CIBC CDs review
No maintenance fees and flexible terms, but with a limited service area.CIBC CDs come in a variety of term lengths and interest can be withdrawn at any time.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.
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.
Compare with other CDs
How do I open a CD?
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
Have the following information ready before you apply:
- Name, date of birth and residential address
- Contact information
- Two forms of photo ID
Funding optionsCIBC 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.
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.
Bottom lineCIBC CDs come in a variety of term lengths with no fees and interest 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.
Not ready to lock in a term with CIBC? Review your CD options with other providers before you apply to find the best term and rate for your funds.