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Other hard to find CDIC names available Community, First Nations, League, Peace & Sun
April 22, 2020
3:56 pm
Bud
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For those who want additional coverage

Thru Monarch:
Community Trust around .9-1.2%
First Nations Bank around 1-1.4%
League Savings 1.55-1.85%
Peace Hills Trust 1.45-1.85%

Thru GIC W.:
Sun Life Financial (Trust Inc. assuming) 1.35-1.6%

https://www.cdic.ca/your-coverage/list-of-member-institutions/#CC

April 22, 2020
4:17 pm
Doug
British Columbia, Canada
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Bud said
For those who want additional coverage

Thru Monarch:
Community Trust around .9-1.2%
First Nations Bank around 1-1.4%
League Savings 1.55-1.85%
Peace Hills Trust 1.45-1.85%

Thru GIC W.:
Sun Life Financial (Trust Inc. assuming) 1.35-1.6%

https://www.cdic.ca/your-coverage/list-of-member-institutions/#CC  

Community Trust was just purchased last year by Questrade Financial Group, Inc., and Questrade, Inc., has separately applied to OSFI and the Minister of Finance to incorporate Quest Bank as a separate Schedule I chartered bank.

First Nations Bank of Canada used to be majority owned by Toronto-Dominion Bank, but it has since become owned by various First Nation governments and businesses in western Canada.

League Savings & Mortgage Company is a subsidiary of provincially-regulated Credit Union Atlantic, the atlantic credit union cooperative that operates regionally and is also the back-office service provider to the same.

Peace Hills Trust Company is owned by a First Nation tribe in Alberta, which is pretty neat. They have a physical retail branch where I live, in the shopping centre where Winners, HomeSense, Dollar Tree, Bulk Barn, H&R Block, and others are.

Sun Life Financial Trust, Inc., is a federally-regulated trust company, and does issue GICs through the brokerage channel. Note that Sun Life Assurance Company of Canada separately issues GICs through its insurance company, which are insured by Assuris on terms very similar to CDIC (http://www.assuris.ca/). There are legal differences between insurance and bank GICs, notably around term lengths, redemption provisions, and creditor protection.

Cheers,
Doug

April 22, 2020
4:59 pm
Bud
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ALL names you regurgitated from my list are fully insured by CDIC up to $100,000

Community Trust still available under that name. First Nations separate from Td. League insured under cdic not credit union. Assuris is industry guarantee.

June 29, 2020
9:27 pm
picassocat
Québec
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Doug said

First Nations Bank of Canada used to be majority owned by Toronto-Dominion Bank, but it has since become owned by various First Nation governments and businesses in western Canada.

  

Anyone have experience with them, it appears difficult to open an account with First Nations Bank of Canada.

June 30, 2020
3:53 am
Doug
British Columbia, Canada
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picassocat said
Anyone have experience with them, it appears difficult to open an account with First Nations Bank of Canada.  

I don't think you can open an account with them, to be honest. I don't think they offer online account openings, so unless you're near a branch, it's probably not possible.

Cheers,
Doug

June 30, 2020
5:47 am
Loonie
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Good research, Doug. Some of us like to know who we are dealing with - even potentially.

June 30, 2020
7:08 am
JenE
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Picasso Cat asked: Anyone have experience with them, it appears difficult to open an account with First Nations Bank of Canada.

I had a GIC with them bought through a broker. Good rate, no problems.

June 30, 2020
2:34 pm
Bud
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What are they offering now

June 30, 2020
4:58 pm
JenE
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I have no idea. I’m no longer with that broker.

June 30, 2020
10:00 pm
picassocat
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I’m interested in their Interac online service. I use this service with RBC, but I want to flush them, there too expensive, and an elder’s chequing account with First Nations Bank of Canada would fill the bill. Now, how to become a member when I’m not even close to a branch, I don’t know, but I will soon find out. My blood brother has Indian status, I don’t want to go thru the paper work, but it does fit in well.

June 30, 2020
11:10 pm
Norman1
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First Nations Bank does have some procedure for remote onboarding. This is from Becoming a Customer:

Well – I don’t live anywhere close to a branch. Can I still be a customer?

One of the unique characteristics of First Nations Bank of Canada is that we understand that banking services are important whether you live in a large urban community or on a remote reserve or village. We are able to assist with a remote account opening. Simply fill out this application. We can still match up the right account for your needs and provide you with an access card, which is the key to banking wherever you are.

According to Access To Basic Banking Service, they can verify identity using one's credit record if the record is at least three years old and the record matches name, date of birth, and address exactly.

July 1, 2020
11:52 am
picassocat
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Thanks Norman1 !
sf-smile

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