I just decided to check out http://www.bankrate.ca to see what other Canadian savings accounts are available for us and I notice this bank called "People's Trust" that has a high interest rate of 4%!!! Anyone know about this bank? That rate is higher than ICIC which I find very surprising. Anyone have any experiences with this bank? Please share!
Is this a new lone bank or is a bank that branched off one of the larger banks like how PC and CIBC are the same. I am a bit suspicious though of how we need to "purchase" a savings account =S Is there a particular reason wh Citizens sky jumped back to 3.40%? Are the other competitors planning to make a jump as well?
Peoples Trust is not "new" new, I think this is an area they are trying to break into. I first heard of them almost two years ago as they are the banking institution that holds secured funds used for Horizon Plus' secured Mastercards.
"...Where will my GIC Account be established?
Your account will be established with Peoples Trust, a federally chartered Canadian trust company. Your deposit balance will be protected by the same Canada Deposit Insurance Corporation coverage as is in place with Canada's major Banks...."
Although I haven't had any experience with the bank (other than giving them money for a GIC) the plus side appears to be their interest rate and the fact that they are a CDIC member.
Anyway, my $0.02 for what its worth.
I have a Peoples Trust account and what I don't like is that they don't offer on-line banking; all transactions have to be done by talking to a bank rep on the phone, or sending them e-mails. You can't even check your account balance on the web.
You get 4% interest on your savings but their service is poor.
Are you sure that you can't bank online with People's Trust? This page on their site would seem to indicate that you can, unless I'm reading it wrong:
December 12, 2009
That's correct, John. People's Trust has no online banking facility. Electronic Funds Transfer (EFT) just means you can set up pre-authorized payments or direct deposits from or to your People's Trust account; however, these would have to be set up via phone as they have no online banking facility.
Peoples Trust's lack of service (online and ATM) is a total bonus for a Savings Account. The money can still be accessed, it just takes a little time, allowing for some sober second thought before a major purchase or investment decision. Isn't that exactly how a Savings Account should operate? The last thing I need is another piece of plastic in my wallet. Just send them a cheque every month and let your savings grow. For all I care, they could operate an even more bare-bones website if it got me an extra one per cent of interest.