Categories
Personal Finance

CIBC GIC Interest Rates & Bonus Offers as of February 2024

GICs are financial instruments that offer guaranteed returns over a fixed period. They provide a secure investment option for individuals looking to balance risk and reward.

CIBC, a leading Canadian bank, offers a range of GICs with competitive rates. Understanding and leveraging these rates can play a pivotal role in building a robust investment portfolio.

CIBC GIC Interest Rates

Several elements influence CIBC GIC rates, including prevailing market conditions, economic trends, and the Bank of Canada’s benchmark interest rate.

CIBC GIC Interest rates

CIBC GIC Rates Bonus Offers Non-Registered

GIC TermInterest Rates
$1,000 to $4,999$5,000 to $999,999
30 daysn/a3.000%
90 days3.500%3.500%
180 days3.550%3.550%
270 days3.650%3.650%
12 months4.150%4.150%
14 months4.150%4.150%
17 months4.150%4.150%
18 months4.000%4.000%
24 months3.750%3.750%
25 months3.750%3.750%
30 months3.750%3.750%
36 months3.750%3.750%
48 months3.750%3.750%
60 months3.750%3.750%
This table provides a clear overview of the CIBC Bonus GIC Rate options for non-registered investments, both in the short term and the long term, based on different investment amounts.

CIBC Bonus GIC Rates

GIC TermRRSP RateTFSA RateRRIF RateLIF Rate
1 year4.150%4.150%4.150%4.150%
2 years3.750%3.750%3.750%3.750%
3 years3.750%
4 years3.750%
5 years3.750%3.750%3.750%3.750%
This table provides an overview of the CIBC Bonus GIC rates for various terms across RRSP, TFSA, RRIF, and LIF accounts.

CIBC Flexible GIC Rates Non-Registered

GIC TermInvestment AmountInterest Rate
365 to 375 days$1,000 to $4,9994.250%
365 to 375 days$5,000 to $24,9994.250%
365 to 375 days$25,000 to $99,9994.250%
365 to 375 days$100,000 to $249,9994.250%
365 to 375 days$250,000 to $499,9994.250%
365 to 375 days$500,000 to $999,9994.250%
365 to 375 days$1,000,000 to $999,999,9994.250%

CIBC Flexible GIC Rates

TermRRSP GIC RateTFSA GIC Rate
1 year4.250%4.250%

CIBC Cashable Escalating GIC Rate (3 years) — Non-registered, RRSP, TFSA

Investment AmountYear 1Year 2Year 3Effective Yield
$500 to $99,9992.000%3.000%4.250%3.0792%
$100,000 to $249,9992.000%3.000%4.250%3.0792%
$250,000 to $999,9992.000%3.000%4.250%3.0792%
$500 to $1,000,000,000 (RRSP)2.000%3.000%4.250%3.0792%
$500 to $1,000,000,000 (TFSA)2.000%3.000%4.250%3.0792%

CIBC Escalating GIC Rate (5 years) — Non-registered, RRSP, TFSA, RRIF, LIF

Investment AmountYear 1Year 2Year 3Year 4Year 5Effective Yield
$500 to $99,9992.500%3.000%3.300%3.600%3.800%3.239%
$100,000 to $249,9992.500%3.000%3.300%3.600%3.800%3.239%
$250,000 to $999,9992.500%3.000%3.300%3.600%3.800%3.239%
$500 to $1,000,000,000 (RRSP)2.500%3.000%3.300%3.600%3.800%3.239%
$500 to $1,000,000,000 (TFSA)2.500%3.000%3.300%3.600%3.800%3.239%
$500 to $1,000,000,000 (RRIF)2.500%3.000%3.300%3.600%3.800%3.239%
$500 to $1,000,000,000 (LIF)2.500%3.000%3.300%3.600%3.800%3.239%

Alternatives to CIBC GIC Rates

Types of CIBC GIC Rates

A. Fixed-Term GICs

Fixed-term GICs offer a set interest rate for a specified period, providing predictability and stability for investors.

B. Redeemable GICs

CIBC also offers redeemable GICs, allowing investors flexibility in accessing their funds before the maturity date.

C. Market-Linked GICs

For those seeking potentially higher returns, market-linked GICs tie returns to the performance of specific financial markets.

How to Invest in CIBC GIC Rates

  1. Opening a CIBC GIC Account

Investors can easily open a CIBC GIC account either online or at a local branch, making the process accessible and convenient.

2. Choosing the Right GIC Type and Term

Understanding individual financial goals and risk tolerance is crucial when selecting the appropriate GIC type and term.

Advantages of Investing in CIBC GIC Rates

  1. Security and Stability

CIBC’s solid reputation ensures the security of your investment, providing peace of mind during market uncertainties.

2. Guaranteed Returns

With guaranteed returns, CIBC GICs offer a reliable source of income, making them attractive to risk-averse investors.

3. Diversification of Investment Portfolio

Including CIBC GICs in your portfolio adds diversity, reducing overall risk and enhancing long-term financial stability.

You may also like:

Tips for Maximizing Returns with CIBC GIC Rates

  1. Interest Rate Trends

Staying informed about interest rate trends allows investors to make strategic decisions regarding the timing of their investments.

As earlier, we already mentioned the CIBC GIC interest rate as of today. You guys can check the interest rate and maximize your returns.

2. Reinvestment Strategies

Implementing smart reinvestment strategies can enhance overall returns, creating a compounding effect over time.