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CIBC Bank USA review: Savings account and CDs with high interest rates, but you'll need to deposit $1,000 or more

CIBC Bank logo on Personal Finance pattern background
CIBC Bank USA is the US division of the Toronto-based bank, Canadian Imperial Bank of Commerce.

CIBC Bank; Insider

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Overall bank rating

FeatureInsider rating (out of 5)
Savings3.5
Checking3.75
CD3.5
Money market account3.25
Trustworthiness4
Total3.5

Pros and cons

ProsCons
  • Great interest rates on savings accounts and CDs

  • Earn 1% cash back on debit card purchases with the CIBC Bank iCan Checking Account

  • 24/7 customer support

  • No monthly service fees on savings or checking accounts

  • Banking options depend on where you live
  • $1,000 minimum opening deposit for savings account and CDs
  • Limited CD terms

CIBC Agility Account review

The CIBC Agility Account pays a great interest rate and might be ideal if you have at least $1,000 for an initial deposit. 

If you don't have a lot of money for an opening deposit, see our best high-yield savings accounts guide. Some of our top picks let you open a high-yield savings account with $0. 

CIBC Bank iCan Checking Account review

Only residents of Illinois, Michigan, Missouri, and Wisconsin may open a CIBC Bank iCan Checking Account.

The CIBC Bank 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 Bank Agility CD review

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 Money Market Account review

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. 

How CIBC Bank USA works

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 only in 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 4.2 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.

Is CIBC Bank USA trustworthy?

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 hasn't responded to or resolved some complaints. 

A good BBB rating won't guarantee your relationship with a bank will be smooth. Consider chatting with current customers or reading online customer reviews to see if CIBC Bank USA might be a good fit for you. 

How CIBC Bank USA compares 

We compared CIBC Bank USA to two other financial institutions with high-yield bank account options: Chime and Capital One.

CIBC logo

CIBC

Chime FDIC insured

Chime

capital one logo

Capital One 360

Savings APY

CIBC Agility Account

Savings APY

Chime Savings Account

Savings APY

Capital One 360 Performance Savings™

Savings minimum opening deposit

CIBC Agility Account

 

Savings minimum opening deposit

Chime Savings Account

Savings minimum opening deposit

Capital One 360 Performance Savings™

CIBC Agility AccountChime Savings AccountCapital One 360 Performance Savings™

Your decision between these three institutions might depend on how much money you have to deposit. 

CIBC Bank USA offers the highest interest rate but requires a minimum of $1,000 to open a savings account. Chime and Capital One have lower interest rates, but you won't need to make an initial deposit. 

You'll also need to consider whether you want to open other types of bank accounts.

Capital One has the greatest variety out of all three institutions. There are online savings accounts, checking accounts, and CDs. You may also open age-specific bank accounts for kids and teens.

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 Spending Account. Otherwise, you'll have to choose another institution. 

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. 

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