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Email this9:43 pm
April 6, 2013
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CIBC Variable Rate GIC. Rate is linked to the CIBC prime lending rate.
Cashable after 29 days with accrued interest.
10:17 pm
September 4, 2022
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If you hold the variable the rate is adjusted upward automatically without having to cash the gic
4:40 am
February 7, 2019
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Hellohello said
If you hold the variable the rate is adjusted upward automatically without having to cash the gic
OK while Prime is on the rise although the rate isn't that great as it would rank 2nd from the bottom if it were on https://www.highinterestsavings.ca/gic-rates/ ...
| CGO |
4:46 am
February 7, 2019
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cgouimet said
OK while Prime is on the rise although the rate isn't that great as it would rank 2nd from the bottom if it were on https://www.highinterestsavings.ca/gic-rates/ ...
Correction ... It would rank at the bottom of the chart, i.e. below Canadian Tire ...
| CGO |
5:09 am
September 11, 2013
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Can't really compare cashable to non-cashable GICs on chart, to me they are different instruments.
8:08 am
April 6, 2013
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Cashable after 29 days with accrued interest makes them like HISA after 29 days.
8:12 am
February 7, 2019
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Norman1 said
Cashable after 29 days with accrued interest makes them like HISA after 29 days.
Quite true and then I suppose it would rank quite high on https://www.highinterestsavings.ca/chart/
| CGO |
2:47 pm
March 3, 2022
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Norman1 said
Cashable after 29 days with accrued interest makes them like HISA after 29 days.
While it's simple interest at maturity, still better than a non redeemable GIC.
3:49 pm
February 7, 2019
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iotama said
While it's simple interest at maturity, still better than a non redeemable GIC.
Or, you could do a quarterly redeemable and quarterly compounding 1 yr GIC @ 4.25% ...
| CGO |
3:58 pm
March 30, 2017
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cgouimet said
Or, you could do a quarterly redeemable and quarterly compounding 1 yr GIC @ 4.25% ...
I would describe it as 4.1% to be comparable 
4:11 pm
February 7, 2019
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savemoresaveoften said
I would describe it as 4.1% to be comparable
OK. 4.1 for months 1-3, 4.2 for months 4-6, 4.3 for 7-9 and 4.4 10-12 ...
All gooder than 3.45%
| CGO |
4:53 pm
April 6, 2013
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It's not comparable.
One needs to hang in to the end of each quarter with the Hubert one-year cashable. If one cashes in before the first three months passes, one gets 0%. If one cashes in half way through second quarter, one get the equivalent to
3 / 4.5 * 4.1% + 1.5 / 4.5 * 0% = 2.78%.
It is even worst if one cashes it in at the end of month #5:
3 / 5 * 4.1% + 2 / 5 * 0% = 2.46%.
5:15 pm
February 7, 2019
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Norman1 said
It's not comparable.One needs to hang in to the end of each quarter with the Hubert one-year cashable. If one cashes in before the first three months passes, one gets 0%. If one cashes in half way through second quarter, one get the equivalent to
3 / 4.5 * 4.1% + 1.5 / 4.5 * 0% = 2.78%.
It is even worst if one cashes it in at the end of month #5:
3 / 5 * 4.1% + 2 / 5 * 0% = 2.46%.
Good numbers on a lot of if's.
Whatever works for you...
| CGO |
5:20 am
March 30, 2017
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very confusing...only first $25k gets bonus ??
12:25 pm
April 14, 2021
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It sure does look that way. I wouldn't put it past CIBC to try and pull a fast one, like that.
6:10 pm
April 6, 2013
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I would contact CIBC and see if the wording is just because the rate for the first and most accessible $1,000 to $24,999 tier is what is advertised.
That would produce less complaints than advertising an attractive rate and then have fine print say that the rate is for the $1,000,000 to $999,999,999 tier with lower rates for the other tiers!
10:43 am
March 30, 2017
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Basically all their tiers are paying 2.85% plus 60bps promotion based on their rate charts. So not sure why they need to reference 1000 to 24999 specifically.
This 3.45% variable is actually worth a look at for those who did not win the Simplii or Tangerine latest lottery. Essentially a 30 day 3.45% GIC and if bank raises 75bps on Oct26, this becomes a 4.2%, while giving 100% full flexibility after 30 days.
If you never bank with CIBC before, may not be worth the hassle.
12:19 pm
October 7, 2019
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I'm currently getting 4.25% with CIBC in a savings account until January 31. Seems like a better place to park money until GIC's top out.
Full disclosure: there are some hoops to go through to get the 4.25% your balance has to increase each month by $200 otherwise its 3.5% (it tells you when you sign on if your ontrack/eligible each month). The 3.5% is good for up to $1mil but the full 4.25% rate is only up to $200K.
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