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CIBC CDs review

No maintenance fees and flexible terms, but with a limited service area.’s rating: 3.1 / 5.0


CIBC CDs come in a variety of term lengths and interest can be withdrawn at any time. You can even use your CD savings as collateral for a loan. But an in-person application is required and fees apply for early withdrawals.

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1-year APY


3-year APY


5-year APY


Star rate3.1
6-month APY0.1%
1-year APY0.15%
18-month APY0.2%
2-year APY0.25%
3-year APY0.3%
4-year APY0.4%
5-year APY0.5%
Early withdrawal penaltyEarly withdrawal penalty not advertised
Minimum deposit to open$1,000
Interest compoundingVaries

Review by

Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

CIBC CDs come in a variety of term lengths with no fees, and that can be withdrawn at any time. However, interest rates are unclear and you’ll face an early withdrawal penalty for accessing your funds before the maturity date.

How do I open a CIBC CDs account?

To open a CIBC CD, you must visit a bank branch in person during business hours. Branches can be found in Illinois, Michigan, Missouri and Wisconsin.

When you apply, bring two forms of photo ID with you and have a $1,000 minimum opening deposit prepared.


To open a CIBC CD, you’ll need to meet the following criteria:

  • US citizen older than 18
  • Two forms of photo IDs
  • Initial deposit of at least $1,000
  • Live in Illinois, Michigan, Missouri or Wisconsin

Required information

Have the following information ready before you apply:

  • Name, date of birth and residential address
  • Contact information
  • Two forms of photo ID

Funding options

CIBC offers two funding options for this savings product:

  • Check. Fund your new CD with a personal check.
  • Cash. Bring the minimum deposit amount in cash to your nearest CIBC branch to open an account.

How do I cash in a CD?

Two weeks before your CD maturity date, CIBC sends a CD maturity notice by mail. You’ll need to decide if you’d like to renew or cash in once your term is up.

Visit your local bank branch or call CIBC customer service to indicate what you’d like to do with your CD funds. You can choose to withdraw funds, add funds or roll the CD into another term.

CIBC CDs automatically renew upon maturity, which means if you don’t indicate what you’d like done with your funds, the CD will automatically renew for the same term length.

Benefits of a CIBC CD

In addition to fixed-interest rates, CIBC CDs offer the following perks:

  • No fees. There are no annual or maintenance fees associated with this savings product.
  • Variety of term lengths. Term lengths range from 30 days to five years.
  • Accessible interest. Withdraw accumulated interest from your CD at any time during the length of the term.
  • Funds eligible as loan collateral. Use the funds of your CD as collateral to secure a personal loan.
  • Jumbo CDs. If you’re interested in investing more, CIBC offers jumbo CDs starting at $100,000 with fixed rates and flexible terms.

What to watch out for

This savings product lacks an online application. Also keep an eye out for the following drawbacks:

  • Unclear rates. CIBC doesn’t state its interest rates online, which means you’ll need to visit a branch in person to find out what rate you qualify for.
  • Limited availability. You must apply for a CIBC CD in person, and CIBC bank branches can only be found in four states — Illinois, Michigan, Missouri and Wisconsin.
  • Early withdrawal penalty. Expect to pay an early withdrawal penalty if you pull your funds before the maturity date.
  • $1,000 minimum deposit. Be ready with a $1,000 minimum opening deposit to open a CIBC CD.

If you’re not sure CIBC is right for you, review your CD options with other providers before you apply to find the best term and rate for your funds.

Compare with other CDs

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Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Bread Savings CDs
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
Ponce Bank CD
Open a 5-month, 13-month or 48-month CD with some of the highest interest rates available today

Compare up to 4 providers

How can I get in touch with customer service?

There are three ways to touch base with CIBC:

  • 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 query by email for a response from customer support within one business day.
  • In person. Visit a CIBC bank branch to speak with a customer support representative in person.

What other savings products does CIBC offer?

There are multiple ways to save with CIBC:

  • CIBC Savings. With a minimum opening deposit of $50, you get unlimited ATM withdrawals, the option to waive fees and tiered interest rates.
  • CIBC Agility Savings. A high 2.39% APY is accompanied by no monthly fees and an online application process.
  • CIBC Money Market. A money market account with tiered interest rates, ATM access and unlimited withdrawals alongside a $15 monthly maintenance fee.

Frequently asked questions

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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