Personal Savings Accounts

To qualify for a CIBC Bank USA personal savings account, you must meet certain requirements: 

• You're a current U.S. resident age 18 or older
• You have a Social Security number
• You have a U.S. driver's license or state-issued identification
• If you're applying with a co-applicant, that person also meets the same qualifications

We offer individual and joint account ownership only at the time you open the account. You can’t set up an account as a trust, a fiduciary or custodial account. Instead, you can establish your account as a payable-on-death (POD) account after you've opened it. To add POD beneficiaries, complete the form POD Beneficiary (PDF, 115 KB) Opens in a new window.. To request a hard copy in the mail, call us at 877-448-6500 Opens your phone app.. If you’re interested in a trust, fiduciary or custodial account, visit a CIBC Banking Center or call our Client Support Center at 877-448-6500 Opens your phone app..

Yes, our personal savings accounts are FDIC insured up to the applicable limits.

Yes. For the Personal Savings account and Personal Money Market account, there’s a minimum balance if you want to avoid paying a monthly fee. Other service fees may apply. Refer to your account disclosure you received at account opening for further details.

You must also maintain a daily balance of $0.01 in order to earn the stated Annual Percentage Yield (APY) and to avoid potential account closure.

Yes, U.S. federal regulations limit the number of transactions you can make with a savings or money market account each month. You can make up to six pre-authorized, automatic or telephone transfers to another account of yours or to a third party. Refer to the Fee Schedule for Consumer Accounts for excessive transaction fees.

Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).