No one would hold it against you if you’ve never heard of CIBC Bank but chances are you don’t live in Chicago. Until very recently, I hadn’t heard of them before.
But they’re a real bank with a real bonus that only requires you to make a sizable deposit into the account before the deadline.
We will first discuss the bank itself (yes, they are FDIC insured!) and then the terms of the deal – which are quite attractive.
Table of Contents
Who is CIBC Bank USA?
CIBC Bank is a 150-year-old bank based in Toronto, Canada; but their Chicago headquarters has been around since 1867. They are FDIC insured (FDIC Cert #33306) so your money is perfectly safe there.
They started as The PrivateBank and Trust Company but were acquired in June 2017 by the Canadian Imperial Bank of Commerce (CIBC) and operates as CIBC Bank USA. They were publicly traded on the Nasdaq before the acquisition and they have nearly $20 billion in assets.
How to get up to $500 from CIBC Bank USA
CIBC up to $500 Online Savings Account Bonus Summary
- What you get: up to $500 cash bonus
- Who qualifies: Nationwide
- Where to open: Online or in-branch
- How to get it:
- Open a CIBC Agility Online Savings account,
- Make a minimum opening deposit of $1,000 to fund your account,
- Next, deposit funds of $25,000 or more in New Money from an external bank by 12/19/2023 and keep those funds in the account until 3/18/2024,
- Enroll in online banking and elect for electronic statements,
- Collect your bonus (based on total deposits) after the waiting period.
- When does it expire: 12/9/2023
You can get a up to $500 cash bonus when you open a CIBC Agility Online Savings Account and deposit funds of $25,000 or more in New Money from an external bank by 12/19/2023 and keep those funds in the account until 3/18/2024. There is a minimum $1,000 deposit and no monthly fees.
Best of all, the account offers a yield of 5.01% APY so you earn interest while you wait for the waiting period to end.
The bonus will depend on the amount deposited by 12/9/2023:
- Get $250 if you deposit between $25,000 and $49,999,
- Get $500 when you deposit over $50,000.
You must have less than $500,000 in the account though. (it’s a strange quirk in the terms and conditions)
The bonus will be deposited no later than 5/17/2024.
How Does This Offer Compare?
As a bank bonus without a direct deposit, it lines up quite favorably against the competition especially when you consider it offers a yield of 5.01% APY while you wait.
With the tiers set at relatively low levels, you can get a nice bonus to your APY for keeping your cash in the account until next Spring.
One offer that lines up somewhat similarly is the Citi Priority Account bonus:
And Minimum Balance
|$10,000 – $29,999||$200|
|$30,000 – $74,999||$500|
|$75,000 – $199,999||$1,000|
|$200,000 – $299,999||$1,500|
|$300,000 and above||$2,000|
The higher levels get higher but you can get some nice cash with less – plus there’s the interest on the CIBC that you don’t have with Citi.
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
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About Jim Wang
Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard’s Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.
Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology – Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.
One of his favorite tools (here’s my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you’re on track to retire when you want. It’s free.
He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn’t want a second job, it’s diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.
Recently, he’s invested in a few pieces of art on Masterworks too.
Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.