online banking, Barclays Bank assures that all their customers’ money and personal information are safe and secured.

Additionally, the bank is a proud member of the Federal Deposit Insurance Corporation (FDIC), which means every account is insured for up to $250,000 in case of bank failure.

WHAT TO LIKE ABOUT BARCLAYS BANK?

While this is specifically a Barclays online savings review, we thought it is also beneficial that we provide you with an overall summary of the things we like about Barclays Bank. Yes, as a whole. Anyway, we already provided you with a list of the highs and lows of the online savings account earlier.

To help you decipher if Barclays is indeed the right one for you, here are a few things that we particularly like about this online-only bank:

  • Competitive Rates – We honestly like the fact that Barclays offer very competitive rates and is one of the highest interest rates in both online savings accounts and certificates of deposit. It definitely is one that makes this online bank very appealing to customers.
  • 24/7 Online Access – As mentioned earlier, since Barclays Bank is an online-only bank, obviously, customers get to access their account and make bank transactions anytime, anywhere for as long as there is an internet connection.
  • No Minimum Opening Deposits – For both online savings and certificates of deposit accounts, Barclays does not require a minimum opening deposit, which means, anyone can open an account in as little as $1 only. This feature also means anyone, regardless of status in life is able to open an account.
  • No Monthly Maintenance Fees – Another amazing perk that Barclays Bank offers is that it does not charge a monthly maintenance fee, which is contrary to its competitors. Again, this applies to both savings and CD accounts.
  • FDIC-Insured – Of course, we also love the fact that Barclays Bank is a member of the FDIC, which gives an extra layer of assurance to its customers that whatever happens especially in the event of a bank failure, they will get something and that their savings will not be put to waste.

WHAT NOT TO LIKE ABOUT?

In the last section, we provided you with a summary of the things we like about Barclays Bank. This time, to complete our review, we are going to share with you some of the things that we do not particularly like about this online-only bank.

This includes:

  • No Physical Branches – Although Barclays Bank is a conventional bank that is based in London, unfortunately, its U.S. operations do not have access to physical branch locations. Thus, it is tagged as an online-only bank in the American market. But, who knows? Maybe in the future, Barclays will eventually have bank branches here as well?
  • No ATM Card – Barclays in the U.S. is an online-only bank. This means that everything is done entirely online and without ATM access. So, if you are an ATM-reliant kind of customer, then, this one’s not fit for you.
  • No ATM Cash Deposits and Withdrawals – Since the bank does not issue an ATM card, it obviously is not surprising that it does not offer cash deposits and withdrawals as well.
  • Limited Account Options – Barclays Bank in the United States only offers two products — the online savings account and the certificate of deposit account. Unfortunately, the bank does not offer checking accounts. Although, it allows you to link your savings account to an external checking account.
  • Excessive Transaction Fee -Barclays Bank only allows up to six transactions per month. Anything over the allowed number will be charged $5 per transaction. This includes online cash deposits and transfers.

FINAL THOUGHTS ON BARCLAYS ONLINE SAVINGS REVIEW

Barclays Bank is a banking institution that has been around for so long, and while it only offers online accounts in the United States, it does offer one of the highest savings and CD accounts in the market.

Similar to any other online-only bank, it sure has its advantages and disadvantages. But we would like to say that the advantages that the bank offers are still overpowering the disadvantages.

Particularly on its online savings account, we got to say that it definitely has the best offerings in terms of rates among other online savings accounts out there.

So, have you decided about opening online savings account on Barclays yet?

To end, we hope that this Barclays online savings review has indeed served its purpose. May this brings light to your apprehensions in terms of opening an online savings account with Barclays Bank.

Categories
Mobile Banking

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.