CIBC RRIF Daily Interest Savings Account
Personal Banking
CIBC RRIF Daily Interest Savings Account (DISA) provides you access to your retirement income savings at any time.
A Registered Retirement Income Fund (RRIF) allows funds transferred from an RRSP to remain tax-sheltered while continuing to earn tax-deferred income, as long as those funds remain in your RRIF. Consider a CIBC RRIF DISA when you need to convert retirement savings to income (a legislated minimum amount must be withdrawn each year).
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Call Telephone Banking1 or visit your branch. | |
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| Minimum investment | There is no minimum investment amount; however, a minimum balance of $5,000 is required to open a CIBC RRIF account |
| Access to funds | Any time |
| Interest | Interest is earned on each day's final balance and paid semi-annually, with tax deferred compounding |
| Fees | There are no fees, unless you transfer all or part of your RRIF funds to another financial institution, in which case a $25 fee will apply |
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Consider a CIBC Flexible GIC. | |
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Is it for you?
The CIBC RRIF DISA could be for you if any of the following apply:
- You want to earn competitive daily interest savings rates
- You want to be able to change the amount you withdraw at any time, or take out a large lump sum if you wish (subject to the legislated minimum annual amounts)
Key benefits
| Saves you money |
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| Convenient | Easily keep track of your account with quarterly statements sent to you |
Useful information
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Choose the schedule for your regular RRIF income payments so that your cash flow needs are covered.
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Income payments are first drawn from your RRIF Daily Interest Savings Account, then from the CIBC RRIF GIC (Redeemable) or CIBC Bonus Rate RRIF GIC that has the lowest rate of interest, without an interest rate penalty.
Income payments will then be drawn from CIBC Escalating Rate RRIF GICs, beginning with the GIC that has the lowest effective yield of the remaining term based on the number of days left to maturity.
Stock Market Advantage RRIF GICs will be redeemed last; if there is more than one such GIC, the GIC with the shortest term to maturity is redeemed first; no interest or earnings will be paid on the portion of any Stock Market Advantage RRIF GIC that is redeemed before maturity.
Disclaimers
Products and their features may change at any time. This is a general description only. For more information and product terms and conditions, consult product brochures or call 1-866-525-8622.
1 To buy through telephone banking, you need to have a CIBC bank account or CIBC GIC already.
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