CIBC Bank USA Reviews (29)
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easy to work with but the rate isn't competitive. not even the leading savings rate banks are competitive versus short us treasuries.
Review on the Online bank -
The 30-day early withdrawal penalty on a 1-yr cd is really tough to beat. I had been a big fan of these No Penalty CDs at Ally and CIT, but this is a far better rate and the risk-reward makes perfect sense. I've also opened an account with Forbright which has a 3 month Early Withdrawal Penalty. I think Ally is 2 months but they are not rate competitive. 2 or 3 months is very fair. These other players that charge six months are just hoping for you to have a misfortune or to get out quickly if rates go higher.
Review on the Online bank -
I was a long time customer. I took balances down below $200 in 2020 in order to buy a house during pandemic. I had always planned to deposit again in a rising rate environment. I logged back on today and kaboom, they took all my money in fees for having a low balance. I also have accounts with some of the others (Marcus, Ally, CitizensAccess). I recommend those ones and not this one as they would never steal from me.
Review on the Online bank -
Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparently does not make hard pulls against depositors. I am referring to many credit unions in that last sentence who make it so hard for anyone except the favored few near branches to get their advertised special offers.
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Improved greatly over the experiences of earlier reviewers. Smooth approval. Everything is fine, helped in recovering sign-in protocols and in deposits/withdrawals. Not some hinky fintech that has to be worked only out of a buggy app, assuming approval which is often denied for unclear reasons.
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Uses same standard Netellier interface as lots of other banks, except somehow they manage to mess it up. Impossible to indicate preferences for maturing CDs without sending an email. Impossible to remove a corresponding account without calling. Etc., etc.
Review on the Online bank -
I am not sure that I really want to write this here because I know I will probably want to take it back later, but I've been tracking the rates for several months and CIBC has been slower to cut their rates and then seems to cut them less to the bone. I know some rates are now higher, but among the names I recognize this is now the highest. I also find the people helpful when I call.
Review on the Online bank -
This one is just a silly Canadian bank with a lousy interface. I opened for the higher rate but it does nothing but fall. Everything requires a phone call. I will stick with the better known US players until the pandemic ends.
Review on the Online bank -
What's not to like? They've held their rates strong while the better known banks have been slashing.
Review on the Online bankc3po in chicago illinois | Jul 20, 2020
Spoke too soon. 2 days later and they dropped the rate. Damn.
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Absolutely impossible to go paperless. I have 3 CDs with this bank and have no complaints other than the fact that I get three large envelopes with statements every month. I've tried to go paperless online and tried calling, multiple times, but the paper keeps coming.
Review on the Online bank -
My husband and I opened an account here and we are enjoying the fact that they are holding their rate at a competitive level while all of the more established online banks are dropping theirs. (We expect that it will fall if rates continue to decline, but hope it stays above the competition!) The people were very nice on the phone and everything works well. We are however a little disappointed by the transfer speeds (2 days versus 1) and the website is not always entirely intuitive (seems to use a software program different from that we have seen elsewhere).
Review on the Online bank -
Not the easiest experience to open an account. Not the easiest thing to log into either. It is the same interface that I've seen at several other only banks, but my browser doesn't remember my password. Otherwise, there are no problems and I am enjoying earning a rate that is a little higher than the better known names.
Review on the Online bank -
I saw CIBC listed here or on another site and opened the account. While some of the other rates are higher, I like the $0 balance requirement and the fact that it is a recognized name. The opening process was smooth and I have not had any issues so far.
Review on the Online bank -
The 2.39% rate was nice enough to get be to just open a CIBC account, but I closed it 5 minutes later. I was not able to bring money in from an external bank account (in my case, Chase). You have to wire it over or send them a check. I also learned you absolutely cannot withdraw anything for 90 days. There are better options out there.
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ytr0171
Jul 23, 2023