CIBC Bank USA Review

Pros Explained

• No monthly fees for all consumer checking accounts – CIBC Bank USA offers three consumer checking accounts to choose from. One option earns up to 1% cash back on debit card purchases. The bank does not charge monthly service fees, and accounts can be opened with a minimum deposit of $50.
• Waives up to $50 per month in foreign ATM fees – Because CIBC Bank USA has a small footprint of ATMs in the United States, it will refund up to $50 per month in foreign and non-network ATM fees, depending upon your account type.
• Online-only savings account with a higher interest rate – The bank offers an online-only savings account that offers a much higher rate of interest than traditional savings and money market accounts. A minimum deposit of $1,000 is required to open the account. However, there are no monthly fees or minimum balance requirements once the account is established.

Cons Explained

• Limited U.S. branch footprint – The bank serves customers with 22 branches in Illinois, Michigan, Missouri, and Wisconsin. Although many people do not set foot in a branch, having one nearby is reassuring to most customers in case they have an issue and want to speak to someone face-to-face.
• Does not offer 24-hour live customer support on the telephone – CIBC Bank USA offers 24-hour telephone banking and online account access. However, if you want to speak to someone outside of normal business hours, that is not an option. The client support center is open Monday through Friday from 8 a.m. to 7 p.m. and Saturday from 8 a.m. to 1 p.m. CST.
• Current branch interest rates unavailable online – Existing and prospective customers who visit the bank's website to learn about traditional branch account interest rates are unable to do so. The website does not list current interest rates for branch products. However, Agility digital bank savings and CD rates are available on the website. To learn about current branch interest rates, you must call customer service or a branch to speak with someone.

Who Is CIBC Bank USA Best For?

CIBC Bank USA is an ideal bank for consumers who:

• Are based in the Midwest, specifically in Illinois, Michigan, Missouri, and Wisconsin
• Want a checking account with no monthly fees and a low minimum opening deposit
• Want an online savings account paying a higher rate
• Do not need 24/7 telephone support

What Does CIBC Bank USA Offer?

Although CIBC Bank USA is a regional bank with 22 branches, it boasts a suite of consumer and business products to serve client needs thanks to the backing of its parent company. Customers have multiple options for banking accounts, loans, and wealth management. However, credit cards are not currently offered by CIBC. It does provide:

• Checking Accounts
• Savings Accounts
• Money Market Accounts
• Certificates of Deposit (CDs)
• Personal Loans
• Home Equity Loans and Lines of Credit
• Mortgages
• Health Savings Accounts (HSAs)
• Investment Management

Checking Accounts

There are three checking account types available from CIBC Bank USA. Each of these checking accounts has no monthly service charge and can be opened with an initial deposit of $50 or less.

Three checking accounts—iCan, myChoice Plus, and myChoice Prestige—reimburse ATM fees charged by other banks. The iCan and myChoice Prestige accounts refund up to $50 per month, while the myChoice Plus refunds up to $25.

EasyPath Access Account is specifically designed to avoid overdrafts and overdraft fees. The bank stops transactions that would cause your account to be overdrawn. It has no minimum balance requirements and no monthly fees.

The HSA account is designed to pair with your high-deductible health plan. The account has no setup fees or annual fees and earns interest on your balances.

Savings Accounts

Customers have a choice between two savings accounts at CIBC Bank USA: the CIBC Savings account and CIBC Agility Savings account.

CIBC Savings is a traditional savings account with a low minimum balance requirement that offers unlimited in-person withdrawals. As your balance grows, you have the opportunity to earn a higher interest rate. You must maintain a minimum daily balance of at least $250 in your account each statement cycle, otherwise, you’ll be charged a $3 quarterly fee.

The CIBC Agility Savings account is an online-only savings account with no monthly account maintenance fees. To open your account you must have a $1,000 minimum deposit. However, once the account is open, there is no minimum balance requirement.

Money Market Account

There is only one money market account option at CIBC Bank USA, and the CIBC Money Market can be opened with a minimum deposit of $50. It allows an unlimited number of in-person or ATM withdrawals. Plus, you may have up to six transfers, checks, and debit card transactions each monthly statement cycle.

This money market account offers tiered interest rates that reward customers who keep higher balances. If your daily account balance falls below $2,500, there is a charge of $15 per monthly statement cycle.

Certificates of Deposit (CDs)

The bank offers CDs with terms ranging from 30 days to five years. Customers can choose between standard CDs and jumbo CDs, depending upon how much they have to deposit. The Agility online CD is also an option for customers outside of the bank’s footprint.

Standard and Agility CDs have a minimum deposit of $1,000, while jumbo CDs require a minimum deposit of $100,000. Agility CDs offer a higher rate of interest if your balance is $25,000 or greater.

CDs must meet these minimum balances on a daily basis to earn interest. The interest earned may be withdrawn or reinvested. CDs may be used as loan collateral and are automatically renewed at maturity.

CIBC Bank USA charges a penalty for early withdrawal before the CD term matures. For CDs of less than one year, the penalty is 90 days of interest. Maturities of 12 months or longer have a penalty of six months of interest. Agility CDs charge an early withdrawal penalty of accrued interest for the month plus an additional 30 days of interest.

Credit Cards

CIBC (USA) does not currently offer credit cards in the U.S.

Other Financial Products Offered by CIBC Bank USA

CIBC Bank USA also offers many other banking and investment products:

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

CIBC Bank USA Customer Service

Customers have 24/7 access to their accounts through telephone banking, online banking, and a mobile app for both Apple and Android devices.

Live telephone support through the Client Support Center is only available during normal business hours at 877-448-6500. You can reach a customer service agent Monday through Friday from 8 a.m. to 7 p.m. (CST). Saturday hours are from 8 a.m. to 1 p.m. (CST). Live telephone support is not available on Sundays.

CIBC Bank USA is not ranked by J.D. Power, but its parent company in Canada received multiple awards in 2021. It ranked highest in overall satisfaction among Canadian credit card mobile apps. Additionally, it ranked second for overall satisfaction for Canadian online banking.

The CIBC US Mobile Banking app is available for download on both iOS and Android devices. It allows you to pay your bills, deposit checks remotely and make purchases directly from your device. The US app has received middling third-party customer reviews.

How to Bank With CIBC Bank USA

To open an account with CIBC Bank USA, visit one of its 22 branches in Illinois, Michigan, Missouri, or Wisconsin.

The CIBC Agility savings account can be opened by anyone in the U.S. You can open the account directly from your home computer.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.