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.
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
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Comparison of GIC features across Canadian Banks
We have compared the features of some famous banks in Canada that offer GIC for international students:
Although there are so many banks that offer GIC in Canada, CIBC is believed to be one of the best. But before choosing you have to do a thorough research on your own about all the GIC providers. Your needs might be different than your friend’s, so choose wisely. Some of the factors that you can keep in mind before selection are interest rates, withdrawal options and fees.
Try to submit your application as early as possible. The waiting periods are long, so the earlier you submit, the faster you will get the approval. Prepare all the documents in advance and make plenty of copies for the bank and your reference in future.
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.