For students comparing banks for their GIC before a study permit application, members shared practical comparisons based on their own experience (note: specific fees/limits mentioned are historical and may have changed since — always confirm current terms directly with the bank):
- TD: No referral bonus, but no extra processing fees either. TD provides a straightforward GIC and account, though it doesn't come with a credit card.
- Scotiabank: Offered a student credit card with a $1,000 limit; this was temporarily reduced to $500 during the COVID-19 period, and may have since changed back or further.
- Members also discussed the possibility of switching or opening additional accounts with a different bank (e.g., TD) after initially going another route, suggesting some flexibility exists depending on your bank's policies.
Takeaway: compare current GIC terms, any processing fees, and whether a starter credit card is included, since these details vary by bank and change over time.