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.
