CIBC (Canadian Imperial Bank of Commerce) is one of the “big five” banks of Canada and is headquartered in Toronto, Ontario.
The institution was formed by the largest chartered bank merger in Canada’s history in 1961 when the Canadian Bank of Commerce (founded in 1867) merged with the Imperial Bank of Canada (founded in 1873).
Today, CIBC holds roughly $770 billion in assets and brings in $18.7 billion in revenue (as of 2020) with operations spanning the globe.
For U.S. based customers, CIBC has an offshoot called CIBC U.S. which is headquartered in Chicago, Illinois, but backed by the 150 year-old Canadian bank.
CIBC U.S. has a noteworthy variable rate savings account called the “Agility Savings” that features a spectacular APY of 0.57%.
This account can be opened online by anyone in the U.S. that has a valid ID and is 18 years of age. To see if this account is right for you, continue reading our review below.
In this post you'll learn:
CIBC Agility Online CD Rates
CIBC currently offers 5 online “Agility” CDs with terms ranging from 9 months to 30 months. They currently come with impressive yields when compared to the national average, but the yields are tiered based on deposit amount. Depositing $25,000 or more will get you a higher rate. See all rates and deposit requirements below.
|9 months ($25k +)||0.55%|
|12 months ($25k +)||0.85%|
|18 months ($25k +)||1.0%|
|24 months ($25k +)||1.15%|
|30 months ($25k +)||1.25%|
To put these yields in perspective, the current national average for a 12 month CD and a 36 month CD sit at just 0.15% and 0.22% APY, respectively.
All CIBC online Agility CDs come with a minimum deposit requirement of $1,000.
CIBC Agility Savings Account APY + Details
To open the CIBC Agility Savings account you must make an initial minimum deposit of at least $1,000, but once the account is opened interest is earned on all balances above $0.01.
CIBC U.S. is member FDIC and all consumer deposits are federally insured up to the applicable limits.
|Min. Deposit||Min. Balance||APY|
To put this yield in perspective, the current average for a savings account sits at just 0.06% APY and the current average on a money market account sits at just 0.08% APY according to the most recent FDIC data.
Interest is compounded and credited to your account monthly.
Per federal regulation D, this account is limited to 6 transactions per monthly statement cycle. If you exceed this amount CIBC will charge $10 for each subsequent transaction. No external transfers can be made either within the first 90 days of opening the account.
CIBC U.S. Fee Schedule
Depending on the actions you take with your CIBC Agility Savings account you may encounter some fees from time to time.
Below is a complete outline of the fees CIBC imposes for various account activities (or inactivities).
CIBC Fee Schedule
|Statement Copies||$5 each|
|Hold Mail Fee||$25 per request|
|Automatic transfer from one account to another to cover overdraft||$35.00 per item, max $175.00 day|
|Overdraft fee (item paid)||$35.00 per item, max $175.00 day|
|Returned deposited item fee (chargeback)||$10.00|
|Account research||$25.00 per half hour, $25.00 minimum|
|Account closed within 90 days of opening||$25|
|Dormant account fee||$5 per month with a max of $60 annually|
You can read more about CIBC U.S. deposit account disclosures and terms of service here.
How to Open the CIBC Agility Savings Account
As mentioned this account is available to anyone in the U.S. that is 18 years old or older with a valid ID, internet connection and $1,000 for the initial deposit.
Here’s how to open the account in minutes.
- To open the account, navigate to the CIBC U.S. Agility Savings landing page here and click “Apply Now.”
- From here it is a 4-step process that starts with your personal information. Fill in the required personal information and then click “Continue.“
- Read and accept the account disclosures and click “Continue.“
- Fund your account. This will require the routing number of your current bank and the bank account number you’ll be transferring the funds from.
What information do I need to have handy?
- Driver’s license or government issued ID.
- Home address, phone number and email.
- Social security card or number.
- Existing bank account routing number.
- Existing bank account number with at least $1,000 in the account.
- Employment information.
Managing the CIBC Agility Saving Account
As mentioned the account can be managed completely online through the web or their native IOS or Android app. CIBC has multiple apps available for download. You will want to download the CIBC US mobile banking application to manage your Agility Savings account.
The mobile banking app by CIBC has mixed reviews, averaging only 2 stars out of 5 on IOS with 48 ratings at the time of this writing and 4 stars out of 5 on Google Play with over 22k ratings.
- View account balances and recent transactions
- Transfer funds using their person to person payment system. Send funds with just a phone number or email.
- Transfer funds between CIBC US accounts.
- Mobile check deposit
- Check status of deposits
- Pay bills electronically
- Schedule future bill payments
- Contact representative for assistance
- Locate branches and ATMs