CIBC Savings review
A savings account that earns a higher rate as your balance increases, but it must be opened at a branch office.
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.
$3 per month
Minimum deposit to open
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 APR.
- 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.
Compare CIBC Savings account to other savings accounts
How do I open an 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.
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 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.
The CIBC Savings is a basic account that waives the monthly fee if you’re younger than 18. However, it’s limited to residents of Illinois, Michigan, Missouri and Wisconsin, and its website doesn’t advertise the APY.
If you are looking for something else, compare savings accounts and check out other savings accounts available.