CIBC Bank USA is a full-service bank offering consumer and business deposit accounts and other financial services. The bank serves the Midwest region with 23 branches. It is backed by the Canadian Imperial Bank of Commerce, its parent company based in Toronto, which has 150 years of experience as a global financial institution.
- Pros & Cons
- Company Overview
No monthly fees for all consumer checking accounts
Waives up to $50 per month in foreign ATM fees
Online-only savings account with a higher interest rate
Limited U.S. branch footprint
Does not offer 24-hour live customer support on the telephone
Current interest rates unavailable online
- Year Founded 1961
- Official Website us.cibc.com
- Banking Products Offered Savings, checking, CDs, MMA
- Customer Service Phone line: Monday–Friday, 8 a.m. to 7 p.m. (CST); Saturday, 8 a.m. to 1 p.m. (CST): 877-448-6500. Account access online or via app 24/7.
- No monthly fees for all consumer checking accounts – CIBC Bank USA offers five consumer checking account 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 or less.
- Waives up to $50 per month in foreign ATM fees – Because CIBC Bank USA has a limited footprint of 28 ATMs in the U.S., it will refund up to $50 per month in foreign 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.
- Limited U.S. branch footprint – The bank serves customers with 23 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 23 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
- Individual Retirement Accounts (IRAs)
- Investment Management
There are five 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 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 Checking 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.
|CIBC BANK USA CHECKING ACCOUNTS|
|Account Name||Min Opening Deposit||Monthly Fee||APY|
|myChoice Plus Checking||$50||$0||0.10%|
|myChoice Prestige Checking||$50||$0||0% if <$10,000
0.15% if $10,000+
|HSA Checking||$50||$0||0.15% if <$2,500
0.45% if $2,500–$9,999
0.73% if $10,000+
Customers have a choice between two savings accounts at CIBC Bank USA: CIBC Savings and CIBC Agility Savings.
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.
|CIBC BANK USA SAVINGS ACCOUNTS|
|Account name||Min Opening Deposit||Monthly Fee||APY|
|CIBC Savings||$50||$3 per quarter if balance falls below $250||0.03% if <$10,000
0.05% if $10,000–$24,999
0.10% if $25,000–$49,999
0.20% if $50,000+
|CIBC Agility Savings||$1,000||$0||1.15%|
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.
|CIBC BANK USA MONEY MARKET ACCOUNT|
|Account name||Min Opening Deposit||Monthly Fee||APY|
|CIBC Money Market||$50||$15 if daily balance falls below $2,500||0.01% if <$25,000
0.05% if $25,000-$49,999
0.10% if $50,000-$99,999
0.20% if $100,000+
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 30 days.
|CIBC BANK USA TERM CD RATES|
|CIBC BANK USA JUMBO CD RATES|
|CIBC BANK USA AGILITY CD RATES|
|Under $25,000||$25,000 or more|
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 2019. It ranks highest in overall satisfaction among Canadian credit card mobile apps. Additionally, it ranks second for both overall satisfaction among Canadian banking mobile apps and overall satisfaction for Canadian online banking.
The CIBC US Mobile Banking app allows you to pay your bills, deposit checks remotely and supports Apple Pay purchases directly from your device. The US app is currently only rated at 1.9 out of 5 stars on the iOS App Store and 3.2 stars on Google Play.
How to Bank With CIBC Bank USA
To open an account with CIBC Bank USA, visit one of its 23 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.
CIBC Bank USA offers a broad array of banking and investment products for its clients. Although it is a regional bank based in the Midwest, it is backed by one of the five largest banks in Canada. CIBC Bank USA is best suited for customers that live in one of the four states where it has physical branches. However, the bank also offers an online-only savings account that is a solid option for customers throughout the U.S. Customers looking for a checking account with no monthly maintenance fees and a small opening deposit have four options. Even though CIBC Bank USA only has 28 ATMs, it will refund up to $50 in ATM fees charged by other banks. The amount of ATM refunds received depends on which checking account you have.
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US.CIBC.com. "Banking Centers." Accessed April 5, 2020.
US.CIBC.com. "About Us." Accessed April 5, 2020.
US.CIBC.com. "Personal Savings Accounts." Accessed April 5, 2020.
US.CIBC.com. "Money Market Savings Account." Accessed April 5, 2020.
US.CIBC.com. "Why open an Agility CD?" Accessed April 5, 2020.
JDPower.com. "Banking App Satisfaction in Canada Decreases with Migration to Digital Channels, J.D. Power Finds." Accessed April 5, 2020.