Peoples Trust Increases GIC Rates | Page 2 | Peoples Trust | Discussion forum

Sonz said
in reading all the forums about People's, I get the sense that they are not very well liked.  

I believe there was a breach of their online security a few years ago, if not mistaken, which may be why some are leery about them.

Peoples Trust had better than average rates a few years ago, but not until recently when we noticed their rates increase to somewhat competitive levels.

People Trust is one of the few Canadian FI's that does not charge an exit fee for TFSA funds.

Have you considered Oaken as an alternative? Rates are better and you can spread CDIC coverage between Home Trust & Home Bank.

Additionally have you checked with deposit brokers for deals on larger term deposits?

Stephen

Like Nehpets says. Oaken could give you 4 different accounts with CDIC coverage for $100,000 each as long as you did NOT set up joint accounts and you have a spouse. Oaken has 3.4% for 5 year.

Also Hubert has unlimited insurance and you can get 3.25% on a 4 year term.

I could just imagine the, likely very lethargic, President and Vice President of PT discussing why their deposits are down. And one says to the other.....aren’t our rates continually competitive?

And I too plan to take them up on the no fee TFSA transfers soon so I can close my account there.

christinad said
Can you transfer an rrsp for free as well? I have one lone rrsp gic coming up for maturity.  

Recently transferred out an RRSP, there was/is no transfer out fee. We filled out the transfer form approx 30 days prior to maturity with new institution and advised Peoples not to auto renew GIC as being transferred out.

Sons, I had only pleasant experience with them. Their reps were always pleasant and task oriented on the phone. I used their services for good rates only - vs.daily banking, which has different requirements.

If the amount you are investing is fully covered, the $292.5K, then you dont’t care about their financial sheet, you go for maximum return, if said return “is out of this world”. I received, after a FI in Toronto went bankrupt, my money within 2 to 3 weeks. No sweat.

Re: rates - why not utilize Meridian’s CU 4 months @3% offer (new money only), which would gross you extra $500, and then in four months time something better then 2.50% for 1Y MIGHT be available. By the way, coverage with CUs is $250 per one account.

Sonz,

In your situation, following Julio's suggestion might be worth considering, to open qualifying accounts with Meridian under their current promo paying 3% on savings accts for 4 months, giving you better earnings with the flexibility to withdraw funds if and when an attractive GIC offer comes along, thinking that rates have the potential to increase later this year.

As Julio alludes to, Meridian, based in Ontario, qualifies for DICO coverage to $250,000.

As an Oaken client, you would likely be notified of a rate increase, or be on the alert of any other worthwhile opportunities posted here on the Forum.