CIBC offers a GIC at 3.21% compounded annually and TorontoDominion (TD) Bank offers the same rate but compounded monthly. TheBank of Montreal offers a GIC at 3% compounded annually, whileRoyal Bank of Canada (RBC) is offering the same but at 3.25%. Whichbank offers the highest return based on effective interestrates?

1. Royal Bank of Canada (RBC)

2. Toronto Dominion (TD)

3. CIBC

4. All are offering the same effective interest rate

5. Bank of Montreal

Answer rating: 100% (QA)

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