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CIBC US$ Personal Account review

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CIBC US$ Personal Account
Promotional Rate
Interest Rate
Transaction Fee
$0.75 USD
Minimum Balance
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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.


  • Interest on any balance. Earn 0.05% interest on balances up to $9,999.99, 0.25% on balances between $10,000 and $59,999.99, and 0.5% on balances over $60,000 on your US dollar balance.
  • Hold, spend and deposit US currency. This account allows you to manage US currency without having to consider conversion rates.
  • No fee. There's no monthly cost for this account.
  • Online banking. Access your banking information and perform most transactions using CIBC's online and mobile platforms.


  • No transactions. This account doesn't come with complimentary transactions. Every transaction you incur will cost US$0.75.
  • Interac e-Transfers not available. It's not possible to send and receive Interac e-Transfers from this account.
  • Other banking fees. Non-sufficient funds, overdraft protection and other similar services will usually incur a fee.

In this guide

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Interest rate0.25%
Account fee$0
Fee per transactionUS$0.75
Minimum balance$0
Minimum age18

How do I open a CIBC US$ Personal Account?

  1. Go to CIBC’s website.
  2. Under Bank Accounts, select Savings.
  3. Click Apply now under CIBC US$ Personal Account.
  4. 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.
  5. Indicate how you intend to use the US$ Personal Account. Click Next.
  6. 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.

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