Monday, 23 November 2020

CIBC U.S. Review: Checking, Savings, CD, Money Market and IRA Accounts

CIBC U.S. Review: Checking, Savings, CD, Money Market and IRA Accounts
18 Oct
7:42

CIBC USA’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.10%

Savings

CIBC USA CIBC Palladian Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

CIBC U.S. checking account options

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How the CIBC U.S. checking accounts compare

Even with the perks that CIBC U.S. offers, its checking accounts fall short of what else is available at other banks. Most competitors have much higher APYs with no monthly maintenance fees. They give ATM refunds and you don’t need to meet any requirements (such as make a certain number of transactions) to qualify for rates.

To find better rates, check out our list of the 10 best online checking accounts.

CIBC U.S. savings account options

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How CIBC U.S. savings accounts compare

The CIBC Agility Savings account offers one of the best rates compared to our list of the best online savings accounts. Competitors also offer low minimum balances, the ability to waive maintenance fees and mobile banking. However, CIBC U.S. doesn’t offer ATM access. If that’s important to you, you can either link your checking account or look for an account that does have this feature.

CIBC U.S. CD rates

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How CIBC U.S. CD rates compare

The terms and rates for CIBC U.S.’ CDs and jumbo CDs are not available on its website. You can look at other CDs on our list of the best rates.

CIBC U.S. money market account options

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How the CIBC U.S. money market account compares

This money market account falls flat compared to other online banks’ money market accounts. You can get rates at least three times the yield elsewhere that you’d get at CIBC U.S. Also, some competitors also offer checkwriting capabilities and a low minimum opening deposit.

To find better rates, go to our list of the best money market rates.

CIBC U.S. IRA account options

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How CIBC U.S. IRA CD rates compare

These IRA CD rates are extremely low compared to some of the best offerings out there. Although some of the minimum opening deposits are higher with competitors, it could be worth it since you’re getting a much higher rate in return. You can also open these accounts online, so check out this list of the best IRA CD rates to see how you can maximize your savings.

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/cibc-us/

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