Explore your choices for CIBC bank accounts | finder.com

Explore CIBC’s suite of bank accounts

Personal and business accounts with relationship perks and mobile banking.

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CIBC

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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.

Name Product APY ATMs Fee
27 ATMs in Illinois, Missouri and Wisconsin
$15/month
(can be waived)
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.
27 ATMs in Illinois, Missouri and Wisconsin
$9/month
(can be waived)
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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Name Product Interest rate (APY) Fee Minimum deposit to open
2.20%
$0
$1,000
With no maintenance fees, it's easy to grow your savings. Put your money to work with an online account from CIBC Bank USA.
$15 per month
$50
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.
$3 per month
(can be waived)
$50
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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What banking products does CIBC offer?

    Personal banking

  • Small business banking

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.

Why should I open an account at CIBC?

In addition to the resources and dependability of a well established bank, CIBC can offer the following:

  • Option to waive fees. On many accounts, CIBC waives the fee if you maintain a monthly account balance minimums.
  • 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.
  • 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, free to download for both Android and iOS.

What should I look out for?

A limited branch network means limited in-person customer support along with the following:

  • Fees. While some CIBC accounts offer the option to waive monthly account fees, you may also encounter $10 excessive transaction fees and $1 non-CIBC ATM fees.
  • 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.
  • No online application. With the exception of its CIBC Agility Savings account, you can’t apply for CIBC’s checking and savings accounts online.
  • 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, the four states CIBC services, you won’t be eligible to apply.

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.

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.

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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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