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CIBC U.S. Bank Review: Checking, Savings and CDs

May 1, 2019
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
4.0 NerdWallet rating

Where CIBC U.S. shines:

  • Competitive online savings account rate.
  • Checking account option with no overdraft fees.
  • Attractive short-term CDs.
  • Comprehensive online savings tools and calculators.

Where CIBC U.S. falls short:

  • Small branch network.
  • Mediocre mobile app ratings.

Where CIBC U.S. shines:

  • Competitive online savings account rate.
  • Checking account option with no overdraft fees.
  • Attractive short-term CDs.
  • Comprehensive online savings tools and calculators.

Where CIBC U.S. falls short:

  • Small branch network.
  • Mediocre mobile app ratings.

Where CIBC U.S. shines:

  • Competitive online savings account rate.
  • Checking account option with no overdraft fees.
  • Attractive short-term CDs.
  • Comprehensive online savings tools and calculators.

Where CIBC U.S. falls short:

  • Small branch network.
  • Mediocre mobile app ratings.

The bottom line

CIBC U.S. Bank is the U.S. arm of the Toronto-based Canadian Imperial Bank of Commerce. The bank’s U.S.-specific checking and savings accounts have low-fee options and attractive savings rates.

Best if: You’re looking to avoid overdraft fees and want a high-yield online savings account.


Read on for details on the bank’s checking, savings, CDs, fees and bank experience.

Checking: 3.5/5.0

CIBC U.S. offers EasyPath Access, a free checking account with no overdraft fees. The bank also has premium accounts that earn interest and offer ATM reimbursements.

Another upside:

No monthly fee: You don’t have to worry about ongoing maintenance charges with an EasyPath Access account. There is also no minimum opening deposit.

Some downsides:

No interest: EasyPath Access does not earn an annual percentage yield.

Small ATM network: In-network ATMs are available in only a handful of Midwestern states.

Savings: 5.0/5.0

The Agility online savings account earns one of the best rates around, at 2.39% APY.

More upsides:

No monthly fee: You won’t owe monthly maintenance charges.

APY on all balances: As long as you have at least a penny in your account, you earn the same high interest rate.

Here’s a drawback:

Minimum deposit: You will need to have at least $1,000 to open an Agility savings account.

CDs 3.5/5.0

CIBC has CDs with term lengths that range from 30 days to five years. This includes online-only Agility CDs — offered at 9-month and 12-month term lengths.

Some upsides:

12-month Agility CD rate: The bank’s one-year online Agility CD earns 2.36% APY on balances up to $25,000 and 2.45% on higher deposits.

9-month Agility CD rate: You don’t have to lock up your funds for a full year to get an attractive APY. The 9-month online Agility CD earns 2.30% for balances below $25,000 and 2.40% for balances above.

Some downsides:

Minimum deposit: You’ll need at least $1,000 to open any CIBC CD.

Longer-term CDs: Three- and five-year CDs, which can’t be opened online, have rates that are lower than the promotional short term CDs.

» Want to compare rates? See our list of best CDs this month.

Overdraft fees: 4.0/5.0

The EasyPath Access account has no fees for overdrafts. Instead, CIBC would stop a transaction from occurring if it causes an account to become overdrawn.

An upside:

No overdraft charges: Some banks allow overdrafts, then charge for each transaction — sometimes $34 or more. This bank does not allow overdraft transactions and does not charge these fees.

A downside:

Rejected transactions: You may not be able to complete a purchase or authorize an online payment if it causes your bank account balance to drop below zero.

Bank experience: 3.0/5.0

An upside:

Online savings tools: Want to see how long it would take you to save a million dollars? Or buy a home? The bank’s website has tools and calculators to help you explore these and other savings goals.

Some downsides:

Mobile app ratings: The bank’s apps don’t have high ratings on iOS and Android platforms. One common complaint is login issues.

Few branches: Expect to do most of your banking online.

High yield savings, low fees

» Ready to take the next step? CIBC U.S. bank accounts don’t charge high fees and can help grow your balance with an impressive savings interest rate. If you do most of your banking online and don’t need to visit branches often, CIBC U.S. is worth a closer look.


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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