CIBC Promotions: $200 for Checking Account

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.

Table of Contents
  1. How to get $200 from CIBC Bank USA
  2. Who is CIBC Bank USA?
  3. How Does This Offer Compare?

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.

👉 Learn more about this offer

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.

U.S. Bank – up to $700

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.

Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

👉 Click here to learn more

BMO Relationship Checking – $500

BMO Bank is offering a $500 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

👉 Click here to learn more

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.

👉 Click here to learn more

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!

👉 Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Empower Personal Dashboard, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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