Best CIBC GIC Rates for November 2024

The Canadian Imperial Bank of Commerce, or CIBC, as it’s more commonly known, is one of Canada’s Big Six banks. As a major international bank, CIBC’s menu of banking products is quite large, including chequing and savings accounts, lending products such as mortgages, and wealth-building tools such as guaranteed investment certificates, or GICs.

CIBC’s current GIC rates

Here are the CIBC GIC rates for some of CIBC’s most popular GICs, as of Nov. 20, 2024.

Certain GICs, such as the CIBC EasyBuilder GICs and CIBC Bonus Rate GICs offer simple and compound interest rate options but may depend on the term you choose.

CIBC Variable Rate 1 Year GIC — Non-registered (Cashable)

• Term Length
  1 Year
• Interest Rate
  3.25%

  Posted variable interest rate: 3.00%

  Promotional rate
• Minimum Deposit
  $1,000
• Bonus Offer
  N/A

Our Take

• CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product Details

• The CIBC Variable Rate GIC is available in a non-registered account.
• The interest rate is linked to the CIBC prime rate which allows investors to earn more when the bank rate goes up.
• The GIC interest rate will update a day after the CIBC prime rate changes.
• Simple interest is calculated and paid at maturity.
• This GIC is cashable which gives investors full access to the funds when they need it.
• For early cash outs, a minimum withdrawal amount will apply based on the amount invested in the GIC.
• If the GIC is cashed out in the first 29 days, no interest is paid. After 29 days, full interest is paid up to the date of the withdrawal.
• Investors have the option to automatically renew the GIC when it matures or deposit principal and interest into their bank account.
• GICs are eligible for CDIC coverage to a maximum of $100,000.

CIBC EasyBuilder GIC — Non-registered

• Term Length
  1-5 Years
• Interest Rate
  Up to 3.40%

  Interest rate applies to the portion invested in the 5-year term of the GIC.

  As of November 7, 2024
• Minimum Deposit
  $2,500

  Minimum investment is $2,500 ($500 for each of the 5 terms) and the maximum investment is $4,999,999 ($999,999 for each of the 5 terms).
• Bonus Offer
  N/A

Our Take

• CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product Details

• CIBC EasyBuilder GIC is right for someone who wants to maximize returns without locking their money into one long-term investment.
• Available in non-registered accounts.
• The GIC laddering strategy helps to split investors’ funds into 5 GICs with different maturity dates, from 1 to 5 years. As each term matures, CIBC reinvests the investors’ money into a new 5-year GIC.
• Benefit from high-interest competitive rates with different terms similar to what longer-term GICs typically offer.
• This is a non-redeemable GIC.
• Each year, investors can withdraw 20% of their initial investment if needed.
• Interest rate options: Simple interest, which is calculated and paid annually or compound interest, which is calculated annually and paid at maturity.
• GICs are eligible for CDIC coverage to a maximum of $100,000.

CIBC Bonus Rate 1 Year GIC — Non-registered (Non-Redeemable)

• Term Length
  1 Year
• Interest Rate
  3.75%

  Posted interest rate: 3.40%

  Promotional rate
• Minimum Deposit
  $1,000

  Minimum balance of $5,000 to open a CIBC RRIF or LIF account and $500 for a TFSA or RRSP account.
• Bonus Offer
  N/A

Our Take

• CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product Details

• The CIBC Bonus Rate GIC is available in non-registered and registered accounts. Those saving for a long-term goal, such as retirement, may want to consider a registered account for tax benefits.
• This GIC is non-redeemable and an ideal fit for those who prefer predictable earnings and don’t need access to their money before the end of the term.
• GIC terms may vary based on type of accounts. Available accounts include RRSP, TFSA, RRIF and LIF.
• For terms of one year or more, choose simple interest, which is calculated and paid monthly, semi-annually or annually, or compound interest, which is calculated annually and paid at maturity.
• Investors have the option to automatically renew the GIC when it matures or deposit principal and interest into their bank account.
• GICs are eligible for CDIC coverage to a maximum of $100,000.

CIBC Flexible 1 Year GIC — Non-registered

• Term Length
  1 Year
• Interest Rate
  3.00%

  Posted rate: 2.75%

  Promotional rate
• Minimum Deposit
  $1,000

  Minimum investment of $500 for registered accounts.
• Bonus Offer
  N/A

Our Take

• CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product Details

• CIBC Flexible 1-year GIC helps you save for a short-term goal or holds funds while exploring long-term investment options.
• Available in non-registered and registered accounts, such as RRSP and TFSA.
• Access funds at any time. Depending on the investment amount, a minimum withdrawal amount will apply if cashed out early.
• Simple interest is calculated and paid at maturity.
• If the GIC is cashed out in the first 29 days, no interest is paid. After 29 days, full interest is paid up to the date of the withdrawal.
• Investors have the option to automatically renew the GIC when it matures or deposit principal and interest into their bank account.
• GICs are eligible for CDIC coverage to a maximum of $100,000.

CIBC Market Linked – Index Growth 3 Year GIC

• Term Length
  3 Years
• Interest Rate
  Up to 35.00%

  Variable Interest, if any, will be paid at maturity and will be equal to the Principal Amount multiplied by the Index Return. No Variable Interest will be payable at maturity unless the Index Return is positive.

  As of November 7, 2024
• Minimum Deposit
  $500
• Bonus Offer
  N/A

Our Take

• CIBC GICs typically offer competitive interest rates, flexible access to your funds, and a wide range of term options.
• CIBC is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review for more details.

Product Details

• CIBC Market Linked – Index Growth 3 Year GIC
• Available in non-registered and registered accounts, such as RRSP, RRIF, RESP, RDSP, TFSA and DPSP.
• Non-redeemable investment. Funds available at maturity.
• Variable Interest, if any, will be paid at maturity and will be equal to the principal amount multiplied by the Index return. No Variable Interest will be payable at maturity unless the Index return is positive.
• GIC cannot be renewed when it matures, but can be invested in a new one.
• GICs are eligible for CDIC coverage to a maximum of $100,000.

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What to know about CIBC GICs

CIBC’s GICs offer competitive interest rates, have flexibility, and come with Canadian Deposit Insurance Corporation (CDIC) protection. Like most GICs, you’re guaranteed to get your original investment back, and in most cases, the interest you’ll earn is guaranteed as well. 

How to choose a CIBC GIC

When deciding between the types of GICs offered by CIBC, think about how it will contribute to your financial goals. Are you saving for a purchase you hope to make in six months, or trying to grow your wealth for use in retirement? How you hope to use the money can help guide you toward the right GIC.

Overall, the things you’ll want to consider when choosing a CIBC GIC include the following:

• Types of GICs available.
• Interest rates.
• Variety of terms.

Since GICs are low-risk investments, they’re typically suited for people that are looking to invest over a short period of time or want to be sure their money is growing without risk of loss. 

That said, since interest rates have been rising in Canada recently, GICs have become attractive for all types of investors.

Besides your time frame and financial goals, you also need to consider what type of account you want to store your GICs in. A Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) plan both come with tax advantages. Even using a non-registered account can be beneficial if you’ve maxed out all your other options.

Types of CIBC GICs

CIBC offers five types of GICs:

• CIBC Bonus Rate GIC: This is a standard non-redeemable, fixed-rate GIC. 
• CIBC Flexible GIC: As a redeemable GIC, you can access your money anytime. 
• CIBC Market Linked GICs: These GICs earn interest based on stock market performance. 
• CIBC Variable Rate GIC: The interest rate fluctuates with CIBC’s prime rate.
• CIBC EasyBuilder GIC: Ladder your GICs, so your investments aren’t all locked in on the same term.

You can purchase CIBC GICs via your RRSP, TFSA, non-registered account, Registered Retirement Income Fund (RRIF), and Life Income Fund (LIF).

CIBC GIC terms

CIBC GIC terms range from one to five years for individuals.

• Short term (1 year)
• Mid-length term (2 – 4 years)
• Long term (5 years)

In most cases, withdrawing funds from a GIC before the full term is reached results in penalties. Redeemable GICs are exempted from this rule.

How to open a CIBC GIC

To open a CIBC GIC, you must meet the following requirements:

• Have a Social Insurance Number.
• Live in Canada with a Canadian address.
• You’ve reached the age of majority in the province or territory in which you reside.
• Have a personal bank account with CIBC.
• Register for CIBC mobile and online banking.

In most cases, qualified customers can open a CIBC GIC online in just a few minutes. Alternatively, you can purchase GICs over the phone or in a branch.

The minimum amount required for a CIBC GIC depends on the type of GIC you choose, typically between $500 and $2,500. The maximum investment for most CIBC GICs is $999,999.

How to close a CIBC GIC

Technically, a GIC is not an account that you need to close. When the term is complete, you either withdraw or reinvest the money.

Redeemable GICs are more flexible, allowing for funds to be withdrawn at any time. You would just have to let CIBC know by calling, visiting a branch, or writing them a letter. 

Renewable GICs are yet another variant, allowing you to cancel within 10 business days of renewal confirmation. Alternatively, you can set your GICs to not be renewable, so they’ll just be deposited into your account when they mature.

Alternatives to CIBC GICs

If CIBC GICs aren’t what you’re looking for, there are a few alternatives to consider.

If you want a GIC from a different bank 

While CIBC may have competitive GICs, there are other Big Bank options to consider:

You may want to compare GICs from online banks that have higher interest rates and lower minimum deposit requirements than traditional banks.

• EQ Bank GICs.
• Simplii Financial GICs.
• Tangerine Bank GICs.

For more options, you can check our picks for the best GIC rates in Canada.

If you want a different CIBC product

GICs are great if you want to preserve wealth or have a short-term savings goal. That said, there are other financial products that you could buy through CIBC or their brokerage. Some products to consider include:

• Exchange-traded funds.
• Individual stocks.
• Bonds.
• Mutual funds.

The products you select for your portfolio should be based on your risk profile and goals. If you’re not sure what’s the best fit for you, speak to a financial advisor.

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