CIBC Bank Agility Online Savings $250/$500 Deposit Bonus (New & Existing)

CIBC Bank USA has brought back a $250/$500 deposit bonus for customers that are adding new money to their Agility online savings account (you can be a new or existing customer). The bonus is on top of the interest rate, currently a competitive 5.01% APY (as of 11/7/23). $1,000 minimum to open. No monthly maintenance fees. CIBC stands for the Canadian Imperial Bank of Commerce. Hat tip to DepositAccounts.

I think it’s best to simply quote their terms and conditions first:

In order to qualify for an account bonus, you must increase the current balance in your CIBC Bank USA (“CIBC”) Agility Savings account by depositing funds of $25,000 or more of New Money (defined below) from an external bank between 12:00 a.m. ET on November 1, 2023 and 11:59 p.m. ET on December 19, 2023 (the “Funding Period”). The New Money must remain in your account until 11:59 p.m. on March 18, 2024. This offer applies to both new and existing accounts. If you are funding by ACH transfer, keep in mind timeframes for applicable verification and for transfer origination which may take 1-3 business days before the funds are credited to your Agility Savings account. The funds must be credited during the Funding Period.

You must also enroll into online statements:

If you are not already enrolled in e-statements, you must enroll in Online Banking and change the Statements Delivery Method to “Online” during the Funding Period. You must continue online statement delivery through March 18, 2024.

The bonus amount is $250 for $25,000+ and $500 for $50,000+ in new money as follows:

The amount of your bonus will be determined as follows:

– $250 bonus – The New Money you deposited from an external bank during the Funding Period was between $25,000 and $49,999.99 (“Tier 1”), and you maintained at least $25,000 in New Money until 11:59 p.m. ET on March 18, 2024.
– $500 bonus – The New Money you deposited from an external bank during the Funding Period was $50,000 or more (“Tier 2”), and you maintained at least$50,000 in New Money deposited in the account until 11:59 p.m. ET on March 18, 2024.

Additional details:

If you fulfill the offer requirements outlined above, CIBC Bank USA will deposit the bonus into your CIBC Agility Savings account no later than May 17, 2024. In order to receive the bonus your account must be open and not overdrawn at the time of the bonus payout. Only one bonus allowed per primary account owner Tax ID.

New deposit bonus example. Here’s how it might work for a new customer:

• Open a new CIBC Agility Savings Account AND also make your $25,000 or $50,000 deposit of new money (from outside CIBC) arrives safely before December 19, 2023.
• Remember to sign up for online eStatements as soon as you open your account.
• Earn $250 when you deposit at least $25,000 and keep the money in your account at least past March 18, 2024. (Roughly 3 months or 90 days minimum, probably a little more to be safe.)
• Earn $500 when you deposit at least $50,000 and keep the money in your account at least past March 18, 2024. (Roughly 3 months or 90 days minimum, probably a little more to be safe.)
• You may withdraw after 3/19 (although 5% APY isn’t awful), but keep the account open with a few dollars and with online statements active. You should receive the bonus payment no later than May 17, 2024 (another 2 months).

Effective APY. If you meet the tier values exactly, this works out to a 1% bonus on $25,000/$50,000 over a minimum 90 day hold time. This works out to 4% annualized, plus the 5.01% APY interest (variable), for a total effective interest of roughly 9% APY annualized for 3 months. This is a little optimistic as you will probably add a few days of holding time on either end. If you simply held it there for 4 months, that would still be an effective 8% APY for 4 months.