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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 checking accounts
CIBC iCan Checking.A basic checking account with mobile banking, the option to waive fees and CIBC relationship perks.
CIBC HSA Checking. An interest-bearing health savings account with no annual fees and tax-exempt contributions and interest.
EasyPath Access. This checking account has no minimum balance requirement, monthly fees and or overdraft fees.
Personal savings accounts
CIBC Savings. After a minimum opening deposit of $50, you receive unlimited ATM withdrawals, tiered interest rates, and opportunities to waive monthly fees.
CIBC IRA Savings. Tiered interest rates and potential tax advantages are available in Traditional, Roth and Rollover IRAs.
CIBC Money Market Savings. This flexible money market account comes with a debit card, personal checks, and unlimited ATM and in-person withdrawals.
CDs
CIBC CDs.Terms range from 30 days to five years with a minimum $1,000 opening deposit. Deposit more than $100,000 to access higher interest rates with CIBC’s jumbo CDs.
CIBC IRA CDs. Deposit a minimum of $1,000 for the potential tax advantages of a Traditional, Roth or Rollover IRA CD.
Small business checking accounts
Simplified Business. You’ll get 500 free transactions. And if you maintain a minimum monthly balance of $2,500, the $10 monthly account fee is waived.
Executive Business Checking. Receive up to $25 in foreign-bank ATM fee refunds per billing cycle and maintain a monthly balance of $10,000 or more to waive the $25 monthly account fee.
Analysis Business Checking. This business checking account comes with cash vault services, ACH services, sweep accounts and positive pay with fees that vary by transaction type.
Nonprofit Checking. A savings account designed for nonprofits with low transaction volumes that comes with 500 free transactions and remote deposit capture.
Small business savings accounts
Business Savings. This business savings account offers unlimited ATM and in-person withdrawals, wire services and opportunities to waive monthly account fees.
Small Business Money Market. A $100 minimum opening deposit yields tiered interest rates, unlimited ATM and in-person withdrawals and no minimum withdrawal amount.
Public Funds NOW. An interest-bearing business savings account designed for public entities and agencies that offers wire services and remote deposit capture.
IOLTA NOW. This business savings account is designed for attorneys and law firms. It offers fixed-interest rates, no monthly fees and unlimited check writing and deposits.
Other products
SBA loans. Access longer loan terms, flexible repayment options and lower down payments with this loan program designed for small businesses.
EasyPath Term Loan. Obtain working capital for your business with a one-year term, balloon fixed-rate of 5.99% and loan amounts of up to $30,000 available.
EasyPath Business Step Loan. Loan amounts of up to $10,000 are available with fixed-rate terms from 12 to 36 months.
EasyPath Revolving Line of Credit. Secure business capital of up to $25,000 on a variable-rate term of 364 days.
Home loans. CIBC offers home loans with fixed- and adjustable-rates in all 50 states with specialty mortgage products such as construction loans, home equity loans and reverse mortgages available.
Personal loans. Fund your next project with personal loans of up to $2,500 and terms of up to two years at a fixed-rate of 9.95% APR.
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 0.52% 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:
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.
CIBC’s routing number is 071006486. Its SWIFT code is PVTBUS44.
CIBC bank branches can be found in Illinois, Michigan, Missouri and Wisconsin.
Many of CIBC’s accounts require an in-person application with the exception of the CIBC Agility Savings account. This account offers 0.52% APY and the application can be completed entirely online.
Deposit funds into your CIBC account by electronic funds transfer, mailing a check, mobile check deposit, or at a branch or ATM.
Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
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Does CIBC compound interest daily on its savings?
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