Bank Review · Editor’s Pick
TD International Student GIC Review (2026)
Red Leaf Score
The cheapest GIC program in Canada — and our Editor’s Pick. TD charges no application fee where every competitor charges $150–$200. The trade-off: your money comes back in fixed monthly portions, with no early-unlock option.
How we score: cost (40%), payout flexibility (25%), application simplicity (20%), refund fairness (15%). Scores are set by our editorial team alone — see how we review and how we make money.
The facts at a glance
- Program name
- TD International Student GIC
- GIC amount
- CAD $22,895 minimumIRCC proof-of-funds figure, outside Quebec
- Application fee
- $0the only Big Five bank without one
- Wire fees
- ~$17.50 per incoming wireplus any fees your home bank charges
- Wire rules
- Multiple wires allowedtotal must reach the minimum within 90 days
- Payout on landing
- First tranche at the branchremainder in 10 equal monthly payments + interest
- If visa refused
- Principal refunded$25 return fee applies per wire sent
- Deadline rule
- 365 dayscomplete all requirements within a year or accounts close
Why TD wins on cost
Every Big Five GIC locks up the same $22,895. The only real price difference is the entry fee — and here TD simply doesn’t charge one. Scotiabank and RBC take $200 off the top; CIBC and BMO take roughly $150. With TD, your only cost is the incoming wire fee of about $17.50 per transfer. For a typical family, that’s $130–$180 saved before the student has even boarded a flight.
The application is also the simplest of the five: one online form opens both the TD Student Chequing Account and the GIC together. And unlike RBC’s strict single-wire rule, TD accepts multiple wires — useful when families send money in parts.
The trade-off: payout rigidity
At your branch appointment in Canada, TD releases the first payment plus accrued interest into your chequing account. The rest arrives in ten equal monthly payments over the following months — eleven portions in total. There is no option to unlock a larger amount early, even for a rent deposit or tuition balance. If you know you’ll need a big sum in week one, Scotiabank’s flexible payout or RBC’s cashable GIC fit that situation better.
What we like & what to watch
What we like
- No application fee — lowest total cost of the Big Five
- One online application opens both chequing account and GIC
- Multiple wire transfers permitted to reach the minimum
- Clear, published program terms — fewer in-branch surprises
What to watch
- No full-unlock option — funds arrive in 11 tranches over the year
- Accounts auto-close if not funded within 90 days
- $25 return fee per wire on cancellation or visa refusal
- Funds fully frozen until the branch appointment
How to apply, step by step
- Apply online from your home country.
One application opens the TD Student Chequing Account and the GIC together. Have your passport and admission letter ready.
- Wire the funds within 90 days.
Send CAD $22,895 or more (plus wire fees) — in one or several transfers. Miss the 90-day window and the accounts close automatically.
- Receive your GIC certificate.
TD issues the investment confirmation you’ll include in your study permit application as proof of funds.
- Land in Canada and book your branch appointment.
Bring your passport, study permit (IMM 1442), and proof of enrolment. TD asks for three pieces of ID in total — confirm the list when booking.
- Get your first payment — and monthly payouts after.
The first tranche plus interest is released at the appointment; the rest arrives in ten equal monthly payments.
If your visa is refused
Your principal comes back — TD returns the funds to the originating account. Two things to know: a $25 return fee applies per wire you sent (two wires = $50), and you’ll need your IRCC refusal letter as proof. If program requirements aren’t completed within 365 days of account opening, TD closes both accounts and returns the funds the same way.
Our verdict
Choose TD if cost is your deciding factor and monthly payouts suit your budgeting — for most students, that’s exactly the right combination, which is why it’s our Editor’s Pick. Skip it only if you need a large amount unlocked immediately on landing — that’s Scotiabank or RBC territory — or compare all five in our complete GIC comparison.
TD GIC questions, answered
Does TD really charge no fee for the student GIC?
Correct — there is no application or processing fee. Your only costs are the incoming wire fee (about $17.50 per wire on TD’s side) and whatever your home bank charges to send the transfer. That makes TD the cheapest of the Big Five programs.
Can my family send the money in two or three transfers?
Yes — TD accepts multiple wires, as long as the total reaches the minimum within 90 days of opening the account. Note each incoming wire carries its own ~$17.50 fee, and each would carry a $25 return fee if the program were cancelled.
How fast do I get my money after landing?
The first tranche plus accrued interest is released at your branch appointment. The remainder arrives in ten equal monthly payments. There is no early-unlock option, so plan large week-one expenses (rent deposit, tuition balance) from separate funds.
What happens if I don’t complete the requirements in time?
Two clocks matter: fund the account within 90 days or it closes automatically, and complete all program requirements at a branch within 365 days or both accounts close and funds are returned — with the $25-per-wire return fee deducted.
Researched and written by Virendra Singh, checked against TD’s live program documents and fee schedule. Last audit: July 2026. TD changes terms without notice — always confirm final figures on TD’s official website before wiring funds. Red Leaf Wallet is independent and reader-supported (disclosure); this review is general information, not personal financial advice.