Community Trust to become internet-only bank | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Community Trust to become internet-only bank
June 10, 2014
12:32 am
Loonie
Member
Members
Forum Posts: 6270
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Community Trust is a CDIC-insured bricks-and-mortar bank in Toronto.
They are going to get rid of their retail outlet in August and go entirely online.
They will offer RRSP, RRIF, RDSP, TFSA, LIF, LIRA, GICs and daily interest accounts.
Their best offerings at the moment are Daily Interest at 1.75% and 5-yr GIC/RRSP/RRIF at 2.75% with annual compounding.
I'm hoping for some "opening specials"!sf-smile
http://www.communitytrust.ca/t.....ement.html

August 5, 2014
5:16 pm
Jack Manning
Member
Banned
Forum Posts: 379
Member Since:
August 5, 2014
sp_UserOfflineSmall Offline

Loonie, their current 5 year GIC is only 2.30% which is a joke. You need $5,000 too but less than $5,000 you will only get 2.05%. This is crap.

The whole purpose of going online is for them to save money but they are cutting out service at their branches and giving everyone much less interest to clients.

Makes you think about their 1.75% savings account rate will be in the next few months.

August 10, 2014
1:52 pm
Jack Manning
Member
Banned
Forum Posts: 379
Member Since:
August 5, 2014
sp_UserOfflineSmall Offline

Loonie, I just looked at their website http://www.communitytrust.ca and the only competitive longer term rate they have is GIC's with minimum balances of $7,500 and more for 2.80%.

They have a footnote at the bottom that shows a 4 which shows up in their above schedule as well. It states interest paid monthly.

If this is true then not many banks, financial institutions are paying 2.80% with monthly interest. It maybe something to look into.

August 10, 2014
6:16 pm
Loonie
Member
Members
Forum Posts: 6270
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Oaken also offers 2.8 on monthly interest.
Edited to add "5 yr GIC" in case it wasn't clear.

August 10, 2014
8:59 pm
Jack Manning
Member
Banned
Forum Posts: 379
Member Since:
August 5, 2014
sp_UserOfflineSmall Offline

Loonie, Oaken does offer a 2.80% 5 year rate paying monthly interest GIC's too but you only need a $1,000 minimum.

However, it does offer a 5 year 2.90% rate with monthly payments (interest and principal) for RRIF GIC's only but you do need a $10,000 minimum.

August 10, 2014
10:04 pm
Loonie
Member
Members
Forum Posts: 6270
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Jack, have you confirmed with Oaken that the 2.9 rate would hold if one chose semi-annual or monthly options? Although it does say that the they "offer" semi-annual or monthly, on the line where the rate is quoted at 2.9, it says "annual".

Compare with their non-registered GICs, where it is clearly discounted for semi-annual (2.85) or monthly (2.8).

August 10, 2014
10:24 pm
Jack Manning
Member
Banned
Forum Posts: 379
Member Since:
August 5, 2014
sp_UserOfflineSmall Offline

Loonie, I helped my mother convert an RRSP to a RRIF at Oaken Financial in May-2014 at 3.05% monthly payments (interest and principal) with no problems.

They direct deposit it in her Oaken savings account each month started in June-6-2014.

Their 5 year RRIF GIC rate on May-6-2014 was 3.05% for annual, semi-annual, quarterly, monthly options.

August 10, 2014
11:31 pm
Loonie
Member
Members
Forum Posts: 6270
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks for the confirmation. I am surprised they would do that.

August 17, 2014
11:23 am
Jack Manning
Member
Banned
Forum Posts: 379
Member Since:
August 5, 2014
sp_UserOfflineSmall Offline

Loonie, Community Trust 5 year GIC rate dropped to 2.65% but now it is annual interest being paid not monthly with $5,000 and up investments.

I guess they know about Oaken Financial cutting their 5 year GIC rate soon to 2.80%.

Please write your comments in the forum.