Comparing Canadian Banks: Which GIC Program is Right for You?
As an international student in Canada, one of the financial requirements you must fulfill is purchasing a Guaranteed Investment Certificate (GIC) as proof of funds. The GIC is a special type of investment account that holds your funds for a specified period of time, with the money becoming available to you in installments over the course of your studies. While the GIC is a mandatory requirement for international students, the specific GIC program you choose can vary depending on the bank you choose to work with. Here's a look at some of the major Canadian banks that offer GIC programs for international students, and what you need to know about each one. Scotiabank Student GIC Program: Scotiabank's GIC program for international students offers competitive interest rates, with a minimum investment of $10,000. The program also offers online account management, as well as the ability to transfer funds to other Scotiabank accounts. One drawback, however, is that the program has a re...