Top online bank: CIBC Bank USA
CIBC Bank USA pops in our rankings for paying a highly competitive yield on its savings account. But you’ll need to deposit at least $1,000 to open the account.
The bank’s myChoice Plus checking account stands out for paying interest and only requiring $50 to open the account. While its interest rate is meager, it’s something whereas many other checking accounts don’t offer any perks. However, there’s an important caveat — you can only open a checking account at a branch. (Update 9/25/20: CIBC now offers online checking account applications in select states/counties.)
The Canadian Imperial Bank of Commerce is based in Toronto, while its U.S. headquarters are in Chicago. Banking centers are in Illinois, Michigan, Missouri and Wisconsin.
The mobile bank app reviews aren’t glowing, but the bank’s app lets you take care of the basics, like paying your bills and depositing checks with your phone’s camera.
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