CIBC Variable Rate GIC

Type
cashable

Minimum investment
$1,000

Terms available
1 year

Access to principal
You can access your money at any time. Prior to maturity, there is a minimum withdrawal amount based on your original investment.

Interest

• The interest rate is linked to the CIBC Current Prime Rate and will change one day after the CIBC Prime Rate changes
• Simple interest is paid at maturity
• Larger balances are generally rewarded with higher interest rates
• In the event of early withdrawal, full interest earned is paid after only 30 days
• If you withdraw funds within the first 30 days, no interest is paid

Is it for you?

This GIC is for you if you:

• Are saving for something short-term like a wedding or home renovations
• Might need access to funds within a year so being able to cash out is more important than earning a higher interest rate
• Don’t have the time or desire to change investments when rates increase

Useful information

• Principal and interest can be automatically renewed or deposited into your bank account
• This GIC is issued by CIBC and qualifies as collateral for loans

Won’t need the money for a specific period of time?

Consider a CIBC Special Offer GIC

Want the benefit of investing in the markets, but none of the risk of losing your principle investment?

Consider CIBC Market Linked GICs