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CIBC Savings account review

Earn a higher rate as your balance grows, but APYs are low and most people can't open the account online.’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 its interest rates aren’t impressive, and only residents of 12 counties can open the account online. Otherwise, you’ll need to visit a branch.

Up to 0.03%


$3 per month



Minimum deposit to open


Annual percentage yield (APY)0.03% on balances of $0.01 to $24,999.99
0.05% on balances of $25,000 to $49,999.99
0.10% on balances of $50,000+
Fee$3 per month
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

Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

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.

But the maximum APY is 0.1%, and you can only earn that if you have more than $50,000 in your account. Most high-yield savings accounts offer much higher APYs on much lower balances. Plus, you can only open this account online if you live in one of a dozen qualifying counties. Otherwise, you’ll have to visit a branch to open an account.

If you don’t live near a branch, CIBC offers two digital banking options: the CIBC Agility Online Savings account and the CIBC Agility Online CD. The Agility Online Savings account currently earns 0.52% APY, which is competitive with the best high-yield savings accounts. But you must deposit at least $1,000 to open the account.

If you have at least $1,000 to deposit, CIBC’s Agility Online Savings account is worth considering. But there aren’t any compelling reasons to open CIBC’s standard Savings account.

How do I open a CIBC Savings account?

You’ll likely have to visit a branch if you want to open a CIBC Savings account, but you can apply online if you live in any of these counties.

  • Illinois: Cook, DuPage, Grundy, Kane, Lake, Will
  • Michigan: Macomb, Oakland, Wayne
  • Missouri: St. Louis
  • Wisconsin: Milwaukee, Waukesha


To open a CIBC Savings account, you must meet the following criteria.

  • At least 18 years old
  • Two government-issued forms of identification
  • $1,000 minimum deposit

Required information

Prepare to provide the following information when opening an account:

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

2 benefits of a CIBC Savings account

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

  • Unlimited in-person withdrawals. There is no cap on withdrawals you make at a branch office or an ATM.
  • Good for teens. If you’re younger than 18, CIBC waives your monthly maintenance fee.

5 things to look out for

There are a few drawbacks associated with this account that you should keep in mind.

  • Unimpressive APYs. Balances from $0.01 to $24,999.99 earn 0.03% APY, balances from $25,000 to $49,999.99 earn 0.05% APY and balances of $50,000 or more earn 0.1% APY. These rates are far from competitive with the best high-yield savings accounts, which earn upward of 0.5% APY.
  • High minimum deposit. You’ll need $1,000 to open a CIBC Savings account. This is high compared to other savings accounts allow you to open an account with $0.
  • 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. Unless you live in one of the aforementioned counties in Illinois, Michigan, Missouri or Wisconsin, you must go to a branch to open this account. CIBC Savings has 21 branches in the Chicagoland area and one branch in Michigan, Missouri and Wisconsin.

If you prefer an account with better rates, 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

See how other savings accounts stack up based on their APYs, fees and minimum opening deposits.

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

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 Savings. CIBC Money Market Savings 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.

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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