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Banks
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

General Bank Of Canada

Finanso.Multilogin™

About bank

General Bank of Canada is an Alberta-based Schedule 1 Chartered bank founded in 2005. The bank specializes in auto financing solutions, commercial lending, aviation financing, and guaranteed deposits.

Today, General Bank of Canada employs over 60 specialists, and the bank's client base includes more than 325,000 people across Canada.

Features

General Bank of Canada provides financing solutions and guaranteed investment certificates through a network of automotive and investment dealers and independent deposit brokers.

General Bank of Canada is a member of the Canadian Deposit Insurance Corporation (CDIC), which means coverage of eligible deposits of up to $100,000 per account. The bank also has a membership with the Registered Deposit Brokers Association (RDBA).

Pros and cons

Here are the benefits of banking products and services offered by General Bank of Canada:

  • Competitive interest rates
  • Flexible loan repayment terms
  • The penalty-free early repayment of auto loans
  • Fast turnaround
  • Insurance coverage of eligible deposits by CDIC
  • The GBC Online portal providing online banking features

Now, let’s outline the disadvantages of General Bank of Canada:

  • The lack of products like chequing and savings bank accounts, credit cards, and mortgages
  • The lack of in-branch banking

Products and services

The General Bank of Canada provides its banking products through a wide network of partner dealers and brokers.

Auto financing

Auto financing options from the General Bank of Canada are available through a network of over 2,000 Canadian automotive dealers. Being a car shopper, you can apply for a loan right at the dealership and get behind the wheel of a new or used vehicle of your choice. Auto loans from the General Bank of Canada involve fixed rates, fixed terms, and penalty-free early repayment available at any time.

For partner dealers, General Bank of Canada offers benefits like competitive pricing, fast turnaround, service with direct lines to buyers, and integration with Dealertrack and RouteOne.

Commercial lending

For business owners, developers, and investors, General Bank of Canada offers commercial lending solutions. The bank has expertise in structuring and administering transactions across multiple asset classes, including owner-occupied, retail, multi-family residential, industrial, and special-purpose assets. General Bank of Canada works with various project types, including construction, land development, bridge, re-positioning, and more. Commercial financing options are available at fixed or floating interest rates for up to 5 years and amortizations for up to 25 years.

Aviation financing

For corporate clients willing to acquire an aircraft, refinance an existing aircraft, or complete refurbishments/engine overhauls and small business owners willing to buy a private aircraft, there are aviation financing solutions at the General Bank of Canada. Starting from $750,000 in financing, loans can be at either fixed or floating rates, with up to 5-year terms and 15-year amortization periods.

The eligible aircraft types are jet, turboprop, piston, and rotary.

Guaranteed deposits

To help clients secure their principal investment and earn a guaranteed return, General Bank of Canada offers Guaranteed Investment Certificates (GICs) and High-Interest Savings Accounts (HISAs).

Short-term (less than 1 year) and long-term (1 to 5 years) non-registered GICs from the General Bank of Canada are available through a network of independent deposit brokers and investment advisors. The rates for short-term GICs are in the range of 1.67%-2.40% while the rates for long-term GICs are in the range of 4.25%-4.55%, depending on the term.

High-interest savings accounts are available through the FundServ network and provide an interest rate of 2.30%.

GICs, HISAs, and term deposits from the General Bank of Canada are eligible for CDIC coverage.

FAQ

Who owns the General Bank of Canada?

General Bank of Canada is a subsidiary of First Canadian Insurance Corporation.

Is the General Bank of Canada legitimate?

The General Bank of Canada has been in operation for 17 years already. The bank has the head office at Suite 100-11523 100 Ave N.W., Edmonton, Alberta, T5K 0J8.

How do I contact the General Bank of Canada customer service?

You can contact the General Bank of Canada customer service team by filling out the online feedback form on their website. Or, you can reach out to them by the following channels:

  • Email: info@generalbank.ca

  • Phone: 1-877-443-5620

  • Fax: 1-780-443-5628

  • Mail: Suite 100-11523, 100 Ave N.W., Edmonton, Alberta, T5K 0J8

Company documents

Tied Selling & Fees
Legal Terms
Privacy Policy
Regulatory Disclosures

We build mutually beneficial relationships with our customers and co-workers based on assumed trust, respect, and personable connection. 

© General Bank of Canada
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