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CIBC Savings review

A savings account that earns a higher rate as your balance increases, but it must be opened at a branch office.’s rating: 3.1 / 5.0


This basic savings account requires a low opening deposit and waives the monthly fee if you’re younger than 18. But with branches limited to Illinois, Michigan, Missouri and Wisconsin, opening an account could be difficult.






Minimum deposit to open


Annual percentage yield (APY)APY not advertised
To waive the feeMaintain $250 minimum balance

OR be under the age of 18
Minimum deposit to open$50
Interest compoundingQuarterly
Monthly transaction limit6
Fee per transaction over the limit$10
More info

More Info


Review by

Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

Expert review

The CIBC Savings account is best for those who live in Illinois, Michigan, Missouri or Wisconsin. The account offers unlimited withdrawals and higher interest rates as your balance increases.

Although CIBC claims to offer higher APYs on balances that equal or exceed $10,000, $25,000 or $50,000, the website doesn’t advertise what the APY is.

How do I open a CIBC Savings account?

To open the CIBC Savings account you must visit a branch office. You can find locations in Illinois, Michigan, Missouri and Wisconsin.


CIBC does not list its eligibility requirements online, other than a $50 minimum deposit to open an account. Most accounts require a form of ID to prove your address, age or citizenship, if it’s required.

Required information.

When applying for an account, you’ll be asked to provide the following:

  • US home address
  • Social Security number
  • A valid US driver’s license or state identification number
  • Date of birth

What are the benefits of a savings account with CIBC?

Along with the general benefits common to most savings accounts, with a CIBC Savings account you can also look forward to:

  • Rising interest rate. As your account balance increases, so does your interest rate. Balances that equal or exceed $10,000, $25,000 or $50,000 earn a higher APY.
  • Unlimited in-person withdrawals. There is no cap on withdrawals you make at a branch office or an ATM.
  • Good account for teens. If you’re younger than 18, CIBC waives your monthly maintenance fee.

What should I look out for?

There is minimal information about this particular savings account available on CIBC’s website, including the interest rate it earns. Other things to look out for include:

  • Maintenance fee. If your balance falls below $250, you’re charged a $3 fee for that quarter.
  • Excessive transaction fee. Any pre-authorized, automatic or telephone transfer or debit card transaction in excess of 6 per month incurs a $10 fee.
  • Limited sign-up. You must go to a branch office to open this savings account.

If you prefer an account with more transparency, you’ll want to keep looking. As always, compare your options when looking for a savings account.

Compare CIBC Savings account to other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards 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

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

What other savings options does CIBC offer?

In addition to the savings account, CIBC also offers the following:

  • CIBC Agility Savings. This online-only savings account comes with no monthly maintenance fee, but a $1,000 minimum deposit is required to open an account.
  • CIBC Money Market. CIBC’s money market account only requires a $50 minimum deposit to open an account, but you must maintain at least a $2,500 balance to avoid the $15 monthly fee.

Frequently asked questions

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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