[Expired] CIBC New or Existing Customers: $250-$500 Online Savings Bonus With $25,000-$50,000 Deposit

Deal has ended, view more bank account bonuses by clicking here.

Update 11/5/23: Deal is back, maximum bonus is now $500 from $400. Valid through December 19, 2023. Must maintain balance through March 18, 2024.

Offer at a glance

• Maximum bonus amount: $500 with $50,000 deposit
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: ?
• Household limit: None listed
• Expiration date: 

The Offer

Direct Link to offer

• CIBC is offering a bonus of up to $500 on their Agility Online Savings account with the following tiers:
  • Get $500 when you deposit $50,000 and keep the new money in your account until March 18th, 2024. You must also enroll in e-statements.
  • Get $250 when you deposit $25,000 and keep the new money in your account until March 18th, 2024. You must also enroll in e-statements.

The Fine Print

• Must complete an account application for a new Agility Savings account between February 10, 2020 and March 16, 2020. An account application is deemed complete when you are provided an account number on the confirmation screen.
• Must deposit at least $25,000 of new money from an external bank (transfers between CIBC Bank USA accounts will not qualify) within the first 15 calendar days from the date of the completed account application (Initial Funding Period)
• Must minimum daily balance on the account of at least $25,000 for 120 days from the last calendar day of the Initial Funding Period
• Must enroll in Online Banking and change the Statements Delivery Method to “Online” during the Initial Funding Period and continue enrollment for 120 days from the last calendar day of the Initial Funding Period.
• If at any time during the 120 days from the last calendar day of the Initial Funding Period your minimum daily balance decreases below the threshold you lose the bonus of that tier.
• The account is subject to approval.
• New money means funds not currently held within a CIBC Bank USA account.
• Only one bonus is permitted per primary or secondary account holder.
• Once you have qualified for a bonus, your bonus payment will be paid no later than 60 calendar days after you have completed all the requirements listed above.
• Bonus is considered interest for income tax purposes and will be reported to the IRS. Consult your tax adviser regarding specific tax considerations for your accounts.
• Bonus offers are not eligible to you if you were the primary or secondary account holder of an Agility Savings account with CIBC Bank USA on or after May 1, 2018.
• The annual percentage yield (APY) is accurate as of February 10, 2020. This is a variable rate account and the interest rate and APY can change at any time without notice. The minimum opening deposit is $1,000 but cannot exceed $250,000. The account balance cannot exceed $1,000,000. The minimum balance to obtain the APY is $0.01. Fees or withdrawals will reduce earnings. Offer is subject to change, and may be withdrawn, at any time without notice.
• This account is available online only.
• U.S. federal regulations restrict the number of transactions that can be made from savings and money market accounts during each calendar month or 4-week statement cycle. You may only make up to 6 transfers or withdrawals by pre-authorized, automatic, or telephone transfer to another account of yours or to a third party.

Our Verdict

This is quite a good deal for someone with large cash reserves as you’re getting a nice APY rate and the $250-$500 bonus on top of it. We’ve seen checking bonuses from CIBC in the past, but this is the first savings bonuses.

CIBC savings has consistently been near the top of the list in our Best Savings Rates post, so it’s not a bad account to have anyway, especially if you don’t have another high yield savings account. These types of online savings bonuses are from the easiest bonuses (if you have the cash reserves anyway) since there are no other requirements or fees, just the deposit requirement. We’ll add this to our Best Bank Bonus page. 

Hat tip to reader Shirley