CIBC US $200 IL, MI, MO, FL, CA & WI

Update 6/2/26: This can now be opened online, possibly nationwide. Also now requires a recurring direct deposit. Hat tip to reader Pickle Rick

Update 5/12/26: A lot of branches have been closed. There is now one in FL, MI and MO, and four in IL. Hat tip to reader RM

Update 2/22/24: CIBC now has branches in CA (SF) and FL (Palm Beach). Hat tip to RM

Update 5/15/23: Deal is back. Hat tip to TOm

Offer at a glance

• Maximum bonus amount: $200
• Availability: In branch only, branches are in IL, MI, MO & WI [Branch locations]
• Direct deposit required: Yes, $500+ per month for three months
• Additional requirements: eStatements
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: None
• Early account termination fee:
• Household limit: None listed
• Expiration date: December 31st, 2019

The Offer

Direct link to offer

• CIBC is offering a $200 checking bonus when you open a new CIBC iCan or myChoice Prestige Checking account  when you meet the following requirements:
  • Open account with a minimum of $50+
  • Make qualifying direct deposit(s) totaling $500 or more each month into your Account for three (3) consecutive calendar months after the calendar month your Account was opened.
  • Elect to receive electronic statements

The Fine Print

• Bonus will post within 100 days of account opening if requirements are met
• The account must remain open on the payment date to receive the bonus
• Only one consumer checking account bonus is permitted per person regardless of the number of Accounts that are opened at CIBC Bank USA
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

iCan Checking has no monthly fees. 

Early Account Termination Fee

There is a $25 early account termination fee if the account is closed within 90 days.

Our Verdict

We’ve previously posted another CIBC US deal for $300 that could be opened online but was only available to certain employer groupers. Some people were to sign up anyway and then their accounts were closed but CIBC did send them $150 check for the inconvenience. That’s always a good sign in terms of customer service in my opinion. This one should be open to anybody who can get to a branch, even if you live out of state. Definitely worth doing if you’re in the area as it seems like any ACH will trigger the direct deposit requirement. I’ve added it to the best bank bonus page.

Big thanks to reader, Jason who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times

Post history:

• Update 8/4/19: Bonus is back for 2019.