People's A Worthwhile Addition? | Peoples Trust | Discussion forum

cgouimet said
.....

Joint GIC's yes.
Peoples Trust and Peoples Bank provide separate CDIC coverage.
Can't speak to ease of linking external FI's since I did this several years ago.
They do not charge an exit fee for transferring out TFSA money, just like Hubert.

Stephen

Its been several years since I opened accounts but I just checked and it appears linking external accounts is still a form to fill out and then mail or fax in. They required a VOID cheque when I opened accounts. Not sure cheque still required or not. They do not link by micro deposits.

I would say yes. I love PT.
Keep in mind they do not offer RRIFs.
And People’s Bank only has non registered products.

They have decent agents and I have had few issues, but always fixed in my favour.

What’s unique about them is you have to call back to make GIC joint, interest paid annually and to have GIC funds at maturity go into tge associated savings account.

No fee transfers from PT are quick for TFSA money. As does Oaken.

What I don’t like, recently, is their stubbornness to offer a 5 year GIC at 5% or more like the competition offers. It’s obvious they are ok with a 1 year commitment but not a 5 year. I find that disappointing and makes me to want to look elsewhere. I have cash in my TFSA to move soon if I don’t see a change in rates.

And they advertise that the ROARING rates are back! Lol

HermanH said

Denise said
No fee transfers from PT are quick for TFSA money. As does Oaken.

So, PT does not charge a Transfer fee to move TFSA away from PT?  

Correct.

I found that mis nomer web page too. About a month ago I called them and they confirmed that the "bank" only handled non registered.

This is a screen shot from Peoples BANK and notice what it says on any selection of a registered account. Proceed to Peoples TRUST.

@Doug

When you are on Peoples Bank website I don’t like the idea of tripping into the Peoples Trust website.
1. Some of us might not be that sharp and only see “Peoples”.
2. If was going to bank with both I would want to join or apply to both accordingly and know that I had done so.
3. I would not want to go over my CDIC coverage.

I hope there are some good warnings. Would be nice if they were like Oaken.

Denise said
@Doug

When you are on Peoples Bank website I don’t like the idea of tripping into the Peoples Trust website.
1. Some of us might not be that sharp and only see “Peoples”.
2. If was going to bank with both I would want to join or apply to both accordingly and know that I had done so.
3. I would not want to go over my CDIC coverage.

I hope there are some good warnings. Would be nice if they were like Oaken.  

Denise,

To be clear, I agree with you completely. It's clumsy. It's kind of like EQ Bank's clumsy, though perhaps more efficient, runoff or make consumers do the legwork transition of their direct-to-consumer Wyth Financial HISAs.

Cheers,
Doug