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

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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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 USA’s secure website

Member FDIC

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 USA’s secure website

Member FDIC

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.

SEE DETAILS Secured

on CIBC USA’s secure website

Member FDIC

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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 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 USA’s secure website

Member FDIC

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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 USA’s secure website

Member FDIC

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 USA’s secure website

Member FDIC

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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 USA’s secure website

Member FDIC

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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 USA’s secure website

Member FDIC

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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 USA’s secure website

Member FDIC

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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Auto Loan, Reviews

LightStream Auto Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you’re in the market for a quick, affordable and hassle-free way to finance your next car, a LightStream auto loan should definitely be on your radar. It’s particularly well-suited for deal-seekers with good credit who don’t mind working with an online company when it comes to financing their cars. If you’d rather work with a local company that can offer in-person support, however, you might want to skip this lender.

How LightStream auto loans work

LightStream offers a wide range of options for financing your next ride, including:

  • Purchase of a new or used car, either from a dealer or an individual
  • Auto loan refinance (except it does not refinance its own loans)
  • Auto lease buyouts
  • Loans for motorcycles, as well as boats and RVs
  • Classic car loans

Auto loans at a glance:

  • Starting APR range: 3.49%–9.49%
  • Fees: None
  • Loan amounts: $5,000–$100,000
  • Terms: 24–84 months
  • Credit requirements: Minimum 660 credit score
  • Mileage or vehicle restrictions: None

LightStream offers the same starting rate whether you’re buying a new or used car from a dealer, something you don’t see at other lenders. But keep in mind that the lowest rates go to those with the best credit who opt for the shortest loan terms possible and use autopay to make their car payments.

Satisfaction guarantee

If you see a lower rate elsewhere, LightStream will beat any verified offer with a rate that is .10 percentage points lower. It also promises a $100 guarantee within 30 days if you aren’t satisfied with your loan experience.

How to apply for a LightStream auto loan

The only way you can apply for a LightStream auto loan is through its online form. It is an online lender, after all, so you should be comfortable with handling your business details — including the loan application — online. You’ll need to:

  1. Acknowledge receipt of LightStream’s statement on the use of electronic records.
  2. Agree to receive electronic records.
  3. Agree to use electronic signatures to sign your loan documents.

You’ll also need to have a Visa or Mastercard credit card to apply, which LightStream uses during the verification process.

You will be asked to provide:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

From there, LightStream may contact you for more details and documentation. If approved, you’ll need to sign your loan documents electronically and provide LightStream with your bank account details. The money will then be deposited into your bank account, which means you’ll need to pass it along to the seller, whether that’s a dealer or private seller. LightStream will not send the money to the seller directly.

It’s important to note that LightStream doesn’t offer any preapproval options, but if you apply and are approved for a loan, you are under no obligation to accept the loan.

How to qualify for the best rates

LightStream requires good credit at a minimum, but looks for excellent credit when giving the best rates. It defines excellent credit as:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save as shown by some or all of the following: liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Pros and cons of LightStream auto loans

LightStream offers the convenience of an online lender with the backing of a brick-and-mortar bank as the online arm of Truist, the bank created by the merger of  SunTrust Bank and BB&T. But it’s important to weigh all of your options carefully when choosing an auto loan. It’s one of the biggest purchases you’ll make, after all.

Pros

  • Wide variety of loans: New, used, refinance and lease buyouts loans are available on a wide range of vehicles. Unlike other lenders, LightStream doesn’t place restrictions on your vehicle’s age, make, model or mileage.
  • Decent rates: We’ve seen lower starting rates at credit unions, but you’ll have to meet membership requirements. LightStream has no membership requirements and provides the same starting rates for new and used vehicles as well as refinance loans.
  • No down payment required: LightStream finances up to 100% of the car’s cost. Of course, it’s always best to put down as much as you can afford on an auto loan. This will help you save money over the life of your loan and avoid becoming underwater on that loan.
  • Quick funding: If you complete the application process and are approved by 2:30 p.m. EST, you could receive funds the same day.
  • Good reviews: LightStream auto loan reviews are generally positive.

Cons

  • Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better.
  • No preapproval process: Unlike many lenders, you’ll have to complete a full application in order to see your rates and terms. Still, the process is fast, and if you complete your rate shopping within a certain time period, multiple applications should not impact your credit any more than a single application.
  • No face-to-face service: If you’re the type of person who likes to seal the deal with a handshake after signing the documents, you’ll want to stick with some place local.

LightStream vs. Capital One

If you’d like a bit more of a guided approach to the car-buying process,  Capital One’s Auto Navigator loan options might be better for you. Rather than sending you cash directly that you can use on whatever car you want to buy, Capital One’s Auto Navigator service lets you first get prequalified for financing, and then shows you which dealers in your area may offer based on the type of car you want to buy and the financing you can afford.

If any of the offerings pique your interest, you can then finish the application and buy the car. It’s still a good idea to compare the offer with other new and used car loan rates.

LightStream vs. Carvana

Carvana works similarly to Capital One Auto Navigator in that you can prequalify for financing and browse real cars in your area that you may then be able to buy. It’s important to remember that Carvana only sells used cars and its financing is only available on Carvana cars. But it is possible to finance here with poor credit — Carvana requires borrowers to be 18 years old, have no active bankruptcies on their credit report and earn at least $4,000 per year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Credit Cards, Reviews

CreditStacks Mastercard Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

The CreditStacks Mastercard offers a unique opportunity for individuals with little or no U.S. credit history – such as recent college graduates or professionals relocating to the U.S. for employment – to be approved for a credit card.

That’s because instead of requiring a Social Security number (SSN) or individual taxpayer identification number (ITIN) as most traditional credit cards do, the CreditStacks Mastercard allows applicants to apply using a valid passport or U.S. government-issued ID, a U.S. visa or a permanent resident “green” card (if applicable), as well as proof of income. The CreditStacks Mastercard also allows you to apply up to 60 days prior to starting your new job in the U.S.

We break down the pros and cons of the CreditStacks Mastercard, and show how it compares to the Capital One® Secured Mastercard®, which is also designed to help individuals establish or rebuild credit.

CreditStacks Mastercard pros

No credit history required. With the CreditStacks Mastercard, you can apply without a Social Security number and with little or no U.S. credit history. Once you obtain your Social Security number, you must provide it within 60 days of account opening. At that point, CreditStacks will begin reporting your credit activity to the Equifax and TransUnion credit bureaus.

Note, if you have been living in the U.S. for more than one year, you will be required to provide a Social Security number when applying for the card. A credit check may also be performed.

Decent credit limit. The CreditStacks Mastercard offers a credit line of up to $5,000 – which is a generous amount for an unsecured credit card that doesn’t require credit history.

Your credit limit will be determined by the proprietary underwriting procedures of CreditStacks, which will consider your current employment situation and additional factors, instead of your credit score.

No annual fee. The CreditStacks Mastercard comes with a $0 annual fee.

Additional CreditStacks Mastercard benefits:

  • Mastercard ID Theft Protection(™). Access free identity theft resolution services, as well as Mastercard ID Theft Alerts(™).
  • Extended warranty. Receive an extended warranty of up to one year past a manufacturer’s warranty of 12 months or less.
  • Purchase protection. If you are dissatisfied with a purchase, you may be eligible to receive a full refund for up to 60 days from the date of purchase.
  • Price protection. Get reimbursed for the difference if you find a lower price for an eligible new item within 60 days of purchase using your CreditStacks Mastercard.
  • Purchase assurance. Cardholders receive coverage if an item is lost, damaged or stolen within 90 days of purchase.
  • Travel protections. The CreditStacks Mastercard offers a MasterRental(R) collision damage waiver, lost or damaged luggage insurance, travel accident insurance, baggage delay insurance and trip cancellation and trip interruption insurance. Plus, receive access to exclusive experiences and offers through Priceless Cities and special travel offers through Mastercard’s online booking tool.
  • Cellphone insurance. If you use your CreditStacks Mastercard to pay your monthly cellphone bill, you can receive coverage against theft or damage of up to $600 per claim and up to $1,000 per 12-month period.

CreditStacks Mastercard cons

No rewards program. The CreditStacks Mastercard does not offer a sign-up bonus or rewards on the purchases you make using the credit card. That said, when trying to build or rebuild credit, it’s best to focus on paying your bill on time and in full (when possible) each month, rather than racking up rewards.

No intro APR on purchases. The CreditStacks Mastercard does not offer a 0% intro APR on purchases – meaning, if you don’t pay your balance in full each month, you will be subject to interest charges at a rate of 15.49% Variable APR.

That said, the card’s ongoing APR for purchases is reasonable – considering that some cards designed for individuals with little or no credit come with APRs upwards of 26.99% (variable).

Compare it to the Capital One® Secured Mastercard®

Similar to the CreditStacks Mastercard, the Capital One® Secured Mastercard® is designed for individuals with little or no credit. However, because it is a secured credit card, the Capital One® Secured Mastercard® requires a refundable security deposit of $49, $99 or $200, for an initial credit line of $200.

If you deposit more money before your account opens, you may be eligible for a higher credit line, up to $1,000. Additionally, you can be given access to a higher credit line after demonstrating responsible card usage by making your first five monthly payments on time.

While the Capital One® Secured Mastercard® does not require U.S. citizenship to apply, it does require a valid SSN or ITIN, as well as a residential address in the U.S. or a U.S. military location.

See how the cards compare side-by-side in the table below.

CreditStacks Mastercard vs. Capital One® Secured Mastercard®

 CreditStacks MastercardCapital One® Secured Mastercard®
Annual fee$0$0
Rewards rateN/AN/A
Credit lineUp to $5,000$200-$1,000
Deposit requiredNone$49, $99 or $200
Regular purchase APR15.49% Variable26.99% (Variable)

The Capital One® Secured Mastercard® also comes with a number of benefits, including auto rental collision damage waiver, travel accident insurance, extended warranty and 24-hour travel assistance services. As a Capital One member, you will also have access to virtual card numbers and account alerts from Eno, as well as access to your credit score and fraud monitoring through CreditWise.

But if you plan to carry a balance on your card, you’ll be better off with the CreditStacks Mastercard, since the Capital One® Secured Mastercard® comes with a substantially higher APR of 26.99% (Variable).

Read our: Capital One Secured Mastercard review

Which credit card is best for me?

If you haven’t yet established credit in the U.S., the CreditStacks Mastercard could be a good fit. In addition to not requiring a Social Security number for approval, the card helps build your credit by reporting to two major credit bureaus.

But if you’re in the market for a secured credit card and already have a SSN or ITIN, the Capital One® Secured Mastercard® is a good alternative. While the card offers a much lower credit line than the CreditStacks Mastercard, it does offer a variety of useful benefits that aren’t common for a secured credit card.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.