Exploring CIBC Bank USA’s Financial Offerings
In the competitive landscape of banking options, CIBC Bank USA stands out as a prime choice, especially for those comfortable with online banking. In this article, we will delve into CIBC Bank USA’s offerings, highlighting both its advantages and drawbacks, to give you a thorough understanding of what to expect when considering this institution for your financial needs.
CIBC Bank USA Ratings: A Quick Overview
CIBC Bank USA has received a commendable 4.5-star rating from Finance Devil, reflecting the bank’s overall performance across various banking categories, including Certificates of Deposit (CDs), Checking, Savings, and Money Market Accounts (MMA).
CDs: Earning a 4.1-Star Rating
When it comes to Certificate of Deposit (CD) accounts, CIBC Bank USA maintains a solid 4.1-star rating. This rating underscores the bank’s ability to provide competitive CD products for its customers.
Checking: A Strong 4.5-Star Rating
CIBC Bank USA earns a reliable 4.5-star rating for its checking accounts, indicating that it’s a dependable choice for individuals seeking this type of account.
Savings: A Remarkable 4.8-Star Rating
In the realm of savings accounts, CIBC Bank USA shines with a remarkable 4.8-star rating, showcasing its strength in this category.
Money Market Accounts (MMA): Scoring 4.1 Stars
For Money Market Accounts (MMA), the bank achieves a rating of 4.1 stars, highlighting its competitive offerings in this segment.
Overview of CIBC Bank USA
CIBC Bank USA offers a diverse range of personal banking products, with a primary focus on their high-yield savings account. Although the bank operates 23 branches, primarily in the Midwestern United States, it’s the online banking services that truly set it apart.
Pros:
- Diverse Array of Personal Banking Products
- Agility Online Savings Account with No Monthly Maintenance Fees
Cons:
- Limited Online Account Availability in Specific Counties
- Various Fees, Including Overdraft and Non-Sufficient Funds Charges
A Closer Look at CIBC Bank USA’s Banking Products
CIBC Bank USA provides a variety of banking products, and we’ll now examine them in more detail.
Savings
CIBC Bank USA Savings Accounts – Maximizing Your Earnings
The CIBC Agility Online Savings Account takes center stage in their savings product lineup. With an annual percentage yield (APY) that exceeds the industry average, this account is an attractive choice. It requires a minimum opening deposit of $1,000 and maintains the APY without demanding a minimum balance. Notably, there are no monthly fees associated with this account. However, it’s important to mention that this account is accessible only online, limiting the use of ATMs for deposits and withdrawals.
Pros:
- Top-Tier Yield with No Minimum Balance Requirement
- No Monthly Maintenance Fees
Cons:
- Lack of ATM Access
- Initial 30-Day Withdrawal Restrictions
- Mandatory $1,000 Opening Deposit
READ ALSO: Ally Bank Review: A Comprehensive Evaluation
Certificates of Deposit (CDs)
CIBC Bank USA CDs – Secure Your Investments
CIBC Bank USA offers a range of online-only CDs known as Agility CDs. These CDs come with terms ranging from nine months to 30 months and require a minimum deposit of $1,000. Some Agility CDs offer higher yields for balances of $25,000 or more, while balances below this threshold earn slightly lower rates. Additionally, the bank provides jumbo CDs, which necessitate a minimum deposit of $100,000, and an IRA CD. Early withdrawals from all CDs incur a 30-day simple interest penalty.
Pros:
- Competitive Entry Point with a $1,000 Minimum Deposit
- Higher Yields for Larger Balances
Cons:
- $25,000 Balance Required for Maximum Yields
- Limited CD Term Selection
Money Market Accounts (MMA)
CIBC Bank USA Money Market Accounts – Flexibility and Earnings Combined
The Money Market Savings Account is available online to residents of select counties in California, Florida, Illinois, Michigan, Missouri, and Wisconsin. Despite these geographical limitations, it offers an above-average APY. You’ll need a minimum opening deposit of $50, and maintaining a balance of at least $2,500 waives the $15 monthly maintenance fee. Furthermore, this account provides an ATM card and check-writing capabilities, allowing unlimited withdrawals and transfers between CIBC Bank accounts, though check transactions are limited to six per month.
Pros:
- $50 Minimum Opening Deposit
- Check-Writing Privileges Included
- ATM Card and Above-Average APY
Cons:
- Monthly Fees for Balances Below $2,500
Checking
CIBC Bank USA Checking Accounts – A Range of Options
CIBC’s iCan Checking account, the subject of this review, requires a minimum $50 opening deposit and does not impose monthly fees. While it does not yield interest, it offers a 1 percent cashback feature on debit card purchases, capped at $20 per month. Moreover, CIBC refunds up to $50 in ATM fees each month. For those interested in interest-bearing checking accounts, CIBC offers myChoice Plus Checking and myChoice Prestige Checking. The latter demands a $10,000 minimum opening deposit, and these accounts must be initiated at a physical branch.
Pros:
- Up to $50 Monthly ATM Fee Refunds
- Low $50 Minimum Opening Deposit
- 1 Percent Cashback on Debit Card Purchases
Cons:
- Limited ATM Network
- Online Application Limited to Specific Markets
- $45 Non-Sufficient Funds Fee
Understanding CIBC Bank USA’s Fee Structure
To provide a comprehensive overview, it’s essential to examine the bank’s fee structure. Here are the key fees to be aware of:
- Overdraft Fee: $5 plus interest
- Non-Sufficient Funds Fee: $45
- Monthly Maintenance Fee: $0
- Out-of-Network ATM Fee: $3 plus a 2.5% administration fee
- Excessive Transaction Fee: $10
About CIBC Bank USA
CIBC Bank USA emerged as a result of Toronto-based CIBC’s acquisition of Chicago-based PrivateBancorp in 2017. The bank offers a wide range of financial products, including checking accounts, savings accounts, mortgages, and personal loans, with its primary presence in northeastern Illinois. Additionally, CIBC Bank USA features branches in St. Louis, Milwaukee, and suburban Detroit. All locations, except Michigan, provide access to ATMs.
Customer Experience
Customer Support CIBC Bank USA ensures round-the-clock customer support, with assistance available via phone 24 hours a day and through email.
Account Bonuses For those considering CIBC Bank USA, an enticing offer awaits. Opening a new CIBC Smart Account before October 16, 2023, can lead to a $350 bonus. To qualify, account holders must initiate ongoing direct deposits totaling $500 or more. Furthermore, they must fulfill one of these criteria within the same calendar month: make two ongoing pre-authorized debits, complete two online bill payments of $50 or more, or execute five Visa debit transactions.
Digital Experience CIBC’s mobile app receives mixed reviews, with a solid reputation on the Apple App Store but merely satisfactory feedback on the Google Play Store. It offers essential functionalities such as balance viewing, peer-to-peer payments through People Pay, and check deposits. Additionally, the CIBC app allows users to link their cards to mobile wallets for convenient purchases via Apple Pay.
However, it’s important to note that CIBC lacks advanced budgeting features or tools to monitor your credit score. Detailed charts and graphs for tracking financial progress over time, which many other banks offer, are also absent.
Finance Devil Staff Insights
One Finance Devil staff member, who personally utilizes the Agility Savings account, underscores its top-notch annual percentage yield. While the app and website offer simplicity, the staff member expressed a desire for more comprehensive features to aid in money management, reflecting the evolving expectations of modern banking apps.
CIBC Bank USA vs. PNC Bank
Comparing CIBC Bank USA with PNC Bank offers insights into their respective strengths and weaknesses. PNC Bank boasts a more extensive branch network with over 2,400 branches in 29 states, making it an attractive option for in-person banking. In contrast, CIBC Bank USA maintains approximately 24 branches across six states, primarily in the Midwest.
When considering ATM accessibility, PNC Bank surpasses CIBC, as it belongs to the Allpoint network, featuring over 41,000 fee-free ATMs. CIBC Bank has a more limited ATM presence.
Both banks offer online account opening options, catering to customers who prefer digital convenience.
In the realm of savings accounts, PNC offers competitive rates in specific states, while CIBC’s Agility Online Savings Account provides a consistently competitive yield, regardless of the customer’s location.
To Recap
CIBC Bank USA is a strong contender in the banking landscape. With high ratings in certificates of deposit, checking, savings, and money market accounts, it offers reliable options. The Agility Online Savings Account is a standout choice due to its competitive yield and no monthly fees.
However, limitations include online account availability in specific counties and various fees. The $350 bonus for new account holders is an attractive perk.
CIBC’s digital experience, while functional, lacks advanced features. Comparing it to PNC Bank, CIBC excels in online offerings, while PNC has a broader physical branch network.
In a nutshell, CIBC Bank USA is an excellent choice for those seeking free checking and high-yield savings. It’s a legitimate, safe option with FDIC coverage, and the $350 bonus sweetens the deal, making it a compelling choice for 2023.
Frequently Asked Questions
Who is CIBC Bank USA best suited for?
CIBC Bank USA is an excellent choice for customers seeking a free checking account or a high-yield savings account. The bank’s offerings include accounts with no monthly maintenance fees, making it particularly appealing to cost-conscious individuals.
Is CIBC Bank safe?
CIBC Bank is a member of the Federal Deposit Insurance Corporation (FDIC), offering deposit insurance coverage of up to $250,000 per account type per depositor. This ensures the safety of your funds deposited with the bank.
Is CIBC a legitimate bank?
CIBC Bank USA is a legitimate bank, federally chartered and FDIC-insured. It came into existence when Toronto-based CIBC acquired Chicago-based PrivateBancorp in 2017. CIBC, a Canadian bank with roots tracing back to the 1860s, operates with a solid financial foundation.
What does CIBC stand for?
CIBC stands for Canadian Imperial Bank of Commerce. It represents a well-established and respected financial institution with a history of providing banking and financial services to customers for over a century.
What are the eligibility criteria for the $350 bonus offer from CIBC Bank USA?
To qualify for the $350 bonus, account holders must open a new CIBC Smart Account before October 16, 2023, and initiate ongoing direct deposits totaling $500 or more. Additionally, they must fulfill one of these criteria within the same calendar month: make two ongoing pre-authorized debits, complete two online bill payments of $50 or more, or execute five Visa debit transactions.
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