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CIBC (Canadian Imperial Bank of Commerce), a prominent bank in Canada, offers several account options, such as the CIBC US$ Personal Account. This account lets you save, withdraw, and deposit your USDs. That makes it a good choice for Canadians who often handle USDs or visit the United States regularly.
The CIBC US$ Personal Account has zero monthly fees and incurs interest but is based on your saving balance. Balances up to $24,999.99 earn an interest rate of 0.05%.
However, balances of $25,000 and above receive a higher rate of 0.25%. Additionally, it removes the need to worry about currency conversion.
Read on for other details about this account to determine if it’s right for you. We’ve covered everything, from features to pros and cons, as well as alternatives of the CIBC US$ Personal account/
CIBC US$ Personal Account features
If you’re curious about the features that come with this account, you’ll be pleasantly surprised. Here are just some of the incredible characteristics that make this one of the best CIBC savings accounts:
- The account earns an interest rate of up to 0.25% but notes that transactions are not included.
- There is no monthly fee associated with the CIBC US$ Personal Account.
- Each transaction made with the account incurs a fee of US$0.75.
- There is no minimum balance requirement
- The account is available to individuals at least 18 years of age.
The pros of the CIBC US$ Personal Account
It’s an Interest-based Account
You can earn interest on the balance of your US dollar account. Keeping funds in US currency allows you to enjoy a competitive interest rate of up to 0.25%. However, the interest rates for daily closing balances vary based on the amount.
Hassle-free US Dollars Management
This account provides you with the convenience of managing US currency effortlessly. Whether you want to hold US dollars, spend them for your expenses, or make deposits, you can do so without complications.
Zero Monthly Charge
CIBC US$ Personal Account that there are no monthly fees. You won’t have to pay recurring charges or costs to keep the account open.
Online Management of Finance
You can easily access your account information and perform various transactions using CIBC’s online and mobile platforms. You can check your balance, review transaction history, transfer funds, and do more banking activities from anywhere, at any time.
No Conversion Rate Concerns
Frequent travellers to the United States or US Dollar holders don’t have to worry about conversion rate with this account.
Ease of Access
Customer care representatives are readily accessible even beyond regular working hours. Also, with over a thousand locations, CIBC is easy to find and usually operates on weekends.
The cons of the CIBC US$ Personal Account
Consider the following cons before opening this savings account:
Transactions are Not Free
This personal saving account has no complementary transactions. Each transaction you make will have a cost of $0.75.
Interac e-Transfers are Not Available
Sending and receiving Interac e-Transfers is currently not supported for this account.
Other Services Charge
Fees are typically associated with non-sufficient funds, overdraft protection, and other similar offerings.
CIBC US$ Personal account fees
While no monthly fees are associated with the account, it does not cover any transaction costs. Each transaction will incur a fee of $0.75 US, even withdrawals from CIBC ATMs.
Interim statements can be obtained for a fee of $5.00 US each. However, paper and paperless statements are issued for free monthly or quarterly. But requesting an additional copy of a statement costs $5.00 US per copy.
There are fees for other services you may use, like Overdraft Protection. Hence, request a detailed breakdown of the fees draft from your bank.
CIBC US$ Personal Account special offers
You can get an instant free credit score using the Mobile Banking App.
Other CIBC savings account options
CIBC offers other savings accounts in addition to CIBC’s US$ Personal Account. They are:
- CIBC eAdvantage Savings Account.
- CIBC TFSA Tax Advantage Savings Account
- CIBC RRSP Daily Interest Savings Account.
How to open the CIBC US$ Personal Account
- Visit CIBC’s website.
- Click on Bank Accounts and scroll to select Savings.
- Tap to apply for the CIBC US$ Personal Account.
- Provide the necessary information, including your contact details, full name, residential address, and other required details.
- Click on ‘Next’ to specify your intention for creating a CIBC US$ account.
- Tap ‘Next’ to review all the details provided and click ‘Next.’
CIBC US$ Personal Account conclusion
The CIBC US$ Personal Account is an interest accrual account that requires no monthly fee. However, how much interest you earn depends on your balance.
Though there are no monthly fees, almost everything that counts as a transaction is charged for a few. So, review the details of this account, including the associated costs, before your application process.
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