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CIBC - 5 yr @ 3.25%
January 13, 2022
2:13 pm
fany
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hi

The canadian deposit insurance CDIC protects up to 100 000$
Does anyone know if CIBC offers their 5year 3.25% gic through another entity that is also protected by the CDIC. So that if I have over 100 000 $ it will be all protected.

Like Oaken has Home Bank and Home Trust

January 13, 2022
3:06 pm
Norman1
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It doesn't look like it, from the CIBC CDIC Deposit Insurance Information page.

These are only listed as issued by CDIC member CIBC:

  • CIBC Bonus Rate GIC
  • CIBC Bonus Rate TFSA GIC
  • CIBC Bonus Rate RRSP GIC
  • CIBC Bonus Rate RRIF GIC
  • CIBC Bonus Rate LIF GIC

That five year 3¼% GIC is one of them.

However, the non-registered CIBC Escalating Rate GIC can be issued by CIBC or CIBC Trust Corporation.

January 13, 2022
3:57 pm
Loonie
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Great question, fany! Welcome to the forum.

January 14, 2022
6:38 am
savemoresaveoften
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Norman1 said
It doesn't look like it, from the CIBC CDIC Deposit Insurance Information page.

These are only listed as issued by CDIC member CIBC:

  • CIBC Bonus Rate GIC
  • CIBC Bonus Rate TFSA GIC
  • CIBC Bonus Rate RRSP GIC
  • CIBC Bonus Rate RRIF GIC
  • CIBC Bonus Rate LIF GIC

That five year 3¼% GIC is one of them.

However, the non-registered CIBC Escalating Rate GIC can be issued by CIBC or CIBC Trust Corporation.  

The one I did thru IE says CIBC trust. It did not ask for which issuer I want.
Maybe IE is thru Trust, bank is thru CIBC

January 14, 2022
7:16 am
Loonie
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Many years ago I bought 3 GICs at a TD branch. I asked the rep to spread these among TD's various entities. He acted like I was being the biggest pain he'd encountered all month and gave me an unsolicited lecture on how the bank could never fail. It was my impression that the bank didn't even want the customer to know there were such choices. In the end, he very grudgingly did as I asked.

The only reason for spreading the money around is for insurance purposes. The bank clearly didn't want anyone to think there could ever be an insurance issue and didn't want to be bothered with customers making these kinds of choices.

Good luck!

January 14, 2022
7:29 am
Norman1
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savemoresaveoften said

The one I did thru IE says CIBC trust. It did not ask for which issuer I want.
Maybe IE is thru Trust, bank is thru CIBC  

That's definitely possible. Through CIBC Investor's Edge, one may be purchasing a "CIBC Guaranteed Investment Certificate" issued by CIBC Trust with that rate instead of a "CIBC Bonus Rate GIC" issued by CIBC.

The GIC list on Scotia iTRADE said the issuer was CIBC. I just checked again. That five year 3¼% rate is now gone from Scotia iTRADE. The five year CIBC rate there is now 1.87%.

January 14, 2022
10:24 am
COIN
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"That five year 3¼% rate is now gone from Scotia iTRADE. The five year CIBC rate there is now 1.87%."

That was too quick.

January 14, 2022
10:28 am
COIN
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fany said
The canadian deposit insurance CDIC protects up to 100 000$
Does anyone know if CIBC offers their 5year 3.25% gic through another entity that is also protected by the CDIC. So that if I have over 100 000 $ it will be all protected. 

I think I saw something that indicates the 3.25% GIC is actually issued by two CIBC subsidiaries. I'll post the names if and when I find them.

January 14, 2022
11:45 am
savemoresaveoften
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CIBC Trust Long-Term GIC
Interest Paid 1 year 2 year 3 year 4 year 5 year
Annually
- 1.250% 1.550% 1.750% 1.870%
Semi-annually
0.775% 1.125% 1.425% 1.625% 1.745%
Monthly
0.650% 1.000% 1.300% 1.500% 1.620%
At Maturity
0.900% 1.250% 1.550% 1.750% 1.870%

CIBC IE now also back to the regular rate of 1.87%. The 3.25% rate was too good to be true to last anyway.

January 14, 2022
12:34 pm
davidgeorge
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The Escalating Rate GICs (3 and 5 year) are still there (2.245% & 3.288% respectively)
cibc.JPG

January 14, 2022
1:43 pm
Norman1
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The CIBC five year 3¼% rate has been yanked only from discount brokers CIBC Investor's Edge and Scotia iTRADE.

The rate is still being offered in CIBC branches for the 5-year CIBC Bonus Rate GIC's.

January 14, 2022
2:06 pm
2of3aintbad
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Norman1 said
The CIBC five year 3¼% rate has been yanked only from discount brokers CIBC Investor's Edge and Scotia iTRADE.

The rate is still being offered in CIBC branches for the 5-year CIBC Bonus Rate GIC's.  

There is always a situation when this investment makes sense, and also when it does not. Locking in your money for 5 years, with the possibility of rising inflation, is a bit of a gamble. On the other hand, if you are at the age where you will need to make withdrawals from a RIF in 5 years, that makes it more attractive. For what is worth, my opinion is that within this 5 year period, there will be a time when you regret locking in at this rate. Whether that happens sooner or later will determine the optimal choice.

January 20, 2022
2:51 pm
Loonie
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This thread should be moved to the CIBC forum so that people can find it.

January 20, 2022
3:39 pm
rqs
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After ordering the 3.25% GIC and requesting a specific interest payment frequency, I noted on the CIBC website that the payment frequency was incorrect. CIBC telephone banking was unable to correct. It was corrected by dealing with a CIBC branch.

January 20, 2022
4:58 pm
COIN
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rqs said
After ordering the 3.25% GIC and requesting a specific interest payment frequency, I noted on the CIBC website that the payment frequency was incorrect. CIBC telephone banking was unable to correct. It was corrected by dealing with a CIBC branch.  

What is the correct interest payment frequency?

January 21, 2022
1:01 am
HermanH
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davidgeorge said
The Escalating Rate GICs (3 and 5 year) are still there (2.245% & 3.288% respectively)
cibc.JPG  

Already dropped back to:
1.00% - yr1
2.25%
3.50%
3.75%
4.75% - yr5

Overall average down from 3.288% to 3.0418%

Non-escalating 5-yr GIC is now down from 3.25% to 3%

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