CIBC Bank review 2024: High yields, but limited accessibility

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CIBC Bank offers competitive rates on savings and CDS, but its limited branch access and high fees may deter some customers. While the bank provides solid online banking options, its account requirements and poor customer service ratings are significant drawbacks.

About CIBC Bank

CIBC Bank, a subsidiary of the Canadian Imperial Bank of Commerce, provides banking services primarily in California, Florida, Illinois, Michigan, Missouri, and Wisconsin. While it offers competitive rates on some products, it isn’t the best option if you prefer in-person banking and live outside these states.

CIBC Bank accounts

CIBC Bank offers a variety of accounts to meet different banking needs. APYs are accurate as of October 2024. Here's a detailed look at their main offerings:

CIBC checking accounts

CIBC offers three different checking account options, each catering to different needs:

iCan Checking

The iCan Checking account stands out with its cash back rewards on debit card purchases. You can earn 1% back on purchases, up to $20 per payment cycle. There's no minimum balance requirement, and the account comes with no monthly maintenance fees. Additionally, CIBC reimburses up to $50 in ATM fees per month, making this account ideal for frequent ATM users.

myChoice Plus Checking

This account offers tiered interest rates, allowing you to earn interest on your balance starting from just $0.01. The first order of checks is free, and there are no monthly maintenance fees. CIBC reimburses up to $25 in ATM fees per month with this account.

myChoice Prestige Checking

Designed for higher balances, this account offers tiered interest rates on balances up to $10,000. It features no monthly maintenance fees, no paper statement fees, and reimburses up to $50 in ATM fees monthly.

While these checking accounts offer attractive features, particularly cash back rewards and ATM fee reimbursements, the tiered structure means customers with higher balances will see the most benefits.

CIBC Agility Savings

The CIBC Agility high-interest savings account is an online-only offering that stands out with its competitive APY. This rate puts it in line with some of the best high-yield savings accounts on the market. However, the $1,000 minimum initial deposit is higher than many competitors, which might be a barrier for some savers. Key features of the CIBC Agility Savings account include:

• 4.61% APY
• $1,000 minimum opening deposit
• No monthly maintenance fees
• Interest earned on balances as low as $0.01
• Online-only account management

CIBC also offers a personal savings account option for those who meet specific criteria, but it doesn't provide the same high yield and online banking capabilities as the CIBC Agility account.

CIBC Agility CDs

CIBC Agility CDs offer competitive rates without excessive fees. Here are the key details:

• APYs range from 3.50% to 4.61%
• $1,000 minimum initial deposit
• Terms range from nine to 30 months

To open an account, you'll need at least $1,000. After applying online, CIBC will send a confirmation email within a few days. Note that this isn't an automatic approval, and you may need to wait before you can activate and fund your account.

CIBC also offers in-branch CDs with terms ranging from one month to five years. However, these may have different terms, offers, and rates than the CIBC Agility CDs.

Other CIBC Bank products and services

CIBC Bank offers a wide range of financial products and services, including:

• IRA savings and CD accounts
• Health Savings Accounts (HSAs)
• Mortgages, refinancing, and home equity lines of credit
• Secured and unsecured loans and lines of credit
• Small business banking services
• SBA loans
• Investment management
• Wealth planning services
• Commercial and specialty banking services

CIBC Bank digital experience & customer support

Online and mobile banking platform

CIBC offers online-only products through CIBC Agility, but not all CIBC Bank products are available to apply for online. This limitation means that you might not be eligible for certain accounts if you don’t have branch access nearby. Since branches are only available in six states, this is a significant drawback for many potential customers.

The CIBC mobile app has mixed reviews:

• iPhone app: 3.7 out of 5 stars (App Store)
• Android app: 3 out of 5 stars (Google Play Store)

Common complaints include difficulty logging into the app, inability to see transaction details or scheduled bill payments, and frequent app crashes.

Customer service

CIBC Bank offers 24/7 phone support at 877-825-5554. Customers can also reach out via email at [email protected]. In-person support is available in California, Florida, Illinois, Michigan, Missouri, and Wisconsin branches.

However, customer satisfaction appears to be a significant issue for CIBC:

• Trustpilot rating: 1.4 out of 5 stars (based on over 1,400 reviews)
• Better Business Bureau rating: 1.16 out of 5 stars (based on only 79 customer reviews)

The bank is not BBB accredited but has received an A+ rating from the Bureau. Most complaints center around poor customer service, technical support issues, and fee disputes.

Account security

CIBC Bank offers FDIC-insured banking products, offering standard protection of up to $250,000 per depositor, per account ownership category, in case of bank failure.

How CIBC Bank stacks up

To better understand how CIBC Bank compares to its competitors, let's compare it to two popular alternatives: Chime and Synchrony.

CIBC Bank vs. Chime

Unlike CIBC Bank, which restricts you to living in specific counties, you can open a Chime account anywhere. The Chime high-yield savings account offers 2.00% APY — less than half of what you can get at CIBC Agility.

However, they have more banking features for those recovering from credit problems. For instance, Chime offers credit builder loans and bank accounts without a focus on your credit history. They also have more money management and budgeting opportunities, allowing customers to get and stay on track, while CIBC doesn’t.

CIBC Bank vs. Synchrony

Synchrony Bank is an online-only option offering a high-yield savings account, CDs, IRAs, money markets, and financing options like credit cards and loans. The high-yield savings account currently offers 4.50% APY, which is competitive with CIBC Bank. But there’s no minimum balance or deposit to earn the high APY you need at CIBC Agility.

Synchrony CDs are slightly more competitive, up to 4.80% APY for a 9-month term. The terms are more versatile, starting as fast as three months and going as long as five years. You can also choose from bump-up and no-penalty options. There is also no minimum balance for Synchrony CDs, unlike the CIBC Agility CDs.

Is CIBC Bank right for you?

CIBC Bank might be a good fit if:

• You live in one of the six states with CIBC branches and prefer in-person banking.
• You have at least $1,000 to deposit and are looking for competitive high-yield savings or CD rates.
• You're comfortable with online banking for certain products (like CIBC Agility accounts).
• You don't mind potentially waiting a few days for account approval after applying online.

You may want to consider other options if:

• You live outside CIBC's service area and prefer local branch access.
• You're looking for accounts with lower minimum deposit requirements.
• You prioritize a robust mobile banking experience.
• You're looking for a bank without account fees.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

The bottom line

CIBC Bank offers some attractive products, particularly its high-yield savings and CD accounts, through the CIBC Agility online platform. These accounts feature competitive rates that can rival many top online banks.

However, several factors limit the bank's overall appeal. The limited availability of branches and ATMs, high fees on many accounts, and poor digital experience and customer service ratings are significant drawbacks.

The Agility accounts might be worth considering if you live within CIBC's service area and can meet the higher minimum deposit requirements. However, for many potential customers, especially those outside CIBC's limited physical footprint, other online or national banks may offer more accessible and user-friendly options with comparable or better rates and fewer fees.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.