CIBC US$ Personal Account review
- Promotional Rate
- N/A
- Interest Rate
- 0.05%
- Transaction Fee
- $0.75 USD
- Minimum Balance
- $0
Our verdict
The CIBC US$ Personal Account is best for individuals who regularly manage US dollars or travel to the US often.
The CIBC US$ Personal Account is ideal for people who frequently travel to the US or routinely handle US currency. The account has no monthly fee, earns interest on balances and eliminates conversion rate considerations. However, be wary of transaction limitations and costs to use other banking services when using this account. If you're looking for an account that holds Canadian currency, continue researching other savings accounts options.
Pros
-
No monthly account fee
-
Earn 0.05% - 0.3% interest
Cons
-
Every transaction you incur will cost US$0.75
-
Interac e-Transfers not available
| Feature | Details |
|---|---|
| Interest rate | 0.05% – 0.3% |
| Account fee | $0 |
| Fee per transaction | US$0.75 |
| Minimum balance | $0 |
| Minimum age | 18 |
How do I open a CIBC US$ Personal Account?
- Go to CIBC’s website.
- Under Bank Accounts, select Savings.
- Click Apply now under CIBC US$ Personal Account.
- Provide CIBC with the necessary information, including your full name, date of birth, address, residential status and contact information. After entering each piece of information, click Next.
- Indicate how you intend to use the US$ Personal Account. Click Next.
- Review the information you entered and click Next.
Eligibility requirements
To be eligible for the CIBC US$ Personal Account, you must meet the following criteria:
- Be a Canadian resident
- Be the age of majority in your province or territory
Required documents and information
During the application process, you will be asked to provide the following information:
- Full name
- Date of birth
- Address, residential status and length of time at that residence
- Phone number
- Email address
- Employment status
- The same information for a co-applicant, if applicable
How do I deposit or withdraw my money?
The CIBC US$ Personal Account is a savings account, which means it’s not designed for everyday banking. You will incur a fee for nearly all transactions, and transfers between CIBC accounts are not free. It’s ideal if you can use a chequing account as an intermediary for transactions to reduce fees, preferably in US dollars.
US dollars can only be withdrawn from CIBC branches or ATMs that hold US currency, and you can complete the US cash withdrawal using your debit card. Non-CIBC ATM withdrawals are not allowed with this account. Cheques can be deposited at a CIBC ATM, branch or through the online portal. Cash can be deposited at a branch or ATM.
How can I get in touch with customer service?
Contact CIBC’s customer service team using one of the following methods:
- Ask a virtual assistant. Discuss your common banking queries with a virtual assistant on CIBC’s website.
- Book a meeting. Schedule an appointment on CIBC’s website to discuss your banking questions with an expert.
- Visit a branch. Drop in at a local CIBC branch to have your banking questions answered.
- Call customer service. Chat with a professional by calling CIBC’s customer service line.
Compare CIBC with other savings accounts
- Earn up to 2.75% interest for 12 months
- Unlimited free transactions
- $0 account fee
- Zero everyday banking fees
- No min. balance required
- CDIC protection for balances up to $100,000
- Earn up to 4.75% for 3 months, 0.40% thereafter
- Can earn interest rate boosts
- No account fee
- No minimum balance required
- CDIC protection up to $100,000
- Earn 4.50% for 5 months, then 0.30% thereafter
- No monthly account fee
- Automatic savings option
- Free access to Scotiabank ABM network
- CDIC Deposit insurance up to $100,000
Frequently asked questions
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