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.
finder.com’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 fee||Maintain $250 minimum balance|
OR be under the age of 18
|Minimum deposit to open||$50|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
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.
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
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.
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.