CIBC U.S. Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Thursday, October 1, 2020

CIBC U.S. checking account options

myChoice Checking

Get extra perks based on how high your balances are across your CIBC accounts.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $50 (depends on how you’ll use the account as explained below)
  • Overdraft fee: $35

Just like the iCan checking account, myChoice account holders are rewarded based on their relationship with the bank with the added bonus of earning interest. There are five rewards levels: Easy, Everyday, Plus, Premium and Prestige. Your APY and rewards are based on the account balance you have across your personal deposit accounts, including personal loans. Easy is the only level in which you pay the monthly maintenance fee.

The highest level you can get is Prestige and includes rewards such as up to $50 in ATM refunds, one free overdraft and a rate bonus across qualifying accounts. You may receive similar rewards with lower levels, just in lesser amounts.

The bank will assess your account each month to see if you still qualify for the current reward level. If not, you have a two-month time frame in which you have a chance to meet the requirements, or else you’ll be bumped down. You can also check what you’ll need to qualify for a higher level by logging into your account.

How to get the myChoice checking account

You can only open an account in person. Check to see what location is closest to you by looking on their website or by speaking with a customer representative.

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on CIBC Bank USA’s secure website

iCan Checking

You don’t earn any interest but the account does come with some perks.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: Up to $9 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $50 (depends on how you’ll use the account as explained below)
  • Overdraft fee: $35

Although you don’t earn any interest with this account, CIBC U.S. offers extra perks for frequent users, as well as those with higher balances and multiple accounts. Perks include more ATM refunds, cash back on debit card purchases and no monthly maintenance fees.

There are four rewards levels: Easy, Everyday, Plus and Premium. To qualify for the higher rewards levels, you’ll need to meet higher account balances across all CIBC U.S deposit accounts, sign up for e-statements and make a certain number of online banking transactions each month. The monthly maintenance fee is $9 for the Easy level, but that can be lowered to $6 if you sign up for e-statements. The monthly fee is waived for the other three levels.

The bank will assess monthly if you still qualify for the current reward level. If not, you have two months to bring it back to the minimum requirements, or else you’ll go down a level. If you qualify for the higher level, the bank will also adjust accordingly.

How to get the CIBC U.S. iCan checking account

You’ll need to head to one of the CIBC U.S branches to open an account. Click here to find a location nearest you, or call the bank to speak with a customer service representative.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

EasyPath Access

This account is designed for those who don’t want any overdraft fees.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $4 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for those who want to avoid overdraft fees. To begin with, this is a check-free account, so those won’t bounce. For other debits, if there isn’t enough money in the account, CIBC U.S. will deny the transaction. This checking account is non-interest bearing.

Features include online and mobile banking and a free debit card. You can also waive the monthly maintenance fee if you elect to receive e-statements.

How to get the EasyPath Access account

Head to a branch and open an account.

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on CIBC Bank USA’s secure website

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How the CIBC U.S. checking accounts compare

Even with the perks that CIBC U.S. offers, its checking accounts fall short of what else is available at other banks. Most competitors have much higher APYs with no monthly maintenance fees. They give ATM refunds and you don’t need to meet any requirements (such as make a certain number of transactions) to qualify for rates.

To find better rates, check out our list of the 10 best online checking accounts.

CIBC U.S. savings account options

CIBC AgilityTM Savings

This online-only account offers a competitive interest rate.
APYMinimum Balance to Earn APY
0% $0.01
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is an online-only account that is best for those who want to find an account with a competitive rate. You can access your cash either in person, via online banking or the mobile app.

Since this is a savings account, you are limited to six withdrawals a month, as per federal Regulation D. If you make more than six a month, CIBC U.S. will charge you a $10 fee for each one. If you keep making more than six withdrawals a month, your account could be converted into a checking account.

How to get the CIBC Agility Savings account

To apply, head over to the CIBC U.S. website and fill out an online application form. You’ll need to provide details such as your name, address, employment information, state-issued ID and Social Security number. Then you’ll need to fund the account.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

Member FDIC

CIBC Savings

You pay a low maintenance fee and get ATM access with this account.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $3 per quarter (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a basic savings product that’s best for those who want a low opening deposit and minimum account balance. If you’re opening an account for someone under 18 years old, the monthly maintenance fee and minimum balance requirement are waived. Adults can also avoid the fee by maintaining a minimum balance of $250.

Federal Reserve Regulation D mandates that you’re limited to six certain withdrawals a month from savings accounts. CIBC U.S. will charge you $10 for each excess withdrawal you make. If you continue to go past the six-withdrawal limit, the bank could convert it into a checking account.

How to get the CIBC Savings account

You can only open a CIBC savings account in person. For more information, call customer service or find a location closest to you.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

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How CIBC U.S. savings accounts compare

The CIBC Agility Savings account offers one of the best rates compared to our list of the best online savings accounts. Competitors also offer low minimum balances, the ability to waive maintenance fees and mobile banking. However, CIBC U.S. doesn’t offer ATM access. If that’s important to you, you can either link your checking account or look for an account that does have this feature.

CIBC U.S. CD rates

Certificates of Deposit

Fixed-rate CDs that are best for anyone looking to find a guaranteed rate of return on their investment.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 180 days’ interest

When your account matures, you have a 10-day grace period in which you can make withdrawals, additional deposits or renew for another term. Otherwise, your account will automatically be renewed for the same term at the advertised rate, with the exception of the special 15-month CD, which will automatically be renewed to a 12-month CD. Contact CIBC U.S. to learn about its offerings.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

Jumbo CDs

For those looking to make a conservative investment.
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: 180 days’ interest

Jumbo CDs are best for those looking for a conservative short-term investment vehicle.

Like with the regular-rate CDs, you have a 10-day grace period when your account matures where you can make additional deposits, withdrawals or renew for a different term. If you do nothing, your CD will automatically be renewed at the same term, except for the 15-month CD, which will be converted to a 12-month CD. Contact CIBC U.S. to learn about its offerings.

How to get certificates of deposit from CIBC U.S.

You can only open a CD at a branch. Click here to find a location nearest you.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

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How CIBC U.S. CD rates compare

The terms and rates for CIBC U.S.’ CDs and jumbo CDs are not available on its website. You can look at other CDs on our list of the best rates.

CIBC U.S. money market account options

CIBC Money Market

This account offers limited check-writing capabilities.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for those who want checkwriting capabilities in a savings account. You get free online banking and limited checkwriting capabilities — which includes free check images. Account holders can waive the $15 monthly maintenance fee if the daily account balance is at least $2,500.

Since this is a savings account, you are limited to six certain withdrawals per month as per Regulation D. If you make more than six a month, you’ll be charged a $10 excess withdrawal fee each time. If you keep making more than six withdrawals a month, your account could be converted into a checking account.

How to get the CIBC Money Market account

The only way to open a money market account is in person. Click here to find a location nearest you.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

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How the CIBC U.S. money market account compares

This money market account falls flat compared to other online banks’ money market accounts. You can get rates at least three times the yield elsewhere that you’d get at CIBC U.S. Also, some competitors also offer checkwriting capabilities and a low minimum opening deposit.

To find better rates, go to our list of the best money market rates.

CIBC U.S. IRA account options

IRA Certificate of Deposit rates

Earn a guaranteed rate of return with this low-risk investment account.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 180 days interest

The IRA CDs are best for those who are looking for a very low-risk investment account. You’ll have the ability to keep your earnings in a tax-free or tax-deferred account depending on which option you choose.

When your CD matures, you’ll get a 10-day grace period where you can make withdrawals, additional deposits or renew for another term. Otherwise, it’ll be renewed automatically. Keep in mind if you do make withdrawals, you may be subject to IRS penalties if you’re not yet age 59½.

How to get IRA CDs from CIBC U.S.

You can only open a IRA CD account in person. Head to the CIBC U.S. website to find the location closest to you.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

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How CIBC U.S. IRA CD rates compare

These IRA CD rates are extremely low compared to some of the best offerings out there. Although some of the minimum opening deposits are higher with competitors, it could be worth it since you’re getting a much higher rate in return. You can also open these accounts online, so check out this list of the best IRA CD rates to see how you can maximize your savings.

IRA Savings

This investment account is identical to the CIBC Savings account.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $3 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This IRA Savings account could be a good fit for those looking for a way to stash tax-sheltered or tax-free savings to access it more frequently. Keep in mind though that Federal Reserve Regulation D limits you to six certain withdrawals a month.

There is a quarterly maintenance fee that can be waived if you maintain a daily minimum balance of $250. The IRS imposes limits as to how much you can contribute per year, so make sure you know what your limits are.

How to get an IRA Savings account from CIBC U.S.

You need to go to a branch to open an account. Head to the CIBC U.S. website to find the nearest location.

SEE DETAILS Secured

on CIBC Bank USA’s secure website

Overall review of banking products from CIBC U.S.

Most of the personal banking products from CIBC U.S. fall flat — and you cannot open most accounts online. Unless you live near one of its branches, it’s difficult to open one even if its rates are the best. Also, since the rates aren’t showcased online, it makes it difficult to know how the accounts compare to other banks unless you call CIBC U.S.

Where the bank shines is its Agility Savings account. It is one of the best rates out there and is available nationwide. If you’re looking for a great savings account, you can’t go wrong with this one. For those looking for other options, you’re probably better off shopping around.

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