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.
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How to get $200 from CIBC Bank USA
CIBC $200 Checking Account Bonus Summary
- What you get: $200 cash bonus
- Who qualifies: Nationwide
- Where to open: Online or in-branch
- How to get it:
- Open a CIBC iCan or myChoice Checking account with a $500 minimum deposit,
- Then, within 90 days…
- receive one direct deposit or ACH transaction to the account,
- and elect to receive eStatements through CIBC NetBanking.
- Collect your bonus after the waiting period (100 days after account opening).
- When does it expire: No expiration date shown
You can get a $200 cash bonus when you open a CIBC iCan or myChoice Checking account with a $500 minimum deposit, 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. You also need to elect eStatements.
There is a minimum $500 deposit to qualify for the bonus.
This bonus is nice because an ACH qualifies, you don’t need a government benefits or employer payroll type of direct deposit.
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 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.
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
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® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more 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!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
