CIBC Bank USA has added a
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
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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