CIBC Bank USA is headquartered in Chicago, Illinois. It’s a subsidiary of Toronto-based Canadian Imperial Bank of Commerce, which was founded in 1867. CIBC Bank provides personal banking services, including checking and savings accounts, mortgages, and personal loans. It also offers commercial, wealth management, and small business financial products and services.
CIBC personal banking centers can be found in California, Florida, Illinois, Michigan, Missouri, and Wisconsin. ATMs are located throughout Illinois, Missouri, and Wisconsin.
All rates and fees are current as of August 25, 2023 and are subject to change.
CIBC Agility Digital Banking offerings
CIBC Bank has an online-only line of deposit products known as Agility. It currently offers a high-yield savings account and certificates of deposit (CDs).
High-yield savings account
The Agility savings account is a high-interest online savings account offered by CIBC Bank.
- Agility Savings
- APY: 4.76%
- Minimum opening deposit: $1,000
- Fees:
- Monthly fee: None
CIBC Bank savings rates compared to current top rates*
Certificates of deposit
Interest on CDs is compounded and credited to your account monthly. Accounts automatically renew at maturity, unless you withdraw your funds or provide written notice within the 10-day grace period.
- Agility online CD
- APY:
- 9-month: 5.11%
- 12-month: 5.36%
- 18-month: 5.17%
- 24-month: 4.75% (balances over $25,000 earn 4.80%)
- 30-month: 4.20% (balances over $25,000 earn 4.25%)
- Minimum opening deposit: $1,000
- Fees:
- Early withdrawal penalty: 30 days of interest
- APY:
Non-Agility deposit accounts
Note that the following accounts (with the exception of the eAdvantage savings account) cannot be opened online. You must visit a CIBC branch in order to open one of these accounts. Interest rates vary by location; contact the bank directly to find out the rates offered in your area.
Checking and savings accounts
CIBC offers several free checking accounts, as well as one basic savings account. CIBC reimburses customers for out-of-network ATM fees; the amount of the reimbursem*nt depends on the type of checking account you own.
- iCan Checking
- Rewards: 1% back on debit card purchases
- Minimum opening deposit: $50
- Fees:
- Monthly fee: None
- Out-of-network ATM fee: $3.00 each, plus a 2.5% administration fee
- Non-sufficient funds: $45
- myChoice Plus Checking
- Minimum opening deposit: $50
- Minimum balance to earn interest: $0.01
- Fees:
- Monthly fee: None
- Out-of-network ATM fee: $3.00 each, plus a 2.5% administration fee
- Non-sufficient funds: $45
- myChoice Prestige Checking
- Rewards: 1% back on debit card purchases
- Minimum opening deposit: $50
- Minimum balance to earn interest: $10.000
- Fees:
- Monthly fee: None
- Out-of-network ATM fee: $3.00 each, plus a 2.5% administration fee
- Non-sufficient funds: $45
- Personal Savings
- Rewards: 1% back on debit card purchases
- Minimum opening deposit: $50
- Minimum balance to avoid fee: $250
- Fees:
- Quarterly fee: $3 if minimum balance isn’t maintained
Money market accounts
For customers who want to earn more interest by keeping a larger balance on deposit, CIBC offers a money market account. Interest is compounded and credited monthly.
- Personal Money Market Account
- APY: Tiered according to balance
- Minimum opening deposit: $50
- Minimum balance to avoid monthly fee: $2,500
- Fees:
- Monthly fee: $15 if minimum balance isn’t maintained
Certificates of deposit
Traditional and jumbo CDs are available with term lengths ranging from 30 days up to five years.
- CDs
- APY:
- 13-month in-branch special: 5.36%
- Minimum opening deposit: $1,000
- Fees: There may be an early withdrawal penalty; inquire with bank
- APY:
Other services CIBC offers
In addition to several deposit accounts, CIBC also provides a variety of banking services, including:
- Auto loans: Customers have the option to purchase or refinance a new or used vehicle or motorcycle.
- Personal loans: Borrow up to $10,000 with terms ranging from 12 to 60 months.
- Retirement accounts: The bank offers tax-advantaged IRA savings and CD accounts.
- Private wealth: These services include investment management, private banking, and more.
- Commercial banking: Businesses can take advantage of deposit accounts, commercial loans (including SBA loans), and other banking services.
The CIBC platform and customer support
CIBC NetBanking offers a robust online banking experience. Customers can deposit checks, transfer funds, automate payments, and more, from their computer or mobile device. The bank offers a mobile banking app that’s rated 3.7 stars on the Apple store and 3.6 stars on Google Play.
If you have questions or need help with your account, contact the client support center at (877)-448-6500. For Agility products, you can call (844)-704-7882. You can also email the bank at [email protected].
Pros and cons of CIBC Bank
If you’re thinking about opening an account with CIBC Bank, consider these pros and cons first.
Pros
- Competitive rates for online deposit accounts
- ATM fee reimbursem*nt
- No monthly fees for most accounts
Cons
- Most accounts cannot be opened online
- No ATM access for Agility accounts
Frequently asked questions
Is CIBC a bank in America?
Yes, CIBC Bank is a U.S. commercial bank headquartered in Chicago.
What does CIBC mean?
CIBC stands for Canadian Imperial Bank of Commerce. It was established when The Canadian Bank of Commerce and the Imperial Bank of Canada merged in 1961.
Does CIBC Bank have Zelle?
Yes, you can send and receive money with Zelle using your CIBC Bank deposit account.
