CIBC U.S. Bank Review: Savings and CDs
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- Savings
- Certificates of deposit
- Customer experience
Overall institution rating
3.5
CIBC U.S., or CIBC Bank USA, is the U.S. arm of the Toronto-based Canadian Imperial Bank of Commerce. Its U.S. offerings are split between nationwide online-only accounts for high-yield savings and CDs and offline accounts for low-fee checking and other accounts. For this review, we considered the nationwide online options only. Its banking experience is uneven, with a clear and straightforward website but poor ratings on mobile apps.
Best for: Those who want competitive savings and CD rates and prefer to bank online, and don’t need a checking account or app-based banking.
Pros
- No monthly fees.
- Competitive rates on savings and CDs.
Cons
- Limited branch access.
- Low-rated mobile apps.
Full review
Savings
Savings
Member FDIC
4.5
/5 NerdWallet ratingThe Agility online savings account earns a competitive rate of 5.01% annual percentage yield on all balances. There's no monthly fee. A downside is the opening minimum is $1,000.
» COMPARE: Best high-yield savings accounts
Certificates of deposit
CD
Member FDIC
2.5
/5 NerdWallet ratingCIBC U.S. offers several terms for its online Agility CDs from nine to 30 months, but unlike other online banks, most of CIBC’s terms aren’t standard, such as three and five years, making CD rates hard to compare. Rates tend to be competitive and the opening minimum of $1,000 is on the lower side. Each CD has two tiers: rates for balances under $25,000 and rates at or above that balance.
» Want more options? See our list of best CD rates
Customer experience
3.0
NerdWallet ratingCIBC U.S.'s website provides an overview of fees and rates for its online-only offerings, though offline accounts’ information is more prominent and can be confused for the online-only accounts.There's a small network of ATMs and branches for checking account 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 articles and calculators, but the mobile app ratings for iOS and Android devices aren't great.
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.
