1-year cashable variable rate GIC: Prime – 2% = 3.45% | Page 2 | CIBC | Discussion forum

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1-year cashable variable rate GIC: Prime – 2% = 3.45%
September 15, 2022
5:50 pm
pwr1019
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HermanH said
I believe that your e-Adv account also must be New, right?  

No in my case it's an old account the same deal as the ad was offered to me via email. My CIBC advisor told me he could simply open another account if it had not been offered so it sounds available for the asking, but as always YMMV

September 15, 2022
6:05 pm
HermanH
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pwr1019 said

No in my case it's an old account the same deal as the ad was offered to me via email. My CIBC advisor told me he could simply open another account if it had not been offered so it sounds available for the asking, but as always YMMV  

I hope that you are right, but I would be very leery of trusting a bank employee; especially when it publicly states:

Up to 4.25%†
Save more, faster. Get our best savings offer for 4 months when you open your first CIBC eAdvantage® Savings Account.

https://www.cibc.com/en/personal-banking/bank-accounts/savings-accounts/eadvantage-high-interest-savings-account.html

If there is an error or mis-understanding, you will be the one left high-and-dry. I would try it, but I already have an e-Adv account.

September 16, 2022
6:17 am
savemoresaveoften
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pwr1019 said

No in my case it's an old account the same deal as the ad was offered to me via email. My CIBC advisor told me he could simply open another account if it had not been offered so it sounds available for the asking, but as always YMMV  

I wont trust a word on that. They dont have to honor anything when an employee passed on wrong info.

If its something they offer to existing customer, then yes it happens from time to time. But to open another new account to qualify, nope

September 16, 2022
8:48 am
Loonie
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They will tell you almost anything to keep you interested. Then they will say they found out they can't do it after all, so sorry, and try to sell you something else that is more advantageous for them and less secure or predictable for you. It's fairly standard procedure, has happened to me more than once.

Occasionally they will offer you a good rate IF you buy into another product such as TFSA investment account, but don't count on them to give you objective evaluation of it. Most of the people one meets at the bank branch are just sales reps. The job of a sales rep is to sell.

September 18, 2022
9:11 am
pwr1019
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It's definitely a legit CIBC offer. I spoke with my Imperial service rep whose is a good guy not just some bank employee. I received the following email.

email offer

when I sign in to my accounts now and go to the saving account I get this message

verify interest

Pretty confident but I'll know for sure at the end of the month and I'll swing back and eat crow if I was lied to sf-smile

September 18, 2022
11:06 am
Norman1
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You likely received a different, targeted offer with the same rate from your CIBC Imperial Service representative.

The offer available to everyone clearly states that it only applies to clients opening their first CIBC eAdvantage Savings Account now:

2. Eligible eSAs

a) To be eligible for this eSA offer, you must be opening your first eSA. For joint eSAs, you are eligible if at least one account holder is opening an eSA for the first time.

As well, CIBC Imperial Service is not really the regular CIBC branch. It is more the investment dealer side of CIBC:

At CIBC Imperial Service, investment advice and services are provided by CIBC Imperial Investor Service ("IIS") division of CIBC Investor Service Inc. ("ISI") or by CIBC Securities Inc. ("SI"), and in Quebec by SI. ISI is a subsidiary of CIBC, Member of the Canadian Investor Protection Fund and Member of the Investment Industry Regulatory Organization of Canada. SI is a subsidiary of CIBC and member of the Mutual Fund Dealers Association of Canada.

CIBC Imperial Service is available in selected markets and is most appropriate for households with investments and savings greater than $100,000.

October 28, 2022
4:37 am
savemoresaveoften
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Cibc has now updated the 1y variable rate to show 3.95% after the 50bps hike on Wednesday.

There was another forum that talked about the rate did not change after Wednesday but can’t find it anymore. So I update it here.

I have bought and redeemed and put the money into a 1y fixed. The redeem process is pretty straight forward (at least if you called Imperial Service and very little wait time or do the call me back feature).

October 28, 2022
8:09 am
Norman1
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That's good news: Newly issued CIBC Variable Rate GIC's are still P - 2%.

Yesterday, it looked like the rate was cut to P - 2½%.

October 28, 2022
11:20 am
bhuc
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And the details are as follows from CIBC website:
https://www.cibc.com/en/personal-banking/investments/gic-rates-arent-high-enough/variable-rate-gic.html

2 The rates are variable for each GIC's term. This is the annual rate as of October 28, 2022 for the $1,000 to $24,999 non-registered investment tier (refer to GIC rates). It applies to new purchases only. The rate is equal to the CIBC Prime Rate less a fixed spread and will change one day after the CIBC Prime Rate changes. The current CIBC Prime Rate is 5.95% . The maximum investment is $999,999.

3 Interest calculation: Simple interest is calculated and paid at maturity. If a GIC is redeemed before maturity to transfer funds to the same account type at a different financial institution, no interest will be paid and a transfer fee will apply.

January 27, 2023
8:43 am
savemoresaveoften
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Those that signed up for this at the get go has the rate bump to 4.7% !

On their website, new variable 1y is still at 4% which is pathetic.

January 27, 2023
1:58 pm
Norman1
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CIBC is, in effect, cutting the offered rate on new variable rate GIC's.

They used to be issued at P - 2%. Now, they are issued at P - 2.70%.

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