CIBC Bank Agility Online Savings $200/400 Deposit Bonus

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CIBC Bank USA has added a $200/$400 deposit bonus for new customers of their Agility online savings account. The bonus is on top of the interest rate, currently 1.85% APY (as of 3/1/20). $1,000 minimum to open. No monthly maintenance fees. CIBC stands for the Canadian Imperial Bank of Commerce. Thanks to reader Mike for the tip.

New deposit bonus details.

  • Open a new CIBC Agility Savings Account by March 16, 2020, and make your deposit within 15 days of opening your account.
  • Sign up for online eStatements within 15 days of opening your account, available through CIBC US Online Banking.
  • Earn $200 when you deposit at least $25,000 and keep the money in your account for 120 days (after the end of the 15-day funding period).
  • Earn $400 when you deposit at least $50,000 and keep the money in your account for 120 days (after the end of the 15-day funding period).
  • You’ll get the bonus payment at least 60 days after the promotional period, as long as your account has remained open and has maintained the daily balance requirement.

If you have or have had an Agility Savings account on or after May 1, 2018, you will not be eligible for this promotion. Note the terms also state “The minimum balance to obtain the APY is $0.01.” I always keep a few bucks in an account that I want to keep open, so they don’t close it on me without notice, but this is another reason as you might not get any interest for the month if you zero out your account.

Effective APY. Taking into account the minimum holding period and assuming you fund at the end of the 15-day period:

  • Maintaining $25,000 for 120 days and earning $200 works out to 2.4% APY. Adding the 1.85% APY makes this work out to roughly 4.25% APY for 120 days.
  • Maintaining $50,000 for 120 days and earning $400 also works out to 2.4% APY. Adding the 1.85% APY makes this also work out to roughly 4.25% APY for 120 days.

This is a little optimistic as you will probably add a few days of holding time unless your deposit lands at the very end of the 15-day funding period. You’ll still get around 4% APY for 4 months.

Compare to other bonus offers. The effective APY for new customers is comparable to the CIT Bank $300 deposit bonus. This bonus is bigger, but also with a longer required holding period. Existing CIT Bank customers can take advantage of the shorter holding period requirement with the CIT bonus.

Bottom line. CIBC Bank USA is promoting their Agility online savings account with a new deposit bonus. Must open by 3/16/20 and fund within 15 days. The bonus is on top of their interest rate, currently 1.85% APY (as of 3/1/20).

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Comments

  1. Hi Jonathan. This deal sounds good but can you verify if they do a hard credit inquiry? I have read some old posts that do hard inquires. If true I will probably might have to pass on this offer. I just recently had a hard inquiry added to my report. I don’t understand why some online banks would do a hard inquiry to open a savings account. I will be standing by to see what you and other bloggers find out or i will report back if I find anything.

  2. I just spoke to a representative at CIBC and was informed that they to do a soft pull. I will take her word unless I find anything out otherwise.

  3. If I am reading this correctly your bonus doesn’t post until 60 days after the 120 day hold period. So the yield is much less. Being a Savings account, I will assume the yield will fluctuate.

    • The bonus won’t post until within another 60 days, but you don’t need to keep your $25k/$50k after the 120 day holding period. Your account just needs to be open, with a nonzero balance to be safe.

      I agree the APY can fluctuate as it is a savings account.

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