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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-25 C$ 65.10
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Globe says Scotiabank reaches 5% mark on GICs

2022-11-28 08:58 ET - In the News

See In the News (C-BNS) Bank of Nova Scotia

The Globe and Mail reports in its Saturday edition that a big bank has reached the 5-per-cent mark on GICs, a welcome development for people who shy away from dealing with on-line alternatives. The Globe's Rob Carrick writes that Bank of Nova Scotia offered a featured rate of 5 per cent on two- and three-year GICs last week. CIBC had a promotional rate of 5 per cent for two years. Laurentian Bank of Canada, with branches mainly in Quebec, offered 5.25 per cent for two years and 5 per cent for five, seven and 10 years. Other banks approached 5 per cent this week, but could not quite hit that threshold. Royal Bank of Canada had a special rate of 4.85 per cent for five years and 4.75 per cent for two years. If you are nervous about locking up money, there was a 3-per-cent cashable one-year GIC on offer. These rates are available directly to the public, often on-line as well as through branches. If you invest through an on-line broker, 5-per-cent rates from big banks and their mortgage and trust company divisions have been available from time to time. Big banks have an aura of safety around them, but banks of all sizes are part of Canada Deposit Insurance Corp., which insures eligible accounts for up to $100,000.

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