Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

CIBC Savings review

Last updated:  

A savings account that earns a higher rate as your balance increases, but it must be opened at a branch office.

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 with branches limited to Illinois, Michigan, Missouri and Wisconsin, opening an account could be difficult.

N/A

APY

$3 per month

Fee

$50

Minimum deposit to open

Details

APYAPY not advertised
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

Expert review

Julia Cameron

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.

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
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 $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Go to site
View details
A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Money Market
0.60%
$0
$100
Go to site
View details
A savings account with a higher-than-average rate and minimal fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
loading

Compare up to 4 providers

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.

Eligibility.

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 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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site