CIBC U.S. Bank Review: Savings and CDs

CIBC U.S. Bank has an attractive online savings account.

Spencer TierneyMay 15, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Overall bank rating

CIBC Bank USA
  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

3.5

NerdWallet rating 

The bottom line: CIBC U.S. Bank is the U.S. arm of the Toronto-based Canadian Imperial Bank of Commerce. Its U.S. offerings are split between online-only accounts for high-yield savings and CDs and offline accounts for low-fee checking and other accounts. For this review, we only considered the online options. Its banking experience is uneven, with a clear and straightforward website but poor ratings on mobile apps.

Pros

  • Competitive online savings account rate.

  • Comprehensive online savings tools and calculators.

Cons

  • Mediocre mobile app ratings.

Full review

CIBC Bank USA CIBC Agility™ Savings

CIBC Agility™ Savings

5.0

NerdWallet rating 
APY

0.80%

With $0 minimum balance

The Agility online savings account earns a competitive rate of 0.80% annual percentage yield on all balances. There's no monthly fee. The only downside is the opening minimum is $1,000.

CIBC Bank USA CD

CIBC Agility™ Online CD

2.0

NerdWallet rating 
1-year APY

0.50%

Minimum Deposit

$1,000

CIBC U.S. offers four terms for its online Agility CDs from nine months to two years, but the rates don't tend to stack up well compared to other online bank CDs. And you need $1,000 to open.

Each CD has two tiers: rates under $25,000 and rates at or above that balance. The one-year CD offers 0.50% APY for lower balances and 0.55% APY for higher balances.

Banking experience

3.0

NerdWallet rating 

CIBC U.S.'s website provides a clear overview of fees and rates for its online-only offerings and a good amount of information on its accounts that are only available offline, including checking. There's a small network of ATMs and branches for the checking customers. Customer service is available by phone 8 a.m. to 7 p.m. CT Monday through Friday, and 8 a.m. to 1 p.m. CT Saturday.

For online customers, the bank website provides some savings tools and calculators, but the mobile app ratings for iOS and Android devices aren't great.

CIBC Bank USA CIBC Agility™ Savings

CIBC Agility™ Savings

5.0

NerdWallet rating 
APY

0.80%

With $0 minimum balance

The Agility online savings account earns a competitive rate of 0.80% annual percentage yield on all balances. There's no monthly fee. The only downside is the opening minimum is $1,000.

How does CIBC Bank USA compare?

APY

0.60%

With $0 minimum balance

APY

0.01%

With $0 minimum balance

Bonus

N/A

Bonus

$150

Requirements to qualify

RATING 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, banking 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.