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Compare CIBC banking products: Savings, Checking, and CDs

Personal and business accounts with relationship perks and mobile banking.

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CIBC
Canadian-based CIBC has a sweeping range of banking products for both individuals and small businesses. From checking and savings accounts to business loans and reverse mortgages, this provider has plenty to offer.

What banking products does CIBC offer?

You’ll find a suite of personal and small business banking options at CIBC:

    Personal banking

  • Small business banking

Compare CIBC bank accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
CIBC myChoice Plus Checking
$50
27 ATMs in Illinois, Missouri and Wisconsin
myChoice is an interest-bearing checking account offered by CIBC Bank USA that rewards you for trusting us to meet your everyday banking needs. It’s based on your relationship balances – the total amount you have in deposits or outstanding loan balances with us in qualifying related accounts.
CIBC iCan Checking
$50
27 ATMs in Illinois, Missouri and Wisconsin
$1
A non-interest-bearing account offered by CIBC Bank USA that rewards you based on your relationship with the bank. The more you use certain banking services, the more you can earn in cash back rewards and ATM fee reimbursements.
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$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
CIBC Agility Savings
1.05%
$0
$1,000
Read review
View details
This savings account offers no maintenance fees and a competitive rate.
CIBC Money Market Savings
APY not advertised
$15 per month
$50
Read review
View details
A money market account that earns a competitive interest rate and allows unlimited in person withdrawals to provide liquidity and easy access to your money.
CIBC Savings
APY not advertised
$3 per month
(can be waived)
$50
Read review
View details
A savings account offered by CIBC Bank USA with a low minimum balance requirement and the ability to earn more when you maintain a higher balance.
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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIBC CDs
0.65%
0.65%
0.65%
0.65%
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How does CIBC compare to other banks?

CIBC is one of the five largest banks in Canada, with over $565 billion in total assets. While it certainly holds its own in Canadian markets, it’s edged out by Canadian competitors Bank of Montreal and Bank of Nova Scotia with $709 and $915 billion in total assets, respectively.

Checking accounts

Pros

  • ATM refunds. All of its personal checking accounts come with monthly reimbursements for non-network ATMs.
  • Relationship perks. The higher your total deposits in qualifying CIBC accounts, the better relationship perks you’ll receive, including ATM fee rebates, free checks and interest rate bonuses.
  • Several account options. CIBC offers eight personal and business checking accounts, so your bound to find one that suits your needs.

Cons

  • No online applications. You’ll have to visit a local branch to open any CIBC checking account.
  • Monthly fees. Many of its accounts have monthly fees. But CIBC waives the fee if you maintain a monthly account balance minimums.
  • $50 opening deposits. You’ll need at least $50 to open most of its accounts, while other banks let you get started with as little as $0.

Savings accounts

Pros

  • One high-yield account. The CIBC Agility Savings account earns a strong 1.05% APY, has no monthly fees and can be opened online.
  • Unlimited ATM withdrawals. If you open a CIBC Savings account, withdrawals at an ATM don’t count toward the six-transaction limit set by the federal government.
  • Specialized business accounts. CIBC offers accounts specifically for small business owners, agencies and attorneys and law firms.

Cons

  • Unclear rates. Many of the interest rates for CIBC‘s savings products aren’t available online, which means you’ll need to call, email or visit a CIBC branch to find out what rate you qualify for.
  • Fees. Expect to pay $10 for excessive transactions and $1 at non-CIBC ATMs.
  • No online application. With the exception of its CIBC Agility Savings account, you can’t apply for CIBC‘s savings accounts online.

CDs

Pros

  • Tiered interest rates. Although the minimum deposit is $1,000, you’ll earn an even higher rate when you sock away at least .
  • Online CD options. Open a nine, 12, 18 or 24-month CD online without visiting a local branch.
  • Low early withdrawal penalty for online CDs. You’ll pay a fee equal to 30 days’ interest if you withdraw your funds from an online CD before maturity — which is lower than the penalty charged by other banks.

Cons

  • High minimum deposit. You’ll need at least $1,000 to open any CIBC CD.
  • Unclear interest rates. CIBC only lists interest rates on its website for online CDs. You’ll need to call or visit a local branch to find out rates for CIBC‘s other CD terms.
  • Some CDs must be opened in person. Unless you’re opening a nine, 12, 18 or 24-month CD, you’ll need to visit a local branch to apply.

Overall banking

Pros

  • Large product suite. CIBC has a number of personal and business banking products to offer, alongside personal loans, home loans and lines of credit.
  • Mobile banking. Access your account from your mobile device using the CIBC mobile banking app.

Cons

  • Limited availability. Many of CIBC‘s banking products are limited to in-person applicants only. So, unless you live in Illinois, Michigan, Missouri or Wisconsin, CIBC services, you won’t be eligible to apply.
  • Unclear rates. You have to call or visit a local branch to find out most of CIBC‘s APYs, which can be an inconvenience when shopping around for the best rates.

    CIBC reviews and complaints

    CIBC isn’t an accredited business with the Better Business Bureau, but does receive an A+ BBB rating.

    The Consumer Financial Protection Bureau lists 22 complaints against CIBC, with a majority of complaints lodged against its home loan products. Customers complain of slow loan processing, hidden fees and account closures as a result of cryptocurrency transactions.

    On the upside, people praise CIBC’s friendly, in-person customer service and speak highly of the ease and speed of its online and mobile banking platforms.

    CIBC customer service

    You can get in touch with CIBC in following ways:

    • Phone. Call 877-448-6500, Monday to Friday from 8 a.m. to 7 p.m., and Saturdays from 8 a.m. to 1 p.m. CST.
    • Email. Send your question, comment or query to cibcusadmin@cibc.com for a reply from customer support within one business day.
    • In person. Visit a CIBC bank branch to speak with a customer support representative in person.

    Compare CIBC bank to the competition

    If CIBC bank doesn’t have what you’re looking for, compare accounts from these popular institutions:

    $
    $
    months
    Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
    CIT Bank Money Market
    0.85%
    $0
    $100
    Go to site
    View details
    A savings account with a higher-than-average rate and minimal fees.
    American Express® Personal Savings High Yield Savings
    1.00%
    $0
    $0
    Go to site
    View details
    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    Chase Savings
    0.01%
    $5 per month
    (can be waived)
    $0
    Go to site
    View details
    A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
    Citibank® Account Package
    Citibank® Account Package

    0.13% on $500,000+
    0.08% on $25,000 to $99,999.99
    0.04% on $0 to $24,999.99
    $25 per month
    (can be waived)
    $0
    Go to site
    View details
    Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
    Aspiration Spend & Save Account

    1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
    $0
    $10
    Go to site
    View details
    A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
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    Bottom line

    Canadian owned and operated, CIBC has a lot to offer its US neighbors. While some of its accounts are limited to in-person applicants, it does offer mobile banking, relationship perks and the option to waive fees.

    Review your account options and explore what other providers have to offer to get the product that’s best suited to your needs.

    Frequently asked questions

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    2 Responses

    1. Default Gravatar
      SuzanneApril 15, 2019

      Does CIBC compound interest daily on its savings?

      • Avatarfinder Customer Care
        JeniApril 16, 2019Staff

        Hi Suzanne,

        Thank you for getting in touch with Finder.

        Please note that with CIBC savings, interest is calculated daily on the closing balance and paid monthly.

        I hope this helps.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

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