Cibc redeemable gic

Can you please post the link to the product you are referring to?

Without a link to the specific GIC offer you are looking at, it is hard for anyone to respond with any certainty. Typically there is a terms and conditions listed with the offer that explains clearly what will happen with early withdrawals. If you provide a link to the specific offer and the exact name of the product you are considering, I'm sure someone here will be able to help you interpret the terms and conditions for that product.

choclover wrote: ↑ Can you please post the link to the product you are referring to?

Sorry...here is the link...

https://www.cibc.com/en/personal-bankin ... e-gic.html

>>and is the rate good for a yr? Or it fluctuates?

The link you gave very clearly explains:

The rate is linked to the CIBC Prime Rate, and will change one day after the CIBC Prime Rate changes

It's already down to 4% since you posted your question.

JoeBlack23 wrote: ↑ >>and is the rate good for a yr? Or it fluctuates?

The link you gave very clearly explains:

The rate is linked to the CIBC Prime Rate, and will change one day after the CIBC Prime Rate changes

It's already down to 4% since you posted your question.

I guess i got confused since i saw someone posted...

"The 1y variable minimum hold 30 days, then get full interest if redeem any time after that. It will change if CIBC prime rate changes.
However I only see a rate of 4% and not 4.25%

People who got it early on this product is currently enjoying 4.7% rate after the rate hikes last few months. So 4% current offer for new investments is a slap in the face in my mind. Your money deserves better."

...is currently still enjoying...that part confused me

A variable rate and redeemable GIC is quite a weird product -- it is not much different than a HISA ? It has a "term" unlike an HISA, but then it can be redeemed early and it can be renewed automatically when a term ends ...

As always, we must read and understand all the fine prints before getting into any transactions. For example I found these "weird and wonderful" tidbits from a quick scan of the terms:

-- Your total interest rate is annual and calculated by adding the posted rate and your promotional rate ... Promotional rates apply only to new GIC purchases and will not apply to any subsequent renewals.
(e.g. if I get this today @ 4%, and I let it auto-renew and not pay any attention, and if rates remain unchanged, then it will renew at 3.4% not 4%)

-- 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.
(so always redeem back to CIBC account first, before withdraw/transfer to other places)

Remember that "they" are out to get you!