Are you looking for an online-only savings account with a higher interest rate than a traditional savings account? If so, you may want to check out Agility online savings offered by Canadian Imperial Bank of Commerce (CIBC).
CIBC Bank USA has set the rate of its Agility Savings account 0.80% APY… which means that CIBC USA’s savings rates are currently well over national average, and an added bonus is that the bank boasts an A+ health rating based on consumer reviews.
Based on this information, CIBC Bank USA joins the ranks of numerous banks with high-yield online savings accounts.
What Is A CIBC Agility Savings Account?
Agility is an online-only savings account offered by CIBC. There are NO monthly service fees, and CIBC is currently offering an impressive 0.80% Annual Percentage Yield (APY) for any amount saved in the account. Agility accounts are also FDIC insured up the maximum allowable amount of $250,000, and you can have 24/7 access to your account with CIBC NetBanking or the CIBC US Mobile Banking App.
However, in order to open an Agility savings account, you will need to have an initial deposit of $1,000.
CIBC – US – AGILITY ONLINE SAVINGS DETAILS:
|Minimum Deposit to Open||$1,000|
|Minimum Balance to Earn Interest||$0.01|
|Monthly Transaction Limit||6|
|Fee per Transaction Over Limit||$10/transaction|
How Can I Deposit and Withdraw Money from A CIBC Agility Savings Account?
Here are the ways CIBC says you can deposit or obtain money from your online savings account:
- Direct deposits
- Online transfers
- Mobile check deposit
- Send a check via mail
- Wire transfers
** Deposits that bring the total account balance to more than $1 million aren’t permitted.
- Online transfers
- Wire transfers
- Request a check be mailed to you
Written requests for checks may be sent to CIBC c/o CIBC Agility Savings Account Department, 6825 West 111th Street, Worth, Illinois 60482.
What are the Account Fees For A CIBC Agility Savings Account?
Here is the current fee schedule for CIBC Accounts:
|Fee per Transaction Over Limit||$10/transaction|
|Copy of Statement||$5/ each|
|Account Searches (such as deceased persons)||$6.50 per name|
|Letter to confirm account balance, interest, etc.||$16.50/account plus tax|
|Withdrawal at Non-CIBC ATM (US)||$3.00 each, plus a 2.5% administration fee|
|Sending money through Interac e-Transfer||$1.50|
|Receiving money through Interac e-Transfer||$0|
|Stop Payment with Full Details Provided||$12.50/request|
|Stop Payment without Full Details||$20.00/request|
|Stop Payment via Interac e-transfer||$3.50/request|
|Inactivity Fee||12 months = $0
Years 2,3,4 = $20
Years 5,6,7,8 = $30
9+ Years = $40
|Outgoing Wire Transfer||$10,000 or less = $30 per payment
$10,000 – $50,000 = $50 per payment
$50,000+ = $80 per payment
|Incoming Wire||$15 per payment|
|Account Closing Fee||$20 if closed within 90 days of opening account|
What Are The Benefits of A CIBC Agility Savings Account?
- Higher than average APY (0.80% as of September 2020)
- No monthly fees
- Customer service is available through multiple platforms: phone, email or through the app.
- 24/7 access to your account
- Access to CIBC online savings tools and calculators
What Are The Disadvantages of A CIBC Agility Savings Account?
- Large initial deposit required ($1,000)
- External transfers are not permitted for the first 90 days from the date the account is opened
- Check deposits are subject to a 10-business-day hold
- No ATM card or ATM withdrawal options
- Account balance cannot exceed $1 million
- Small branch network (difficult to obtain in-person help)
- Mobile app has some mediocre ratings
- While 0.80% is one of the highest APYs in the market today – there are still a few banks that offer higher or banks that may have better perks.
As of September 2020, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 1.00% APY
- First Foundation Bank Online Savings – 1.00% APY
- Vio Bank – 0.91% APY
- Citi Accelerate – 0.90% APY
- TAB Bank – 0.90 % APY
- Ally Bank – 0.80% APY
- American Express Personal Savings – 0.80% APY
- CIBC Bank – 0.80% APY
- Citizens Access – 0.80% APY
- Goldman Sachs – Marcus Account – 0.80% APY
- Synchrony Bank – 0.75% APY
- Discover – 0.70% APY
- Capital One 360 Performance Savings – 0.65% APY
- CIT Bank Savings Builder – 0.65% APY
- MySavingsDirect – 0.65% APY
- Barclays Bank – 0.60% APY
- HSBC Direct – 0.50% APY
- TIAA Bank – 0.50% APY
Is A CIBC Agility Savings Account FDIC-Insured?
Yes. CIBC Bank USA is a FDIC member, which means that funds deposited into their Agility Savings Accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A CIBC Agility Savings Account ?
Opening an Agility Savings account with CIBC is a fairly straightforward process. You just need to:
- Be a US Citizen
- Have a US residential address
- Be at least 18 years old
- Have a Social Security number
You will also need to have access to the following personal details to complete the application:
- Your employment information
- Driver’s license or state-issued ID
- Information about joint savings account owner (if you have one)
- A minimum deposit of $1,000
If you meet the above criteria proceed with the following:
- Go to the CIBC website and select Agility Savings Account from the menu.
- Click the Apply Now button.
- Assemble the required information under Get Started and click Continue.
- Fill out the fields under Your Information and continue through the other tabs titled Accept Disclosures, Fund Your Account and Finishing Up.
You can make the initial $1,000 deposit using one of the following methods:
- Internal transfer from an existing account at CIBC Bank USA by the primary or joint account holder.
- ACH debit to an account at another bank.
- Mail a cashier’s check or personal check to the bank. NOTE: If a deposit is made by check, the funds are subject to a 10-business-day hold.
How To Access Your CIBC Agility Savings Account:
Online: Access your account by logging in with your username and password on their website: https://us.cibc.com/en/online-banking.html
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact CIBC About your Account:
- Call 844-704-7882, Monday through Friday from 8 a.m. to 7 p.m. CT and Saturday from 8 a.m. to 1p.m. CT
120 South LaSalle Street
Chicago, Illinois 60603
- Mobile App:
- Download and use the smartphone app.
The Agility online savings account earns one of the best rates around, at 0.80%, and as long as you have at least a penny in your account, you earn the same high interest rate.
If you’re looking to avoid overdraft fees, don’t need to touch your money very often, are comfortable with using online-only banking platforms, and want a high-yield online savings account – this may be a good one for you to try out, as this savings account provides a high yield on interest with 24/7 online access.
But, while its interest rates and fees are competitive, the high $1,000 minimum deposit could hold you back. Also, if you prefer your banking to be in person, in a branch or via ATMs, you’d likely be better served using their more traditional personal savings account.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
CIBC USA – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 3.4 out of 5 stars
- BauerFinancial Star Rating: 5 out of 5 stars
- BankTracker Troubled Asset Ratio: 5.45
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.
CIBC U.S. Bank is the U.S. arm of the Toronto-based Canadian Imperial Bank of Commerce.
The Canadian Imperial Bank of Commerce was founded in 1867 when it opened its first branch in Toronto. Through the years, CIBC has grown to include not only personal bank accounts, but financial products and services to benefit consumers small and large – including small business, commercial business and within the wealth management sector. By 2017, The PrivateBank (based in Illinois) became a wholly owned subsidiary of CIBC, which helped their bank to grow exponentially.
Today, the bank’s U.S. headquarters are located in Chicago, Illinois, USA.