Banking · GIC review
CIBC GIC review
A Big Five bank whose Bonus Rate GIC is far more competitive than its rock-bottom posted ladder — the rate you should actually ask for.
Best for: Existing CIBC clients who want a branch-bank GIC without settling for the headline rate
Pros
- Bonus Rate GIC is meaningfully higher than CIBC's posted ladder
- Full CDIC coverage and a nationwide branch network
- Registered and non-registered GICs
- Convenient if you already bank with CIBC or Simplii
Cons
- $500 minimum to open
- You must ask for the Bonus Rate — the posted ladder is far lower
- Even the bonus rate trails the top challenger banks and credit unions
Who CIBC is
CIBC is one of Canada's Big Five banks, with branches and advisors nationwide. It also owns the online bank Simplii Financial. For a GIC buyer, the appeal is convenience and the comfort of a large, familiar institution rather than a class-leading rate.
The important wrinkle with CIBC is that there are two very different rates: the posted GIC ladder, which is rock-bottom, and the Bonus Rate GIC, which is what a regular customer can actually get. The rates in our table are the bonus rates — the ones worth asking for.
The rates — ask for the bonus, not the posted
CIBC's headline posted GIC rates are among the lowest you will see anywhere. But its Bonus Rate GIC is dramatically more competitive — the figures in our comparison reflect that bonus curve, because it is the rate a regular customer can obtain.
Even so, the bonus rate still trails the leading credit unions and challenger banks by a meaningful margin. If you value the branch relationship it is a reasonable pick; if you want the most return, compare it against the leaders on our best GIC rates page first.
Safety and deposit insurance
CIBC GICs are covered by CDIC — up to $100,000 per depositor, per insured category, covering principal and interest if the bank ever failed. As one of the Big Five, CIBC also carries a systemic-importance designation, but for deposit-insurance purposes the same $100,000 ceiling applies.
For balances above $100,000, spread across categories or institutions. Note that CIBC and Simplii are the same CDIC member, so holding both does not double your coverage. Our CDIC guide explains how to structure larger balances.
Frequently asked questions
What are CIBC's GIC rates today?
As of June 7, 2026, CIBC posts 2.70% on a 1-year term, 2.75% on a 2-year term, 2.85% on a 3-year term, 3.00% on a 4-year term, 3.10% on a 5-year term on non-redeemable GICs. Rates change without notice — see how they compare against every issuer on our best GIC rates table, refreshed daily.
What is the minimum to open a CIBC GIC?
$500. CIBC also offers registered versions, so you can hold these GICs inside a TFSA, RRSP or RRIF.
Are CIBC GICs protected if the bank fails?
CDIC-insured to $100,000 per category. See our deposit-insurance guide for how to structure larger amounts.
The bottom line
CIBC is a convenience pick, not a rate pick — but the gap is much smaller than its posted ladder suggests, provided you ask for the Bonus Rate GIC. If you already bank with CIBC, it is a defensible choice; if you are willing to move money, the top of our comparison table will pay you more.
Ready to compare CIBC against the field?
See where its rate sits today across every issuer and term.
This review is for educational purposes only and is not financial advice. Rates shown are posted non-redeemable rates compiled by hand and last checked June 7, 2026; they change frequently. Our editorial rating reflects rate competitiveness, coverage, minimums, and account features — it is never paid for. Confirm current rates, terms, and CDIC or provincial deposit-insurance details on the issuer's website before investing. See our methodology for how we rate products and make money.