CIBC Agility Savings account review December 2018 | finder.com

CIBC Agility Savings review December 2018

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CIBC Agility Savings
  • Easy online access
  • High interest
  • No monthly account maintenance fees

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Grow your savings through a 100% online account with a 2.16% APY.

In a world full of savings options, this is a good one if you’ve already set aside some money for a future goal. Its interest rates and fees are competitive, but its high $1,000 minimum deposit could hold you back.

APY2.16%
Fee$0
Minimum deposit to open$1,000
Minimum balance to earn interest$0.01
Interest compoundingMonthly
Monthly transaction limit6
Fee per transaction over the limit$10

What are the benefits of the CIBC Agility Savings account?

Here are the highlights that will likely catch your eye:

  • High interest. Earn a 2.16% APY and watch your money grow. Most savings accounts offer 1% APY or less.
  • 24/7 access to your account. Check your balance, transfer funds and get e-statements at any time from your computer and through the CIBC app with this online-only account.
  • No maintenance fees. Pay no monthly maintenance fees.
  • Insured and protected. The FDIC will insure your hard-earned funds up to $250,000.
  • Support. Contact customer support by phone, email or through the app.

What should I look out for?

Consider these drawbacks before deciding if this account is for you:

  • High opening deposit. The account requires a minimum initial deposit between $1,000 and $250,000. And your account balance cannot exceed $1 million.
  • It’s only available to US citizens. All account holders must be US citizens and US residents.
  • Initial limited transfer of funds. External transfers are not permitted for the first 90 days from the date the account is opened.
  • Check holds. Check deposit are subject to a 10-business-day hold.
  • Limited transfers. Since this online-only account won’t allow for ATM withdrawals, you can only access funds by making a preauthorized, automatic or telephone transfer to one of your other accounts.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
$0
$0
$1
2%
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.25%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. From Nov. 27, 2018 through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need.
$0
$0
$0
2.05%
Earn one of the highest interest rates without the fees.
$0
$0
$0
2%
The most common services and transactions are free with Ally Bank.
$15 per month
(can be waived)
$25
$0
1.8%
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
$0
$1,000
$0.01
2.16%
With no maintenance fees, it's easy to grow your savings. Put your money to work with an online account from CIBC Bank USA.

Compare up to 4 providers

How do I open an account?

If you’re ready to open an account, follow the following steps and have the necessary documents ready:

  1. Go to the CIBC website and select Agility Savings Account from the menu.
  2. Click the Apply Now button.
  3. Assemble the required information under Get Started and click Continue.
  4. Fill out the fields under Your Information and continue through the other tabs titled Accept Disclosures, Fund Your Account and Finishing Up.

Eligibility requirements

To be eligible for a CIBC Agility Savings account, you’ll need to gather a few key pieces of information and meet certain minimum requirements. In addition to being a US citizen who currently lives in the US, you’ll need to provide the following:

  • Social Security number.
  • Employment information.
  • Driver’s license or state-issued ID.
  • Information about joint savings account owner, if you have one.
  • Home address.
  • A minimum deposit of $1,000.

How do I deposit or withdraw my money?

When it comes time for you to withdraw your funds, you have some options.

Initial deposit. Choose from three options to make your initial deposit of $1,000:

  • Internal transfer from an existing account at CIBC Bank USA by the primary or joint account holder.
  • ACH debit to an account at another bank.
  • Mail a cashier’s check or personal check to the bank. If a deposit is made by check, the funds are subject to a 10-business-day hold.

Additional deposits. Deposits may be made at any time by initiating a transfer through an external bank account. Deposits that bring the total balance to more than $1 million aren’t permitted.

Transfers. Transfers to another bank must be initiated through the external bank account.

Withdrawals. Withdrawals can be made by transferring money to an external account or by sending a message through the Contact Us link online. A written request may also be sent to CIBC c/o CIBC Agility Savings Account Department, 6825 West 111th Street, Worth, Illinois 60482.

How can I get in touch with customer service?

Customer service can be reached in the following ways:
Phone: 844-704-7882, Monday through Friday from 8 a.m. to 7 p.m. CT and Saturday from 8 a.m. to 1p.m. CT.
Email: us.onlinesupport@cibc.com.
App: Download and use the smartphone app.

Bottom line

If you don’t need to touch your money very often and are comfortable with online-only services, this savings account provides a high yield on interest with 24/7 online access. If you prefer your banking to be in person, in a branch or via ATMs, you’d likely be better served using their more traditional personal savings account. Either way, compare all your savings account options before making a decision.

Frequently asked questions

Ryan Brinks

Ryan Brinks is an assistant publisher for finder.com, where he melds years of experience in business news and online content into creating helpful banking and investing articles. He's passionate about leveraging resources and innovation to streamline success. Of course, he's also passionate about his family and serving his community.

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