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CIBC Money Market Savings account review

Personal checks and an ATM card come free but you can only apply in person.’s rating: 3.0 / 5.0


CIBC offers an easy-access savings product with ATM accessibility, personal checks and unlimited withdrawals. But monthly fees, unclear rates and limited account availability may hinder your potential to save.



$15 per month



Minimum deposit to open


Annual percentage yield (APY)APY not advertised
Fee$15 per month
To waive the feeUnless you maintain a daily account balance of $2,500 or more
Minimum deposit to open$50
Interest compoundingDaily
Fee per transaction over the limit$10
More info

More Info

Review by

Shannon Terrell is a senior writer 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

The CIBC Money Market account is best for those who live in Illinois, Michigan, Missouri and Wisconsin. The account comes with many of the features you’d expect: personal checks, ATM access, unlimited withdrawals and the opportunity to waive maintenance fees.

However, CIBC isn’t transparent with its interest rates and you can only apply in person.

How do I open a CIBC Money Market Savings account?

There’s no online application for the CIBC Money Market Savings account, so you’ll need to visit a CIBC branch in person to apply.

Bring two forms of photo ID with you and be prepared to deposit at least $50 to open the account.


Meet the following criteria to be eligible for the CIBC Money Market account:

  • Be a US citizen over the age of 18
  • Have two forms of photo identification
  • Have an initial deposit of at least $50

Required information

Bring this information with you when you apply:

  • Name, date of birth and residential address
  • Contact information
  • Two forms of photo identification
  • External bank account number and routing number of funding account

What are the benefits of a money market account with CIBC?

This account comes with a debit card and personal checks along with the following:

  • Opportunity to waive fees. No need to worry about the monthly account fee when you maintain a daily account balance of $2,500 or more.
  • Interest-bearing. Earn interest on any amount you deposit.
  • Unlimited withdrawals. Whether in person at a branch or at an ATM, withdraw funds as often as you’d like without fee or penalty.

What should I look out for?

In addition to a minimum $50 opening deposit, be on the lookout for the following:

  • $15 monthly fee. Unless you maintain a daily account balance of $2,500 or more, expect a $15 monthly maintenance fee.
  • Unclear interest rates. CIBC doesn’t share the interest rates for this account online so you’ll need to visit a branch in person to find out what rate you qualify for.
  • Limited transfers. This account is limited to six transfers monthly. Typically, exceeding this limit will result in a $10 excessive transaction fee. But contact CIBC to see if it’s waiving this policy due to the temporary suspension of Regulation D.
  • Limited availability. Since this account is available to in-person applicants only, it’s limited to residents of Illinois, Michigan, Missouri and Wisconsin.

If you prefer an online savings account, you’ll want to keep looking. As always, compare your options when choosing a money market account.

Compare with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 12.00%
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.

Compare up to 4 providers

How do I deposit or withdraw my money?

Gain access to your CIBC Money Market Savings account funds in four different ways:

  1. Online deposit. Transfer funds from your CIBC Money Market account to any externally linked account.
  2. Mobile check deposit. With CIBC’s mobile banking app for Android and iOS you can remotely deposit a check from your mobile device.
  3. ATM. Deposit or withdraw funds from any CIBC surcharge-free ATM.
  4. In person. Visit a CIBC bank branch during business hours to deposit, transfer or withdraw funds in person.

How can I get in touch with customer service?

You can connect with CIBC in three different ways:

  • Phone. Call 877-448-6500 from Monday to Friday 8 a.m. to 7 p.m. and Saturdays from 8 a.m. to 1 p.m. CST.
  • Email. Send an email to CIBC customer support for a response within one business day.
  • In person. Swing by a CIBC branch during business hours to speak to a customer service rep in person.

What other savings options does CIBC offer?

Besides its money market account, you can save with CIBC in the following ways:

  • CIBC Savings. You’ll need a minimum opening deposit of $50 for this savings account but you’ll get unlimited ATM withdrawals alongside tiered interest rates and the opportunity to waive fees.
  • CIBC Agility Savings. A competitive 0.52% APY comes with no monthly maintenance fees and an entirely online application process.
  • CIBC CDs. Terms range from 30 days to five years with tiered rates and a minimum deposit of $1,000.

Frequently asked questions

What can I do with the CIBC mobile banking app?

The CIBC mobile banking app is available for free on Android and iOS and allows you to review your account activity, pay bills, deposit checks and set up People Pay and Apple Pay.

What’s the minimum balance required to earn interest?

There’s no minimum account balance required to earn interest but interest rates for this account are tiered which means the higher your account balance, the more interest you’ll earn.

What types of transactions count toward my monthly limit?

The CIBC money market account is limited to six transfers monthly, including all pre-authorized and automatic telephone transfers, check and debit card transactions — although this policy may be temporarily on pause due to the suspension of Regulation D. All withdrawals and transfers made at ATMs or in person at a CIBC branch do not count toward your monthly transaction limit.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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