Peoples 3% 15 month GIC | GIC discussions | Discussion forum

Alexandra said
Has anyone invested in the Peoples Trust 3% GIC for 15 months?
 

Yes, I've maxed out through individual and joint accounts. I like the personalized customer service at Peoples Trust, and their willingness to accommodate one's needs to take advantage of available attractive offers.

Their 3% 15 month rate may be coming to a close, as is indicated on their website.

To hold the rate for about ten days, submit an online application for the GIC, then EFT the funds or mail in a check within the ten day period. Best to set up the timeline with a CSR so their "back office" as they refer to it can be tuned into your plan.

If anyone is interested, they even have a CSR, named Jonathan, who is French speaking!

Stephen

Not sure why they need to pay 3% for getting deposits, in this period of declining interest rates. Financial institutions are usually squeezed with the slim margin between mortgages (use of funds) and deposits (cost of funds), and mortgage rates have certainly dropped, so the margin would be even tighter for Peoples. Perhaps they make their real profit on perhaps 20% credit card interest revenue.

@save2retire,
TFSA transfers, like RSP ones, have to be initiated at the receiving FI. Thus, Oaken will not give you that option.
So, the question would be whether/how you could set it up at Peoples before losing the rate. Oaken is, however, extremely fast about transfers, once they receive the request, which, in this case, would come directly from Peoples.

As of this moment, the 3% rate is still advertised on Peoples' main page.

Save2Retire@55 said
Thanks for posting this. Just at the right time. I was looking to max my 2019 RRSP and also transfer one of my Oaken TFSA which is maturing next week.

However, can't find the 3% when trying to open a new account. I used the Contact Us Form from their web site and asked for help.

Also, don't know how I will be able to transfer out TFSA from Oaken to Peoples Trust. Oaken doesn't give a transfer out option online (Only Withdraw or a new GIC). I contacted them too.  

According to their rates page, the 3% promo rate for 15 months is only for non-registered GICs, not TFSAs and RRSPs.

The last one I transferred out of Oaken ws to Meridian (following my failed attempt to transfer to motus, reported elsewhere).

I was surprised when my person at Meridian said he had to have the exact figure at maturity before sending the request for transfer to Oaken. In the past, only an approximate figure has ever been requested for a transfer.
Ultimately, I gave him the renewal offer sheet that Oaken had sent, which only gives an estimated value at maturity, but that seemed to satisfy. The "estimate" was accurate.

Oh no. I applied online yesterday, still haven't mail out the cheque yet.

[Ditto #16 - called in for an assurance, thks Stephen ]

GR said
With the 15 month rate down to 2.5%, this should no longer be shown as a promo on this website. Other institutions are 2.55% and 2.5% for one year.  

I would disagree on this, unless there are other 15 month offers that are significantly better. Our chart doesn't allow for 15 month rates, but the comparison should not be to one year rates.

There may be people for whom a maturity in Jan 2021 is more useful than a maturity in Oct 2020, e.g. for reinvestment purposes. That said, this is an annually compounded rate.