Which is the Best Bank for GIC in Canada for International Students?

Short Answer

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.

Detailed Answer

What is a GIC in Canada?

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:

  • To support their living expenses while they pursue their studies.
  • The Canadian embassy necessitates the students to disclose proof of sufficient funds.

Who are international students?

By international students, we mean non-Canadian students who enroll themselves in study courses in Canada that fall within Students Direct Stream (SDS).

Is GIC compulsory for international students?

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).

Opening GIC in Canada -Things to consider before choosing a service provider

  • Application mode – online or offline
  • Fund opening processing fee
  • Lock-in period
  • Interest rate
  • Refund processing fee
  • Method of transferring funds into GIC
  • Does it offer services to your base country?
  • Any other benefits

Comparison of GIC features across Canadian Banks

We have compared the features of some famous banks in Canada that offer GIC for international students:

Compare banks.PNG

Best Bank for GIC in Canada 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.

Tagged With: guaranteed investment certificate gic for international studentsopen canadian gicbest gic for international studentsgic canada
Categories: Canada
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