Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
- CIBC Bank USA Review
- Savings Account
- Checking Account
- CDs
- Money Market Account
- Compare CIBC Bank
- Frequently Asked Questions
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.
CIBC Bank USA offers competitive interest rates on savings and CDs, but these accounts work best for people who can deposit a substantial amount upfront. The best high-yield savings accounts pay up to 6.17% APY right now — see how CIBC compares.
| Account Type | Annual Percentage Yield (APY) |
| CIBC Agility Online Savings Account | 5.01% |
| CIBC Money Market Account | 0.03% |
| CIBC Agility 13 Month CD | 5.21% |
| CIBC Agility 18 Month CD | 4.47% |
| CIBC Agility 2 Year CD | 4.45% |
CIBC Bank USA Review
CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce.
CIBC has over 1,000 branches and 3,000 ATMs in North America. Banking centers are located in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.
CIBC Bank USA has an online savings account and CDs that you can open anywhere in the US. To open a checking account or money market account in the US, you must live in a state that has a banking center.
Customer support is available 24/7 by phone.
The bank's mobile app has 4.1 out of 5 stars in the Google Play Store and 3.9 out of 5 stars in the Apple Store.
CIBC Bank USA is FDIC-insured. You may safely keep up to $250,000 in an individual bank account.
CIBC Bankbank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.75 |
| CD | 3.5 |
| Money market account | 3.25 |
| Trustworthiness | 4 |
| Total | 3.5 |
CIBC Bank pros and cons
| Pros | Cons |
|
|
CIBC Bank USA trustworthiness and BBB rating
In 2021, CIBC agreed to pay $125 million in a settlement when accused of misrepresenting financial information regarding CIBC investments and US residential mortgage-backed securities.
We also use ratings from the Better Business Bureau to see how banks deal with customer issues.
The BBB gave CIBC Bank USA an A+ rating. However, its parent company CIBC has an F rating because the BBB has received numerous complaints and CIBC hasn't responded to or resolved some complaints.
CIBC Bank Accounts
CIBC Bank savings account
The CIBC Agility Online Savings Account pays a great interest rate and might be ideal if you have at least $1,000 for an initial deposit.
CIBC Agility Online Savings Account
CIBC Bank, FDIC Insured.
Insider’s Rating
3.75/5
Fees
no monthly services fee
Annual Percentage Yield (APY)
5.01%
Minimum Opening Deposit
$1,000
Pros
- High interest rate
- No monthly services fees
Cons
- $1,000 minimum opening deposit
- May have limited access to your account
Product Details
- Must be at least 18 years old to open an account
- Must maintain a positive balance to earn interest
- Interest compounded and deposited monthly
- Member FDIC
CIBC Bank checking account
Only residents of Illinois, Michigan, Missouri, and Wisconsin may open a CIBC iCan Checking Account.
The CIBC iCan Checking Account is one of the bank's strongest products. It doesn't charge monthly service fees or out-of-network ATM fees, and you'll earn 1% cash back on debit card purchases (up to $20 each month).
CIBC iCan Checking Account
CIBC Bank, FDIC Insured.
Insider’s Rating
3.75/5
Fees
no monthly service fee
Minimum Opening Deposit
$50
Pros
- $50 minimum opening deposit
- No monthly service fees
- No out-of-network ATM fees
- Earn 1% cash back on debit card purchases (up to $20 per month)
- Refunds up to $50 in out-of-network ATM fees per month
- Overdraft protection available
Cons
- Only residents in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin may open an account
- $35 overdraft fee
- $10 overdraft transfer fee
Product Details
- Access to over 1,000 branches and 3,000 ATMs in North America; banking centers are located only in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.
- Earn 1% cash back on debit card purchases (up to $20 per month)
- Overdraft protection allows you to link you savings account; if you utilize it you'll pay a $10 overdraft transfer fee
- Member FDIC
CIBC Bank CDs
CIBC Bank USA has competitive interest rates on CDs and offers an even higher rate if you deposit $25,000 or more.
Keep in mind that terms range from nine months to 30 months, so you'll have to consider other financial institutions if you want to open a CD term that's three years or longer.
CIBC Agility CD
CIBC Bank, FDIC Insured.
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
4.00% to 4.86%
Minimum Opening Deposit
$1,000
Pros
- High interest rates, especially if deposit $25,000 or more
- Standard-to-low early withdrawal penalties
Cons
- $1,000 minimum opening deposit
- Limited CD terms
Product Details
- Earn a higher interest rate if you deposit $25,000 or more
- Terms range from 9 months to 30 months
- Early withdrawal penalty: 30 day of interest if you withdraw before the end of your term
- Interest compounded and deposited monthly
- Member FDIC
CIBC Money Market account
The CIBC Money Market Account isn't as strong as the bank's online savings account.
While it includes checks and a debit card, the money market account has a low interest rate. You'll also need to maintain at least $2,500 in your account daily to waive the $15 monthly service fee.
CIBC Money Market Account
CIBC Bank, FDIC Insured.
Insider’s Rating
3.25/5
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
0.03%
Minimum Opening Deposit
$50
Pros
- $50 minimum opening deposit
- Possible to waive monthly service fee
- Check writing included
- Debit card included
Cons
- $15 monthly service fee
- Only available if you're a resident in select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin
Product Details
- To waive the $15 monthly service fee, keep at least $2,500 in your account daily
- Can be open in select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin
- Member FDIC
Compare CIBC Bank
CIBC USA vs. Chime
CIBC Bank USA has online savings accounts and CDs that can be opened from anywhere in the US. You'll have to live in Illinois, Michigan, Missouri, or Wisconsin to open a checking account or money market account.
Chime only lets you open a savings account if you already have the Chime® Checking Account. Otherwise, you'll have to choose another institution.
CIBC Bank USA offers a slightly highest interest rate on savings accounts but requires a minimum of $1,000 to open a savings account. Chime pays lower interest rates on its savings accounts, but you won't need to make an initial deposit.
CIBC USA vs. Capital One
Capital One Bank has more bank account options than CIBC USA, regardless of where you live. There are online savings accounts, checking accounts, and CDs. You may also open age-specific bank accounts for kids and teens.
Your decision between these two institutions might also depend on how much money you have to deposit. CIBC Bank USA requires a minimum of $1,000 to open a savings account, while Capital One lets you open a savings account with $0.
Frequently Asked Questions
Who is CIBC Bank USA?
CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce. CIBC Bank USA offers online savings accounts and CDs called Agility accounts.
There are branches located in Illinois, Michigan, Missouri, and Wisconsin, which offer more bank account options.
How do you open a CIBC Agility savings or CD account?
You may open a CIBC Agility savings account or CD from anywhere in the US. You'll need to provide your social security number, US ID, and home address. CIBC Bank USA also requires you to be at least 18 years old to open an online bank account.
Are Agility accounts FDIC-insured?
Yes, Agility accounts are FDIC-insured. You may keep up to $250,000 in an individual bank account, and it will be safe.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Evelyn He
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
Western Alliance Bank High-Yield Savings Premier Take advantage of today's rates and earn 5.31% APY on your entire account balance 5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview
Thanks for signing up! Go to newsletter preferences
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.
