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Deposit, withdraw and save your US dollars for no monthly fee - Claim this offer

CIBC US$ Personal Account Overview

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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

CIBC US$ Personal Account - comparewise

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

  1. Visit CIBC’s website.
  2. Click on Bank Accounts and scroll to select Savings.
  3. Tap to apply for the CIBC US$ Personal Account.
  4. Provide the necessary information, including your contact details, full name, residential address, and other required details.
  5. Click on ‘Next’ to specify your intention for creating a CIBC US$ account.
  6. 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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FAQs about the CIBC US$ Personal Account

Can I make deposits or withdrawals of the US Dollar in Canada?

Yes, you can. Simply deposit it at any of the ATMs that support deposits. However, note that you can only withdraw US currency from ATMs that carry the United States flag.

Can I apply for a CIBC US$ Personal Account online?

Yes. You can open a CIBC US$ Personal Account without using any physical branches. No offline appointment is required to apply for this account.

Do I qualify to open a US$ Personal Account with CIBC?

You can open this account if you are a Canadian resident and have attained the age of consent in your region.

CIBC US$ Personal Account Details

Interest Rate
0.05%
Number of Monthly Transactions
Unlimited
Bank Draft Cost
No fee
Travellers Cheques
Free
Personalized Cheques
Commission Fee
Paperless Statements
No fee
Mailed Monthly Statements
No fee
Other Features

CIBC US$ Personal Account Contact

Phone Number
Hours
Monday - Friday: 9:00am - 5:00pm
Website
Address
199 Bay Street, Commerce Court Toronto Ontario M5L 1A2 Canada
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CIBC US$ Personal Account Details
  • Account Type : Savings
  • Monthly Transactions : Unlimited
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