Compare the best CIBC GICs

The best overall GICs in Canada

The Best CIBC GIC Rates in Canada

The best CIBC GIC rates in Canada are currently offered on the following products:

• CIBC Bonus Rate 1-year GIC: unregistered
• CIBC FHSA and TFSA Bonus Rate GICs: 1, 2, 3, 4 and 5-year terms
• CIBC RRSP Bonus Rate GICs: 1, 2 and 5-year terms

CIBC offers several types of GIC products across registered and unregistered accounts, for cashable GICs and non-redeemable GICs. Compare them below.

Types of CIBC GICs

CIBC offers the following GIC types for customers. Click on each GIC type to learn more.

1. CIBC long term GICs

CIBC’s long term GICs offer some of the highest regular GIC interest rates among all CIBC GICs. They are available for a fixed length of time from one to several years and cannot be cashed out before their maturity without a penalty or losing out on interest.

One of the things to consider with CIBC GICs is that their regular GIC interest rates tend to be much lower than their Bonus Rate (promotional rate) GICs, so you’ll want to be sure you ask for current promotional rates on their GICs.

CIBC’s long term GICs are available for registered and unregistered accounts. Here are the types of long term CIBC GICs offered:

• Non-registered GICs (held in unregistered accounts): choose from 1 to 7-year terms
• CIBC RRSP GIC: 2 months to 5-year terms
• CIBC TFSA GIC: 2 months to 5- year terms
• CIBC FHSA GIC: 1 months to 5-year terms
• CIBC LIF GIC: 2 months to 5-year terms

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2. CIBC short term GICs

CIBC’s unregistered short-term GICs pay much lower rates than the long-term CIBC Bonus Rate GICs. They are currently offering short-term GICs in the range of 0.05%-0.150%. CIBC short term GICs are non-redeemable before maturity, and there is a $5,000 minimum deposit for 30-59 day terms and a $1,000 minimum investment for 60 day terms or longer.

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3. Cashable CIBC GICs

CIBC’s cashable GICs for registered and non-registered accounts pay much lower regular interest rates, ranging from 0.05%-0.90% depending on the term selected. Cashable GICs tend to pay lower rates in general, because of the convenience of being able to cash out your investment at any time. With cashable GICs, though, you can hold a GIC for a short period of time and cash it out, then reinvest it into a GIC paying a higher interest rate.

Non-registered CIBC cashable GICs are offered for terms ranging from 29 days to 7 years. CIBC cashable GICs are available for registered accounts including RRSPs and TFSAs.

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4. CIBC Market Growth GICs

CIBC market linked GICs are tied to the performance of stock market indexes and can offer higher returns in some cases.

For example, a CIBC Canada Bank GIC has a 2-year term and minimum guaranteed return of 6.90% total, or 3.45% per year. 6.90% is not the annual interest rate the GIC pays - it is the total minimum guaranteed return over the full term of your investment. The maximum total return is 12% over 2 years. If the index performs better than the maximum return, you’re losing out on investment earnings. If the market performs poorly, you’ll get at least a 6.90% total return over three years.

CIBC market-linked GICs are eligible for registered accounts including: RRSPs, RRIFs, RESPs, RDSPs, TFSAs and DPSPs.

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5. CIBC Easy Builder GICs

CIBC Easy Builder GICs use GIC laddering to split up your investment between 5 GICs with different term lengths. At the end of each term, your GIC will be reinvested into a new 5-year GIC so that you’re earning interest on interest, which can help you stretch the value of your investment. The Easy Builder GIC is non-redeemable but you can access 20% of your money at the end of each term.

This GIC is ideal for those who don’t want to put all of their money into one fixed term GIC. The minimum investment is $2,500; $500 per term.

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6. CIBC Escalating Rate GICs

CIBC Escalating Rate GICs can be redeemable or non-redeemable investments that pay higher interest rates each year over 3 year or 5 year terms. Redeemable (or cashable) Escalating Rate GICs can be withdrawn within 7 days of the maturity date. They pay a bit lower interest rates than the non-redeemable Escalating Rate GICs which can’t be withdrawn until the end of the 3 or 5 year period.

Cashable Escalating Rate GICs are offered for non-registered accounts and registered accounts including RRSPs and TFSAs. Non-redeemable Escalating Rate GICs are offered for non-registered accounts and registered accounts including RRSPs, TFSAs, LIFs, and RRIFs. Escalating Rate GICs have a minimum investment requirement of $500.

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7. CIBC Variable Rate GICs

The CIBC Variable Rate GIC is tied to the prime rate, so if the prime rate increases then your earnings increase and vice versa. It has a 1-year term and a minimum investment of $1,000. This variable rate CIBC GIC is cashable, so you can withdraw your money after the first 29 days and earn interest on your investment up until the time of withdrawal.

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Why choose CIBC GICs?

CIBC is one of the 6 major banks in Canada and all of its GICs are CDIC-insured, meaning your investment is safe in the unlikely event that the bank fails.

How to invest in CIBC GICs

You can open a GIC account online, over the phone, or in person at a CIBC branch. To open a GIC account, you will need to provide your personal information, including your Social Insurance Number, and make a deposit. You’ll need to decide how long you want to lock in your GIC interest rate, and whether you want to be able to cash it out at any time (as with a cashable GIC) or wait until the end of the term (as with a non-redeemable GIC). Then, determine whether you want to hold the GIC in an unregistered account for general savings, or invest in a GIC within a registered account like a registered retirement savings plan (RRSP) or TFSA. Lastly, make sure to do your research into promotional rates available so you get the best GIC interest rate.

Minimum investment

The minimum investment amount for CIBC GICs is $1,000, aside from the CIBC Market Linked GIC, which has a $500 minimum investment. However, some short-term GICs like the 30-day Bonus Rate GIC have a higher minimum investment requirement of $5,000. If you are choosing a registered GIC, you must have a registered account like an RRSP, TFSA or FHSA to hold the GIC in.

Alternatives to CIBC GICs

There are several alternatives to CIBC GICs that you can consider. Many other options have higher regular interest rates than CIBC GICs.

• Scotiabank GICs: Scotiabank is another major Canadian bank that offers GICs with attractive interest rates, especially for non-redeemable GICs. 
• TD GICs: TD offers GIC rates that are available for registered and non-registered accounts like RRSPs and TFSAs. TD currently pays higher regular interest rates for long-term registered and unregistered GICs than CIBC.
• RBC GICs: Royal Bank of Canada (RBC) offers a wide range of GIC options with competitive interest rates.
• Credit Union GICs: Credit unions like Meridian Credit Union and Saven Financial are member-owned financial institutions that offer competitive GIC rates. They are provincially-insured.
• Online Banks: Online banks such as EQ Bank and Tangerine offer high-rate GICs with lower minimum investment amounts. EQ Bank requires only $100 for a GIC, and currently offers one of the highest rates on a 1-year GIC.
• Government Bonds: Government bonds are other low-risk investments. They offer fixed interest rates. Learn more about GIC alternatives.

When considering alternatives to CIBC GICs, try and determine whether the rate you are getting compares to the rates offered by competitors like online banks or credit unions. If you need a registered GIC for a longer period of time, for more than 2 years, for example, you may get a better deal elsewhere.

About CIBC

Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s five major banks. On top of providing debt and equity financing, trading, equity research, and corporate banking to its clients, CIBC also has a personal banking division that offers bank accounts, credit cards, and lending and investment services. CIBC connects its clients through a large network of branches and automated banking machines, as well as mobile, online, and telephone banking.

Compare other CIBC products

At CIBC, you can also deposit your money into your bank account. CIBC offers a number of savings accounts that will help you grow your savings. Additionally, you can also find mortgages, registered retirement savings plans, tax-free savings accounts, and credit cards from CIBC.