CIBC Agility Savings review
This 100% online account grows your savings at a competitive APY, but depositing checks is a hassle.
finder.com’s rating: 4.3 / 5.0
In a world full of savings options, this is a good one if you’ve already set aside money for a future goal. Its interest rates and fees are competitive, but its high $1,000 minimum deposit could hold you back.
Minimum deposit to open
|Annual percentage yield (APY)||1.66%|
|Minimum deposit to open||$1,000|
|Minimum balance to earn interest||$0.01|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
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CIBC’s Agility Savings account is best for those who have at least $1,000 ready to set aside. The account offers a high 1.66% APY and 24/7 online support.
However, this online-only account doesn’t give you access to your money through ATMs like some competitors. You also won’t see any funds from checks cleared for up to 10 business days, a lengthy amount of time that’s nearly unheard of with other banks.
If you deposit paper checks regularly or prefer in-person banking, you’re better served looking for another popular bank nearby or choosing a high-yield online savings account.
How do I open a CIBC Agility Savings account?
If you’re ready to open an account, follow a few steps to apply online and set it up with your initial deposit.
- Go to the provider’s site and follow the steps to apply.
- Choose Agility Savings Account from the menu on CIBC’s website.
- Select the Apply Now button.
- Assemble the required information under Get Started and select Continue.
- Fill out the fields under Your Information and continue through the other tabs titled Accept Disclosures, Fund Your Account and Finishing Up.
To be eligible for a CIBC Agility Savings account, gather a few key pieces of information and meet these minimum requirements.
- US citizen and current US resident
- Social Security number
- Employment information
- Driver’s license or state-issued ID
- Information about joint owner, if you have one
- Home address
- A minimum deposit of $1,000
What are the benefits of the CIBC Agility Savings account?
Choosing this account means getting one of the highest interest rates you’ll find on the market, brought to you by a bank with over a century of experience.
- High interest. Earn a 1.66% APY and watch your money grow. Most savings accounts offer a 1.66% APY or less.
- No maintenance fees. No monthly maintenance fees stifle your money from growing with this account.
- Insured and protected. The Federal Deposit Insurance Corporation (FDIC) will insure your hard-earned funds for up to $250,000.
- Long-established bank. With CIBC, you’re not getting an online-only account with a new fintech company. CIBC has roots that go back 150 years into Canadian territory and now extends its branches into the US. You can rest assured that your money is protected.
How much interest you can earn
Get an idea of how much you could earn toward your savings goals with this account.
|APY||Amount in savings||Interest earned in 12 months|
What should I look out for?
You’ll need an ample amount up front to open your account, and you can’t initially transfer money from an external bank account. Other downsides to think about:
- High opening deposit. The account requires a minimum initial deposit between $1,000 and $250,000. And your account balance cannot exceed $1 million.
- 90-day restriction on external transfers. You can’t make external transfers for the first 90 days from opening your account.
- 10-day check holds. CIBC puts a hold on check deposits for 10 business days, which is over three times the clearing time for most banks.
- Limited transfers. Since this online-only account won’t allow ATM withdrawals, you have to access funds by making a preauthorized, automatic or phone transfer to one of your other accounts.
- Early account closing fee. CIBC charges a $25 fee for accounts closed within 90 days of opening them.
You could check out CIBC’s other banking products, such as its Money Market Savings account. CIBC states that you can make unlimited withdrawals, as well as write checks or access your savings through ATMs. However, CIBC isn’t transparent about the interest rate for its Money Market account.
As an alternative, think about Quontic Bank’s High Yield Savings account, which offers an even higher APY than the CIBC accounts. Quontic Bank also doesn’t require a monthly fee or minimum balance, and you get an extensive ATM network to go along.
Compare with other savings accounts
Check out some of our top-rated savings accounts and their features, like their APY, fees, minimum deposit and ATM network.
How do I deposit or withdraw my money?
When it comes time for you to put in or withdraw your funds, you have multiple options. For reference, the CIBC US routing number is 071006486.
Top up your savings account with funds in several ways.
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. However, you can’t make deposits that bring your total balance to more than $1 million.
Take money out of your account to use it through:
- Transfers. You can make withdrawals by transferring money to an external account.
- Secure message. You can go to the message center on CIBC’s contact page to send a secure message to a representative.
- Mail. 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?
Reach out to customer service by phone or using online methods. How and when to reach out:
- Phone. Call 844-704-7882 on weekdays from 8 a.m. to 7 p.m. CT and Saturdays from 8 a.m. to 1 p.m. CT.
- Email. Send a message to firstname.lastname@example.org to get your questions answered.
- App. Access your account via the app, give feedback or use the virtual assistant to answer your banking questions.
Savings account ratings
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★★★★★ — Poor
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