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Email this8:08 am
December 22, 2011
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Just noticed that Canadian Tire is dropping thier TFSA rate from 2.00% to 1.90% on April 1/13.
8:44 am
November 8, 2009
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quite fitting that its April Fools day..... and depositors are the fools.....
8:55 am
May 15, 2007
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Very interesting. This is the third straight year that they've dropped their TFSA rate exactly 3 months into the year.
9:59 am
December 23, 2011
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Peter said
Very interesting. This is the third straight year that they've dropped their TFSA rate exactly 3 months into the year.
Yay for us that use this web site! I guess they run on the theory that there is a there's a sucker born every minute which leaves one to wonder is CT a place to bank on the long term as they are not constant throughout the year.
2:11 pm
December 12, 2009
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This is typical "bait-and-switch" tactics on TFSAs since then they have your money tied up until the end of December, unless you want to pay a transfer out fee (likely $25-50). And, transferring in banks typically don't reimburse any "transfer out" fees charged by the transferring out institution on straight high-interest savings accounts - they typically only do this for self-directed and full-service brokerage accounts, not even Mutual Fund accounts usually. 
In other words: go with an institution that offers the same TFSA rate as its HISA rate (which "highinterestsavings.ca" illustrates on the "comparison chart" page). Several years of history have now proven their rates to be somewhat lower but stable throughout the year. 
Cheers,
Doug
2:14 pm
November 26, 2008
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Doug said
In other words: go with an institution that offers the same TFSA rate as its HISA rate (which "highinterestsavings.ca" illustrates on the "comparison chart" page). Several years of history have now proven their rates to be somewhat lower but stable throughout the year.
Cheers,
Doug
Or go with PT who do not have the same rate between their HISA and TFSA but have never moved their rate since 2009. As stable as a rock.
The day you become free is the day you work for fun.
9:25 am
December 12, 2009
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I'm glad Peoples Trust offers online banking but frankly, they scare me a bit. They're heavily involved in issuing credit cards and mortgages in so-called "B" (and lower) lending scenarios.
Canadian history is littered with mainly trust and loan&mortgage company failures (http://www.cdic.ca/WhereInsure.....fault.aspx) and Peoples Trust is somewhat of a secretive organization run out of a single office in a downtown Vancouver skyscraper.
It just scares me, that's all. It may not be based entirely on fact but sometimes one has to "go with their gut" and my gut says "no".
Cheers,
Doug
10:17 am
December 23, 2011
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Doug said
I'm glad Peoples Trust offers online banking but frankly, they scare me a bit. They're heavily involved in issuing credit cards and mortgages in so-called "B" (and lower) lending scenarios.
Canadian history is littered with mainly trust and loan&mortgage company failures (http://www.cdic.ca/WhereInsure.....fault.aspx) and Peoples Trust is somewhat of a secretive organization run out of a single office in a downtown Vancouver skyscraper.
It just scares me, that's all. It may not be based entirely on fact but sometimes one has to "go with their gut" and my gut says "no".
Cheers,
Doug
Doug your comments would be good if you added them to the forum ...." 3% TFSA for long".
Thanks for the link WOW. It only confirms my long time gut feeling too ... If it has trust in their name (or motto) don't deal with them ..... I will have to add mortgage to the list too.
Thanks again.
11:35 am
February 17, 2013
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Doug said
I'm glad Peoples Trust offers online banking but frankly, they scare me a bit. They're heavily involved in issuing credit cards and mortgages in so-called "B" (and lower) lending scenarios.
Canadian history is littered with mainly trust and loan&mortgage company failures (http://www.cdic.ca/WhereInsure.....fault.aspx) and Peoples Trust is somewhat of a secretive organization run out of a single office in a downtown Vancouver skyscraper.
It just scares me, that's all. It may not be based entirely on fact but sometimes one has to "go with their gut" and my gut says "no".
Cheers,
Doug
Checked the list of failures you posted. Hasn't been a failure in 17 years, and more than half of them were in the '80's. BTW...I was with Bank of British Columbia, which is listed, and I didn't lose a nickel.
12:18 pm
December 12, 2009
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I realize that, but if there was going to be another financial institution failure in Canada, I suspect it'll come from the trust and/or loan&mortgage company sector(s). Of that, I tend to think it could come from, let's say, a Peoples Trust or a Home Trust.
Again, just going with my bad 'gut' feeling on this one - not necessarily based on financial principles.
Cheers,
Doug
1:07 pm
February 17, 2013
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See your point. Truth be told I'm not a big fan of Trust companies either. Prefer the security of Credit Unions or banks. When interest rates are back up to 3-5 % again I will probably forgo PT and move my money back to a more secure institution. But when they are giving 1.2% in their "High Interest" accounts, or less, I consider PT a risk I can live with for now to get 3%. I do have my wife's TFSA in Canadian Western Bank just so all our eggs aren't in one basket. Always go with your gut....then you have no one to blame but yourself. 
Happy Easter!
2:10 pm
December 12, 2009
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Thanks for the comments, Rick! I agree with you that Canadian Western Bank and its online subsidiary, Canadian Direct Financial, are particularly attractive. Their "scratch & earn" GIC "bonuses" are particularly attractive and popular and their customer service goes unmatched (i.e., you get a real person from the branch when you phone their published line in the "white pages", not redirected to a domestic or overseas call centre). If they offered (or planned to offer) either free Interac e-Transfers or paperless self-to-self, bank-to-bank ("EFT") transfers (or both!), I'd switch to them in a heartbeat and, between them and Peoples Trust, I'd go with CWB any day. They're one of the strongest small- and mid-market Canadian chartered banks and trust companies, I'd say.
Happy Easter!!
Cheers,
Doug
2:22 pm
November 26, 2008
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Doug said
Canadian history is littered with mainly trust and loan&mortgage company failures (http://www.cdic.ca/WhereInsure.....fault.aspx) and Peoples Trust is somewhat of a secretive organization run out of a single office in a downtown Vancouver skyscraper.
Doug
With that list, I can see what trust refers to. "Trust us, we'll sink with your money onboard."
The day you become free is the day you work for fun.
2:25 pm
December 12, 2009
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Max said
With that list, I can see what trust refers to. "Trust us, we'll sink with your money onboard."
LOL, that's clever. I think Max has become the forum comic relief, now only quipping with witty one-liners.
Cheers,
Doug
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