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Holding A Desired Rate
September 9, 2019
4:52 pm
Nehpets
Ontario
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I have found that Peoples Trust will hold a rate for ten days ( not clear if that's 10 business or calendar days) if you fill out the online application for a new account...which includes a new GIC.

The application has an entry for existing customers to identify their account number.

It's probably worth contacting a CSR to confirm arrangements, but this arrangement has worked for me when there was concern about a possible rate drop.

Stephen

September 9, 2019
5:06 pm
Loonie
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If it's a new account, be sure to date the cheque for the date you opened it. This is what they instruct you to do. It might help date the rate.
CSR told me that the best thing, if you didn't have an account already, was to fill out the app for both the savings account and the GIC at the same time, and that this would lock in the rate for the GIC..

September 9, 2019
5:23 pm
GICinvestor
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Hello. I like PT, when the rates are good, and their phone service is great!

While GIC requests are not as slick as Oaken.......PT’s process is confusing.
Do I do a GIC once signed in or out side of being signed in?
Is there a difference....I think so!
Can I do a joint GIC signed in or not signed in?
Do I have to have the money moved to PT, wait TIL it’s there and then call them to remove the hold? I think so!
Do I have to call back to set up a joint GIC and do they have to talk to my spouse as well? I think so!
Do I have to call back to make GIC pay interest annually. Yes I think so?
Do I have to call back to make sure the GIC does not auto renew at maturity. Yes I think so? And the latter policy should only be......no GIC of any kind should auto renew.
And what about TFSA or RRSP or RRIF? Maybe not RRIF.....they don’t offer?

Nehtpets....has any of that confusion been eliminated? It would nice to hear of a significant improvement.

I like them and deal with them. But I like Oakens’ style better all done offline, account wise, and absolutely no follow up unless I make a mistake....which I have not done.

September 9, 2019
5:25 pm
GICinvestor
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Loonie said
If it's a new account, be sure to date the cheque for the date you opened it. This is what they instruct you to do. It might help date the rate.
CSR told me that the best thing, if you didn't have an account already, was to fill out the app for both the savings account and the GIC at the same time, and that this would lock in the rate for the GIC..  

Are you mailing the form and cheque by Canada Post? Or using PTs pull option?

September 10, 2019
1:08 am
Loonie
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GICinvestor said

Are you mailing the form and cheque by Canada Post? Or using PTs pull option?  

We sent uncertified cheques by Canada Post courier requiring signature on receipt - one for savings and one for GIC (in same package), as they had two different temporary numbers. Forms were filled online. Old account number was not active at the time, but they revived it after package received. Pulling was not an option.

I will have to look into auto renewal though as I've never had a GIC with them before.

I agree that Oaken has the smoothest systems - and they do exactly what you ask for at maturity.

September 11, 2019
6:36 am
savemoresaveoften
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Re GIC, I opened the savings account first and once its linked and funded, I called in to purchase the GIC. The person on the phone did it while I am on the phone, no need to open GIC account online myself.

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