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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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ytr0171
Jul 23, 2023