Our analysis suggests that CIBC is one of the best bank for GIC in Canada for international students. Learn why it is the top bank for GICs and the alternatives available.
A GIC stands for a Guaranteed Investment Certificate. It is a highly liquid bank account that provides shelter to your funds, whilst offering a stable and assured rate of returns for the agreed time span (mostly short-term). It is essential for the international students who arrive in Canada to open a GIC for two main reasons:
By international students, we mean non-Canadian students who enroll themselves in study courses in Canada that fall within Students Direct Stream (SDS).
Yes, the Canadian embassy and the government require international students to maintain a minimum balance of 10,000 Canadian dollars with a registered and approved Canadian bank, to procure a student visa or a study permit under Student Partnership Program (SPP).
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We have compared the features of some famous banks in Canada that offer GIC for international students:
Given its hassle-free application mode, application processing and account opening time, unlimited cost-free transactions, appealing interest rates, and student credit card feature, we believe that CIBC is the best for opening a GIC for foreign students.
Furthermore, it is open to students from China, India, the Philippines, and Vietnam. The bank has around 4000 ATMs and 1,100 bank branches across Canada and its accessibility is alluring to students who can step into any of its bank branch, in case of a grievance or emergency.
Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.
The GIC (Guaranteed Investment Certificate) amount for international students in Canada is 10,200 CAD. This is a requirement for obtaining a study permit and is meant to cover living expenses during the student's stay in the country. The GIC amount must be held in a designated financial institution for the duration of the study period.
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