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Peoples 3% 15 month GIC
September 26, 2019
3:15 pm
Alexandra
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Has anyone invested in the Peoples Trust 3% GIC for 15 months?

Seems to be the best rate out there. I have slightly over the maximum CDIC invested with them already and not sure if I should take a chance on putting any more in. Still have 13 months before next GIC coming due with them.

September 26, 2019
3:26 pm
lhsaid
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Same here, slightly above CDIC limit of 100K. It's a good rate, I wish I have more room to invest more.

September 26, 2019
3:38 pm
Nehpets
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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

September 26, 2019
4:52 pm
LeBronBMT
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Only reason I haven't signed up with them is because most of my money is still in the Hubert 1 year term until March. I am tempted to break the Hubert term to move that money to People's for a fresh 15 months 3% GIC every day.

September 26, 2019
5:53 pm
canadian.100
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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.

September 26, 2019
8:24 pm
Loonie
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Peoples gave 3% on TFSA savings for several years when it was not required in order to be competitive. It's consistent with their history and doesn't appear to have negatively affected their business.

September 26, 2019
9:04 pm
Bud
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canadian.100 said
Not sure why they need to pay 3% for getting deposits

I believe they do more subprime like Oaken EQ Laurentian

Interestingly they operate out of B.C. but the majority of their depositers are in Ontario.

Controlled by the billionaire Ghermezian family of west edmonton mall fame. The son Chairs the board now.

Would their credit rating be public. Not as big an outfit as the above three a few billion in loans 9bill+ assets in total annual report somewhat limited info online

Generally ill book a few months in advance above cdic for the smaller issuers if market conditions are fine and there's a deal

In the unlikely event of trouble theres always the option to get an extended family member involved in joint assuming enough time 2 to 3d to add them on the cert. Some issuers you may be able to do by phone not sure usually theres some paperwork that could be faxed

Has there ever been a FI shutdown with no advanced news warning signs?

September 28, 2019
6:43 pm
Save2Retire@55
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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.

September 28, 2019
6:52 pm
Loonie
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@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.

September 29, 2019
6:37 am
Save2Retire@55
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Thanks, Loonie.

Yes, it is advertised but when clicking on the button to open an account, it is not listed with the other options.

Will call Peoples on Monday and see what they say.

September 29, 2019
8:00 am
GR
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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.

September 29, 2019
8:38 pm
GICinvestor
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Save2Retire@55 said
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.  

You should get a letter from Oaken a few weeks before maturity. If I recall it will give you options and may tell you what to do, to do a transfer. Nevertheless call them and make sure they do not renew the TFSA and that you are transferring out. Then do the transfer form and make sure you include that the matured funds plus interest are to move out. I have done....no hassles.

September 29, 2019
10:22 pm
Loonie
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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.

October 1, 2019
8:37 am
canadian.100
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The Peoples Trust 15 month rate GIC now revised to 2.5%.
No surprise it was coming in this lowering interest rate environment.

October 1, 2019
10:19 am
hwyc
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Oh no. I applied online yesterday, still haven't mail out the cheque yet.

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

October 1, 2019
12:07 pm
Nehpets
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hwyc said
Oh no. I applied online yesterday, still haven't mail out the cheque yet.  

Call Peoples Trust to speak to a CSR, who should confirm that your rate will be honored. Do you have the confirmation code from the online application saved, because that's what will guarantee your rate.

I have the same situation and just got off the phone with them.

They give you about 10 days to get the money to them when an online application is made.

Stephen

October 2, 2019
7:48 am
Bud
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18/3.15 looks done

October 2, 2019
7:55 am
GR
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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.

October 2, 2019
7:45 pm
Loonie
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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.

Please write your comments in the forum.