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. 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 considered the 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 rates and prefer to bank online, and don’t need a checking account or app-based banking.
Pros
- No monthly fees.
- Competitive rate on savings and some 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 4.76% annual percentage yield on all balances. There's no monthly fee. The only downside is the opening minimum is $1,000.
Certificates of deposit
CD
Member FDIC
2.0
/5 NerdWallet ratingCIBC U.S. offers four terms for its online Agility CDs from nine months to two years, but some of the rates don't tend to stack up well compared with other online bank CDs. And you need $1,000 to open one.
Each CD has two tiers: rates under $25,000 and rates at or above that balance.
Customer experience
3.0
NerdWallet ratingThe CIBC U.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 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 on Monday through Friday, and 8 a.m. to 1 p.m. CT on Saturday.
For online customers, the bank website provides some calculators, but the mobile app ratings for iOS and Android devices aren't great.
How does CIBC Bank USA compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Access Savings Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.50% With $0 min. balance for APY | APY 5.05% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank | Learn more at Citizens |
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.
