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CIBC Money Market Savings account review

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Personal checks and an ATM card come free but you can only apply in person.

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

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 and exceeding this limit will result in a $10 excessive transaction fee.
  • Limited availability. Since this account is available to in-person applicants only, it’s limited to residents of Illinois, Michigan, Missouri and Wisconsin.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Earn 20x the national savings account average with no fees or minimums.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Earn a competitive rate with a balance higher than $10,000.

Compare up to 4 providers

How do I open an 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

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 2.2% 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.

Bottom line

When it comes to accessible savings products, the CIBC Money Market account comes with many of the features you’d expect. It offers personal checks, ATM access, unlimited withdrawals and the opportunity to waive maintenance fees.

However, CIBC isn’t transparent with its interest rates, there’s no online application and if you exceed six transfers monthly, you’ll be met with a $10 excessive transaction fee.

The best way to secure the rates and features that fit your savings goals? Explore your money market account options with additional providers.

Frequently asked questions

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