In this article, you will learn about CIBC GIC Rates: What are CIBC GIC Interest Rates? Are they the best rates? CIBC provides variable interest rates on investments, with terms ranging from 30 days to 84 weeks. The interest depends on the selected term. CIBC GIC offers both simple and compound interest rates. For more essential information related to CIBC GIC Rates, what they are, and more, continue reading this article.
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CIBC GIC Rates
The Canadian Imperial Bank of Commerce (CIBC) provides Guaranteed Investment Certificates (GICs). These are available only for non-registered accounts. CIBC offers good interest rates with secure and low-risk investments over a set period.
CIBC is one of the top five Canadian banks, offering equity and debt financing, research, trading, and more. It provides multiple facilities for customers, including bank accounts, credit cards, and investment services.
About CIBC
CIBC offers various banking products to customers, ensuring safety and security for their earnings. The bank has regulations that help bridge their total earnings and savings.
CIBC GIC Rates help customers withstand current financial scenarios. The rates change every fiscal year, making it essential for citizens to stay informed.
What are CIBC GIC Interest Rates?
CIBC GICs are long-term investments offering higher interest rates based on the terms and conditions. It allows investors to earn up to 6% annually. CIBC offers five different types of GICs:
- Bonus Rate GIC: This option is for investors who do not need to access their funds before the term ends. It offers competitive rates with guaranteed returns and multiple term options. Bonus rates are added to the term interest rate without any fees.
- Flexible GIC: This is a one-year term investment with easy access to funds. It offers guaranteed returns with fixed rates and multiple options for registration. Investors can cash out without charges for the first 29 days; afterward, interest is provided up to the withdrawal date.
- Market Linked GICs: Interest rates vary according to market performance, allowing investors to take advantage of higher returns. The invested sum is protected with a low minimum investment of just 500 CAD.
- Variable Rate GIC: This is for short-term savings with cashable options and anytime access to funds. It offers a one-year term investment with a 4.75% interest rate and a minimum investment of 1000 USD.
- Easy Builder GIC: This is a five-year term investment allowing investors to maximize returns without committing all funds long-term. Investors can cash out about 20% of their invested amount yearly. Interest rates vary between 4.25% and 4.50% with no fees.
Account holders should visit the CIBC website for the latest information.
How to Open a CIBC GIC
Opening a CIBC GIC is simple if you meet these requirements:
- Social Insurance Number: You need to have one.
- Canadian Residency: You must live in Canada and have a Canadian address.
- Age Requirement: You should be of legal age in your province or territory.
- CIBC Account: You need a personal bank account with CIBC.
- Online Banking: Sign up for CIBC mobile and online banking.
Most people can open a CIBC GIC online quickly, usually in just a few minutes. You can also set one up over the phone or by visiting a branch.
The minimum amount needed to open a CIBC GIC usually ranges from $500 to $2,500, depending on the type you choose. You can invest up to $999,999 in most CIBC GICs.
How to close a CIBC GIC
A GIC (Guaranteed Investment Certificate) isn’t something you close like a regular bank account. Instead, when the GIC term ends, you simply decide what to do with the money: either withdraw it or reinvest it.
If you have a redeemable GIC, you can easily access your funds anytime. Just let CIBC know by calling them, visiting a branch, or sending them a letter.
For renewable GICs, you can cancel within 10 business days after receiving a renewal notice. If you prefer, you can also choose to have your GICs automatically deposited into your account when they mature, without renewing.
Are CIBC GIC rates the best?
CIBC GICs are long-term investments, and interest rates vary according to the chosen term.
| Term (in years) | Rate of Interest | GIC Type |
|---|---|---|
| 1 year | 4.50% | CIBC Flexible GIC |
| 2 years | 4.40% | CIBC Easy Builder GIC |
| 3 years | 4.25% | CIBC Easy Builder GIC |
| 4 years | 4.25% | CIBC Easy Builder GIC |
| 5 years | 2.50-3.70% | Cashable Escalating GIC |
The rates vary each year. The term conditions can also change based on months. The longest term is 84 months, with an interest rate of up to 3.45% with the CIBC Long Term GIC type.
CIBC rates are among the most competitive, offering guaranteed security and profits to holders and investors. It provides five different account types to suit individual needs. CIBC GICs provide interest on tax-free investment certificates for the plan rates until the commitment period ends.
CIBC’s current GIC rates
Here’s the table format for CIBC’s current GIC rates as of July 31, 2024:
| Term | Interest Rate | GIC Type |
|---|---|---|
| 30 days | Up to 3.00% | CIBC Bonus Rate Short Term GIC — Non-registered |
| 90 days | Up to 3.50% | CIBC Bonus Rate Short Term GIC — Non-registered |
| 180 days | Up to 3.55% | CIBC Bonus Rate Short Term GIC — Non-registered |
| 270 days | Up to 3.65% | CIBC Bonus Rate Short Term GIC — Non-registered |
| 12 months | Up to 4.50% | CIBC Bonus Rate Long Term GIC — Non-registered (Special Offer) |
| 1 year | Up to 4.00% | CIBC Variable Rate GIC — Non-registered (Special Offer) |
| 1 year | Up to 4.00% | CIBC EasyBuilder GIC — Non-registered |
| 1 year | 3.50% | CIBC Flexible GIC — Non-registered (Special Offer) |
| 365 to 375 days | Up to 3.25% | CIBC Flexible GIC — Non-registered |
| 12 to 16 months | Up to 3.15% | CIBC Long-Term GIC — Non-registered |
| 14 months | Up to 4.00% | CIBC Bonus Rate Long Term GIC — Non-registered |
| 17 months | Up to 4.00% | CIBC Bonus Rate Long Term GIC — Non-registered |
| 17 months | Up to 3.15% | CIBC Long-Term GIC — Non-registered |
| 18 months | Up to 4.30% | CIBC Bonus Rate Long Term GIC — Non-registered (Special Offer) |
| 18 to 23 months | Up to 3.25% | CIBC Long-Term GIC — Non-registered |
| 24 months | Up to 4.20% | CIBC Bonus Rate Long Term GIC — Non-registered (Special Offer) |
| 2 years | Up to 3.75% | CIBC EasyBuilder GIC — Non-registered |
| 24 to 29 months | Up to 3.20% | CIBC Long-Term GIC — Non-registered |
| 25 months | Up to 3.75% | CIBC Bonus Rate Long Term GIC — Non-registered |
| 30 months | Up to 3.75% | CIBC Bonus Rate Long Term GIC — Non-registered |
| 30 to 35 months | Up to 3.20% | CIBC Long-Term GIC — Non-registered |
| 36 months | Up to 4.10% | CIBC Bonus Rate Long Term GIC — Non-registered (Special Offer) |
| 3 years | Up to 3.75% | CIBC EasyBuilder GIC — Non-registered |
| 3 year | 2.00%, up to 4.25% | CIBC Cashable Escalating Rate GIC — Non-registered |
| 36 to 41 months | Up to 3.25% | CIBC Long-Term GIC — Non-registered |
| 42 to 47 months | Up to 3.25% | CIBC Long-Term GIC — Non-registered |
| 48 months | Up to 4.10% | CIBC Bonus Rate Long Term GIC — Non-registered (Special Offer) |
| 4 years | Up to 3.75% | CIBC EasyBuilder GIC — Non-registered |
| 48 to 53 months | Up to 3.30% | CIBC Long-Term GIC — Non-registered |
| 54 to 59 months | Up to 3.30% | CIBC Long-Term GIC — Non-registered |
| 60 months | Up to 4.10% | CIBC Bonus Rate Long Term GIC — Non-registered (Special Offer) |
| 5 years | Up to 3.75% | CIBC EasyBuilder GIC — Non-registered |
| 5 year | 2.50%, up to 3.70% | CIBC Cashable Escalating Rate GIC — Non-registered |
| 60 to 65 months | Up to 3.35% | CIBC Long-Term GIC — Non-registered |
| 66 to 71 months | Up to 3.35% | CIBC Long-Term GIC — Non-registered |
| 72 to 77 months | Up to 3.45% | CIBC Long-Term GIC — Non-registered |
| 78 to 83 months | Up to 3.45% | CIBC Long-Term GIC — Non-registered |
| 84 months | Up to 3.45% | CIBC Long-Term GIC — Non-registered |
Conclusion
In conclusion, CIBC offers a diverse range of Guaranteed Investment Certificates (GICs) designed to meet various investment needs, from short-term savings to long-term growth. Their GIC rates, which can reach up to 6% annually, are competitive within the Canadian banking sector. Whether you’re interested in the flexibility of a one-year term with easy access or the higher returns of a five-year Easy Builder GIC, CIBC provides options to suit different financial goals and timelines.
The bank’s GICs are particularly appealing for those seeking secure and low-risk investment opportunities, with interest rates and terms that adapt to current financial conditions. For the most accurate and up-to-date information, prospective investors should regularly check the CIBC website. Overall, CIBC’s GIC offerings are a robust choice for those looking to grow their savings with a trusted financial institution.