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CIBC Bank USA CDs Review

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CIBC Bank USA, a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce, provides personal banking products and financial solutions. Based in Chicago, Illinois, the bank also offers a number of wealth management alternatives to businesses big and small. CIBS's CDs are offered as jumbo and traditional, 15-month term products, both at fixed rates.
 
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How is CIBC Bank USA rated?

Breakdown

0.0/5
Types of CDs
4.0/5
Term Lengths and Features
4.0/5
Minimum Deposits, Fees, and Penalties
4.0/5
Customer Experience

Overall Rating: 3.9 / 5 (Very good)

Unlike many other big banks, CIBC Bank USA is rather restrictive with its regular CDs, only allowing 15-month terms. However, customers are rewarded with a highly competitive APY rate, no fees apart from early withdrawal penalties, and excellent customer support. For those who can afford Jumbo CDs, the company provides all the excellent services they do for regular CDs in addition to the added freedom of choosing your own maturity term date. Consumers who don't mind the single term on the bank's regular CD account or who want to open a Jumbo CD should definitely consider CBIC USA.

CIBC Bank USA Account Features

Term Lengths and Features - 4 / 5

CIBC USA offers two types of CD product. The first, its 15-month term traditional or IRA CD, requires a $1,000 minimum deposit to open the account and earn the advertised rate. The maximum deposit amount is $500,000. The second, its jumbo CD, requires a $100,000 minimum deposit to open and has an unspecified rate. The Jumbo CD may be opened for a term length from 30 days to five years. Both 15-month term and jumbo CDs compound interest daily, can be owned as custodial accounts, and have their rates fixed.
Type of Rate (Traditional)
Fixed
Types of CDs
Traditional CD
Jumbo
Account Ownership Types
Custodial
Interest Compounded
Daily
Term Range
CIBC's regular CD product is designed around a 15-month term. Its jumbo CD, on the other hand, allows for terms from 30 days to five years.
Minimum Deposit Amount
$1000 for 15-month term CD; $100,000 for jumbo CD
Best Rate Guarantee
No
CD Calculator
No

CIBC Bank USA Fees and Penalties

Minimum Deposits, Fees, and Penalties - 4 / 5

CIBC does not charge any maintenance, annual, or custodial fees. The description for its early withdrawal penalty is fairly vague.
Early Withdrawal Penalty
CIBC may impose a penalty for early withdrawal. The decision to do so will ultimately rest on the account owner's reasons for doing so.

CIBC Bank USA Financial Strength and Reputation

Customer Experience - 4 / 5

CIBC USA's parent company has very strong financial ratings with both S&P and Moody's, an A+ and Aa2, respectively. CIBC was founded in 1867 and acquired the PrivateBank, now known as CIBC Bank USA, in 2017. CIBC USA has an excellent A+ rating on the BBB and a noticeable lack of complaints overall. The bank can be contacted around the clock thanks to 24/7 live phone support. Consumers may also reach the bank through email and social media.
Year Founded
1989
Standard & Poor's Financial Rating
A+
Moody's Financial Rating
Aa2
Live Help 24/7
Yes
Customer Support Hours
24/7 support via phone call
Contact Methods
Phone
Email
Social Media
BBB Rating
A+
BBB Total Complaints
0
BBB Resolved Complaints
0
Consumer Financial Protection Board (CFPB) Complaints
14
Date Collected
2018-09-26

Company Profile

Full Name
CIBC Bank USA CDs
Company Website
https://us.cibc.com/en/home.html
Headquarters
120 South LaSalle Street, Chicago, IL, 60603

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Top Rated
Our Partner
  • 1.21% high-yield CD, 7.1X higher than national average.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
  • No fees.
  • FDIC insured.
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