CIBC Bank Review: A Reliable FDIC Insured Bank

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CIBC Bank USA offers competitive interest rates on savings and CDs, but these accounts work best for people who can deposit a substantial amount upfront. The best high-yield savings accounts pay up to 5.50% APY right now — see how CIBC compares.

CIBC Bank USA Review

CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce.

CIBC has over 1,000 branches and 3,000 ATMs in North America. Banking centers are located in select cities in California, Florida, Illinois, Michigan, Missouri, and Wisconsin.

CIBC Bank USA has an online savings account and CDs that you can open anywhere in the US. To open a checking account or money market account in the US, you must live in a state that has a banking center.

Customer support is available 24/7 by phone. 

The bank’s mobile app has 4.1 out of 5 stars in the Google Play Store and 3.9 out of 5 stars in the Apple Store. 

CIBC Bank USA is FDIC insured. You may safely keep up to $250,000 in an individual bank account.

CIBC Bank bank rating

CIBC Bank pros and cons

CIBC Bank USA trustworthiness and BBB rating

In 2021, CIBC agreed to pay $125 million in a settlement when accused of misrepresenting financial information regarding CIBC investments and US residential mortgage-backed securities. 

We also use ratings from the Better Business Bureau to see how banks deal with customer issues. 

The BBB gave CIBC Bank USA an A+ rating. However, its parent company CIBC has an F rating because the BBB has received numerous complaints and hasn’t responded to or resolved some complaints. 

A good BBB rating won’t guarantee your relationship with a bank will be smooth. Consider chatting with current customers or reading online customer reviews to see if CIBC Bank USA might be a good fit for you. 

CIBC Bank Accounts

CIBC Bank savings account

The CIBC Agility Online Savings Account pays a great interest rate and might be ideal if you have at least $1,000 for an initial deposit. 

If you don’t have a lot of money for an opening deposit, see our best high-yield savings accounts guide. Some of our top picks let you open a high-yield savings account with $0. 

CIBC Bank checking account

Only residents of Illinois, Michigan, Missouri, and Wisconsin may open a CIBC iCan Checking Account.

The CIBC iCan Checking Account is one of the bank’s strongest products. It doesn’t charge monthly service fees or out-of-network ATM fees, and you’ll earn 1% cash back on debit card purchases (up to $20 each month). 

CIBC Bank CDs

CIBC Bank USA has competitive interest rates on CDs and offers an even higher rate if you deposit $25,000 or more. 

Keep in mind that terms range from nine months to 30 months, so you’ll have to consider other financial institutions if you want to open a CD term that’s three years or longer.

 CIBC Money Market account

The CIBC Money Market Account isn’t as strong as the bank’s online savings account.

While it includes checks and a debit card, the money market account has a low interest rate. You’ll also need to maintain at least $2,500 in your account daily to waive the $15 monthly service fee. 

Compare CIBC Bank

CIBC USA vs. Chime

CIBC Bank USA has online savings accounts and CDs that can be opened from anywhere in the US. You’ll have to live in Illinois, Michigan, Missouri, or Wisconsin to open a checking account or money market account.

Chime only lets you open a savings account if you already have the Chime® Checking Account. Otherwise, you’ll have to choose another institution. 

CIBC Bank USA offers a slightly highest interest rate on savings accounts but requires a minimum of $1,000 to open a savings account. Chime pays lower interest rates on its savings accounts, but you won’t need to make an initial deposit. 

CIBC USA vs. Capital One

Capital One Bank has more bank account options than CIBC USA, regardless of where you live. There are online savings accounts, checking accounts, and CDs. You may also open age-specific bank accounts for kids and teens.

Your decision between these two institutions might also depend on how much money you have to deposit. CIBC Bank USA requires a minimum of $1,000 to open a savings account, while Capital One lets you open a savings account with $0.

See Insider’s list of the best savings accounts »

Frequently Asked Questions 

Sophia Acevedo, CEPF

Banking Reporter

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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