CIBC GIC rates depend on whether you choose a long-term or short-term option. The GICs terms range from 6 months to 5 years. The shorter your investment period is, the lower the interest. The 6-month option offers you a 0.85% return earning premium interest for a limited period. The flexible GIC runs for 1 year at 0.5% and you can withdraw funds after a month, with no penalty charged.
The bank has two escalating rate GICs, running for 3 to 5 years with a valuable yield on the 3rd year. The first one has an interest of 1.25% and requires a minimum investment of $500. The second is cashable and has a 0.87% return.
CIBC offers its clients mutual fund accounts, business accounts, personal accounts, and lines of credit. It provides a retirement income fund and mortgage interest rates starting at 1.50% for the first 9 months.
Prior to purchasing a GIC, consider comparing rates to know what other banks are offering. Use our GIC comparison tool to find out whether CIBC’s rates are unmatched.
One of Canada’s tier one banks, CIBC (Canadian Imperial Bank of Commerce), was named North America’s strongest bank and the 3rd strongest bank globally. Its personal banking division popularizes it by streamlining accounts opening, obtaining credit cards, paying for insurance, and managing wealth. The bank’s branches are located throughout the country, giving clients easy access. Banking can be performed online, via phone, or in person.