Best CIBC GIC Rates for January 2025

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 Jan. 15, 2025.

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.

The best CIBC GIC rates

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

Interest rate

3.00%

Promotional rate

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Bonus offer

N/A

NerdWallet's take

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CIBC EasyBuilder GIC — Non-registered

Interest rate

Up to 3.00%

As of January 3, 2025

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Bonus offer

N/A

NerdWallet's take

Product details

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

Interest rate

3.40%

Promotional rate

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Bonus offer

N/A

NerdWallet's take

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CIBC Flexible 1 Year GIC — Non-registered

Interest rate

2.50%

Promotional rate

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Bonus offer

N/A

NerdWallet's take

Product details

CIBC Market Linked - Index Growth 3 Year GIC

Interest rate

Up to 35.00%

As of January 3, 2025

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Bonus offer

N/A

NerdWallet's take

Product details

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:

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.

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:

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.

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:

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.<br><br>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.

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:

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.