Best Bank for Student GIC in Canada in 2024

In the pursuit of higher education in Canada, international students often find themselves navigating the requirements for a student visa, including the necessity of opening a Guaranteed Investment Certificate (GIC). This financial instrument serves as proof of ample funds to cover living expenses during their academic journey. In this comprehensive guide, we’ll explore the best bank for Student GIC in Canada in 2024, comparing their features and recommending the best choices.

Understanding Student GIC Programs in Canada

Student GIC programs cater specifically to international students applying for a study permit in Canada. These programs entail depositing a predetermined amount into a GIC account, which is then released in installments to cover living expenses during their stay. After program completion, students can access the remaining balance.

To be eligible for a study permit through the SDS program, a Guaranteed Investment Certificate (GIC) valued at CAD 20,000, or the amount stipulated by Immigration, Refugees & Citizenship Canada (IRCC), is required.

7 Best Banks for Student GIC in Canada

1. CIBC Student GIC Program

• Accepts applications from various countries.
• Competitive interest rates.
• Flexible withdrawal options.
• Additional benefits, including a free student account.
• GIC amount: $10,000 CAD to $20,000 CAD.

2. Simplii Financial Student GIC Program

• Open to international students from select countries.
• Competitive interest rates.
• No monthly fees.
• GIC amount: $10,000 CAD.

3. RBC Student GIC Program

• Established reputation.
• Additional banking benefits for students.
• Higher minimum balance requirement for the student bank account.
• Not available for students of all countries.
• A 250 CAD fee for opening Student GIC.

4. Scotiabank Student GIC Program

• Accepts students from multiple countries.
• Competitive interest rates.
• Wide range of banking services.
• A 200 CAD fee for opening Student GIC.

5. ICICI Bank Canada Student GIC Program

• Available for students from eligible countries.
• Competitive interest rates.
• Trusted international banking brand.
• A 150 CAD fee for opening Student GIC.

6. SBI Canada Student GIC Program

• Open to students from select countries.
• Competitive interest rates.
• Established international banking presence.
• A 150 CAD fee for opening Student GIC.

Comparative Analysis

Bank	Eligible Countries	Interest Rates	Additional Benefits	Fees
CIBC	Multiple	Competitive	Free student account + Sign up bonus	No fee
Simplii Financial	Multiple	Competitive	Free student account + Sign up bonus	No fee
RBC	Selected	Competitive	Free student account	250 CAD
Scotiabank	Multiple	Competitive	Free student account	200 CAD
ICICI Bank Canada	Selected	Competitive	N/A	150 CAD
SBI Canada	India only	Competitive	N/A	150 CAD

Best Bank for Student GIC in Canada: Recommendations

After analyzing the top banks for GIC in Canada, the top three recommended Student GIC programs are:

1. CIBC Student GIC: Competitive interest rates, a free student account, a credit card, and a flexible withdrawal process make CIBC a comprehensive choice.
2. Simplii Financial Student GIC: A strong option for students seeking online banking with competitive interest rates and no monthly fees.
3. Scotia Bank GIC: With a well-established reputation and additional benefits like a free student account, Scotiabank is a reliable choice.

Step by Step process to apply for CIBC Student GIC 2024

How to Choose Best Bank for Student GIC in Canada?

To make an informed decision, consider factors such as interest rates, additional banking services, and branch availability. Visit the official websites of the banks to learn more about their Student GIC programs and application processes.

Earn Upto CAD 50 With CIBC GIC And Simplii Financial GIC

To get a sign-up bonus, enter the email address gocanada25@gmail.com in the Referral Details section while filling the GIC application form. The sign-up bonus will be automatically deposited into your bank account.

Best Bank for Student GIC in Canada in 2024: Conclusion

Choosing the best bank for Student GIC in Canada in 2024 is a crucial step for international students preparing for their educational journey. Consider the features, pros, and cons of each program to make an informed decision aligned with your financial needs. Keep in mind that the information provided is subject to change, and it’s advisable to visit the official websites of the banks for the most up-to-date details on their Student GIC programs.

Student GIC in Canada Explained

Student GIC in Canada FAQS