People's Trust has just posted their 2008 financial statement and the numbers look very good and profitable. They made a NET income of $9,283,000 as compared with a NET income of $7,585,000 for 2007!!!! So with that much profit, there is no need to worry about this Trust company going bankrupt anytime soon.
They currently pay 3.60% on savings account which is the kind of rate you would see on a 5yr GIC!!!! They might drop their rate on APR 1/09, but will still be above 3 percent for sure. You can view their fiancial statement at their website or just click on the link : http://www.peoplestrust.com/fi.....ncials.htm
Looking at People's Trust financial statement for 2007, it reads NET INCOME $7,585 in "thousands of dollars". My question to you guys is: Did they make $7,585,000.00 or $7,585,000,000.00??? You can check it out at their website:
Attention Math Wizards:
What are some of the formulas to calculating interest? I know that simple interest is calculated using I = Prt (Interest = Principle x rate x time). There must be another formula out there? I have a 1YR GIC with Outlook Financial paying 3.55% on $126,500.00 and I'd like to know what's my balance at year end? In my case that would be : ($4490.75=$126,500.00Ã—0.0355Ã—1)????(My math is so bad that I require a calculator just to answer the skill testing math question in order to write this blog!!!!)
You are not qualified to make any statements regarding their profitability so please refrain from making such brash statements as if you know what you are talking about when you don't.
Edit by admin: We certainly appreciate you sharing your experiences, but please only post the same things once. See here for Binky's post.