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.
Contents
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.
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.