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2:50 pm
August 14, 2008
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Stella
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I just decided to check out http://www.bankrate.ca to see what other Canadian savings accounts are available for us and I notice this bank called "People's Trust" that has a high interest rate of 4%!!! Anyone know about this bank? That rate is higher than ICIC which I find very surprising. Anyone have any experiences with this bank? Please share!
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3:15 pm
August 14, 2008
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Peter
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Interesting. The only downsides I can tell from browsing through their website:
They hold deposits for 9 business days.
No info on how much it costs to have cheques. Although, if electronic transfers to and from another account are free, this could be like a more accessible GIC…
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4:26 pm
August 14, 2008
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Stella
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Is this a new lone bank or is a bank that branched off one of the larger banks like how PC and CIBC are the same. I am a bit suspicious though of how we need to "purchase" a savings account =S Is there a particular reason wh Citizens sky jumped back to 3.40%? Are the other competitors planning to make a jump as well?
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5:38 pm
September 1, 2008
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Erik
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Peoples Trust is not "new" new, I think this is an area they are trying to break into. I first heard of them almost two years ago as they are the banking institution that holds secured funds used for Horizon Plus' secured Mastercards.
http://www.horizonplus.ca
"…Where will my GIC Account be established?
Your account will be established with Peoples Trust, a federally chartered Canadian trust company. Your deposit balance will be protected by the same Canada Deposit Insurance Corporation coverage as is in place with Canada's major Banks…."
Although I haven't had any experience with the bank (other than giving them money for a GIC) the plus side appears to be their interest rate and the fact that they are a CDIC member.
Anyway, my $0.02 for what its worth.
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9:02 pm
September 26, 2008
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Eduardo
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I have a Peoples Trust account and what I don't like is that they don't offer on-line banking; all transactions have to be done by talking to a bank rep on the phone, or sending them e-mails. You can't even check your account balance on the web.
You get 4% interest on your savings but their service is poor.
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5:58 pm
September 27, 2008
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John
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Are you sure that you can't bank online with People's Trust? This page on their site would seem to indicate that you can, unless I'm reading it wrong:
http://www.peoplestrust.com/electronicFundsTransfer.htm
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9:36 am
September 28, 2008
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Doug
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That's correct, John. People's Trust has no online banking facility. Electronic Funds Transfer (EFT) just means you can set up pre-authorized payments or direct deposits from or to your People's Trust account; however, these would have to be set up via phone as they have no online banking facility.
Cheers,
Doug
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6:05 pm
October 22, 2008
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sean
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Peoples Trust's lack of service (online and ATM) is a total bonus for a Savings Account. The money can still be accessed, it just takes a little time, allowing for some sober second thought before a major purchase or investment decision. Isn't that exactly how a Savings Account should operate? The last thing I need is another piece of plastic in my wallet. Just send them a cheque every month and let your savings grow. For all I care, they could operate an even more bare-bones website if it got me an extra one per cent of interest.
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