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Peoples Trust savings rate down from 1.90% to 1.80%
October 1, 2013
8:52 am
Peter
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See the full rate history on the comparison chart:

https://www.highinterestsavings.ca/chart

Their TFSA rate remains at 3.00%

October 1, 2013
2:25 pm
doc
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a real disappointment. i guess i will have to reavaluate my portfolo.

October 1, 2013
5:49 pm
SD2013
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I said in my prior posts that being a financial nomad transferring money from different accounts to different financial institutions is where these guys get you with variable falling interest rates.

The reason why they left the TFSA savings account rate at 3.00% for now is because there is a limit e of $25,500 per person allowed by tax law.

They still have a shortage of TFSA deposits. They will cut this rate when they reach their personal TFSA deposit limit.

You can have $50,000 or $75,000 or more in non-registered savings accounts within specific deposit insurance limits by CDIC, DICO etc. but not with DGCM etc.

My point is they have much more deposits in non-registered and RRSP, RRIF, RESP accounts than TFSA accounts. If you look at their 1-5 year fixed rate GIC, RRSP, RRIF, TFSA rates the highest is 2.60%.

They did increase their 1 year GIC, RRSP, RRIF rate by 5 basis points from 2.05% to 2.10% but like you said they did cut their e-savings account by 10 basis points from 1.90% to 1.80%.

Their rates are effective from October-1-2013 and are listed below which are all annual interest paid or annual interest compounded.

GIC's, RRSP's, TFSA's

1yr. 2.10%

2yr. 2.20%

3yr. 2.35%

4yr. 2.40%

5yr. 2.60%

TFSA savings account 3.00% unchanged

Non-registered term deposits only

30 days 1.30%

60 days 1.30%

90 days 1.45%

120 days 1.45%

180 days 1.45%

270 days 1.50%

They don't even have an RRSP, RRIF savings account or RRSP, RRIF variable account. Their 2-4 year GIC, RRSP, RRIF rates look the same but I was not keeping track of them.

Most Financial institutions want locked in fixed rate deposits so they can lend them out with similar terms for mostly mortgages, lines of credit mostly and some car loans.

Peoples Trust's Canadian deposits 5 year or less are insured, protected, guaranteed by CDIC, Canada Deposit Insurance Corporation up to the $100,000 maximum deposit insurance limit.

For more information about CDIC, go to http://www.cdic.ca. and to see all their rates, different account types that are available go to http://www.peoplestrust.com

October 1, 2013
10:00 pm
Rick
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doc said

a real disappointment. i guess i will have to reavaluate my portfolo.

A .1% interest rate drop isn't quite enough to re-evaluate my liquid portfolio. An $8.00+ change difference in interest per month on a 100,000.00 (and I don't have that much sitting around) isn't worth opening accounts at other institutions, linking them up, and shuffling funds around. Unless you're already a member of one of the other 2 left still offering 1.9%, (Implicity and CDF), it's just not worth the hassle...to me anyway. Even if I did, the others will probably follow suit soon. As long as their TFSA is still better than most 5 yr GIC's, I'm good with it. Won't even mention Coast Capital is @ 1.1% (in process of shutting down with them) and ING is 1.35. --- 1.8 still ain't bad. sf-laugh

October 11, 2013
7:18 pm
JustMe
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Shame they dropped interest to 1.8%. They finally got internet banking working and everything conveniently worked and now this. Unfortunately Manitoba guys have no internet banking and it is major pain to find ATM in GTA North to do deposit.

October 12, 2013
5:28 pm
Dennis
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JustMe said

Shame they dropped interest to 1.8%. They finally got internet banking working and everything conveniently worked and now this. Unfortunately Manitoba guys have no internet banking and it is major pain to find ATM in GTA North to do deposit.

More shame they didn't tell people. Even their web site still shows old rate of 1.9%. Only when logged in, I can see new rate of 1.8%.

October 14, 2013
10:37 am
JustMe
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dennis said

JustMe said

Shame they dropped interest to 1.8%. They finally got internet banking working and everything conveniently worked and now this. Unfortunately Manitoba guys have no internet banking and it is major pain to find ATM in GTA North to do deposit.

More shame they didn't tell people. Even their web site still shows old rate of 1.9%. Only when logged in, I can see new rate of 1.8%.

Hm. Even without logging in, if I go through their site they show correct 1.8% interest rate.

If you read fine print any bank has, there is no obligation to notify clients of interest rate changes. Even if financial org. rises interest rate they will not tell you. Thanks to this site I found that AcceleRate has increased their rates, not only for daily saving account. So if you have a need to know who has the best interest rates, you really have to be diligent and visit all bank sites on a daily basis.

October 14, 2013
2:20 pm
GS1
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JustMe said

[snip]

you really have to be diligent and visit all bank sites on a daily basis.

Or you could set up an alert at ChangeDetection.com to monitor this Cannex page frame and get an email when anything changes.

Greg

October 14, 2013
4:32 pm
SD2013
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Wait until they get a lot of TFSA money coming in over the next 6 months. There is a good chance that their 3.00% tax free savings account variable rate will drop.

Peoples Trust already has much lower 4 and 5 year GIC, RRSP, TFSA rates. Home Trust Company has a 2.90% 4 year and 3.15% 5 years compared to Peoples Trust's 2.40% 4 year and 2.60% 5 year GIC, RRSP, TFSA.

For those that need income or have to change their RRSP to a RRIF, Home Trust has a 3.15% 5 year RRIF that pays monthly RRIF payments with the interest included monthly as well.

These low savings account rates from all financial institutions after inflation and income taxes are taken into account are really losing money instead of making money.

I just thought people should know that their 3.00% TFSA savings account rate should be tracked more often which maybe they did less in the past.

October 14, 2013
9:28 pm
Deb
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GS,

Thanks for the ChangeDetection.com link. Most useful!

I may use it to monitor this Financial Post page for High Interest Savings Accounts which is updated daily and sortable:
http://www.financialpost.com/p.....daily.html
There is also an option to monitor current GIC rates using the drop down menu under Rate Tables....which we could use to give SD2013 a well-deserved rest sf-smile

Deb

October 15, 2013
12:57 am
Dennis
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JustMe said

dennis said

JustMe said

Shame they dropped interest to 1.8%. They finally got internet banking working and everything conveniently worked and now this. Unfortunately Manitoba guys have no internet banking and it is major pain to find ATM in GTA North to do deposit.

More shame they didn't tell people. Even their web site still shows old rate of 1.9%. Only when logged in, I can see new rate of 1.8%.

Hm. Even without logging in, if I go through their site they show correct 1.8% interest rate.

If you read fine print any bank has, there is no obligation to notify clients of interest rate changes. Even if financial org. rises interest rate they will not tell you. Thanks to this site I found that AcceleRate has increased their rates, not only for daily saving account. So if you have a need to know who has the best interest rates, you really have to be diligent and visit all bank sites on a daily basis.

I still see 1.9% here. I think they should maintain accurate information here too.
http://www.peoplestrust.com/ma.....oday_rates

October 15, 2013
12:59 am
SD2013
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Financial Post is always late and does not have all the financial institutions listed. I used to check it all the time. Even Cannex does not have all financial institutions listed.

A possible problem in the future that I heard about is that they maybe taking their interest rate information off from their website or giving less information.

Financial Post already did this with their bond data and information. I have stacks of old newspapers where they had a whole page of bond data and information in the 1990's and early 2000's.

If Cannex and others start charging consumers for data and information then people will have to check each individual financial institution's website or many websites. They are already trying it with digital newspapers by putting up pay walls.

October 15, 2013
5:44 am
Peter
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dennis said

I still see 1.9% here. I think they should maintain accurate information here too.
http://www.peoplestrust.com/ma.....oday_rates

A few months ago they updated their website and for some reason never removed their old site, nor did they at least implement redirects for the old site URLs. Their new rates page is here:

http://www.peoplestrust.com/hi.....s-rates-3/

October 15, 2013
6:49 am
Dennis
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Peter said

dennis said

I still see 1.9% here. I think they should maintain accurate information here too.
http://www.peoplestrust.com/ma.....oday_rates

A few months ago they updated their website and for some reason never removed their old site, nor did they at least implement redirects for the old site URLs. Their new rates page is here:

http://www.peoplestrust.com/hi.....s-rates-3/

Thanks. I was using their old pages from bookmark.

October 16, 2013
4:28 pm
JustMe
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SD2013 said

Wait until they get a lot of TFSA money coming in over the next 6 months. There is a good chance that their 3.00% tax free savings account variable rate will drop.

Peoples Trust already has much lower 4 and 5 year GIC, RRSP, TFSA rates. Home Trust Company has a 2.90% 4 year and 3.15% 5 years compared to Peoples Trust's 2.40% 4 year and 2.60% 5 year GIC, RRSP, TFSA.

For those that need income or have to change their RRSP to a RRIF, Home Trust has a 3.15% 5 year RRIF that pays monthly RRIF payments with the interest included monthly as well.

These low savings account rates from all financial institutions after inflation and income taxes are taken into account are really losing money instead of making money.

I just thought people should know that their 3.00% TFSA savings account rate should be tracked more often which maybe they did less in the past.

Ah, SD2013. Do not be so negative :) I hope they keep their 3%. They managed that for years?
I understand your logic they wait until they have enough TFSA accounts but if they lover their rate let say in March, do not you think that people will get so angry and take their money even losing tax free interest?
In a first or second year after introduction of TFSA, President Choice had the best rate; I gave them money and sometime in Feb/March they lowered it significantly. I calculated having money in high interest account, tax to be paid, etc. and concluded that I will have more money in my pocket doing just that (take all money, put into high saving, report income, etc.). So I did it. And they will never ever see my $ again.
So if PT does something similar I will have to reconsider having $ with them and move money somewhere else; maybe investing money in some nice fund paying 8-10%...

October 17, 2013
9:07 am
GS1
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JustMe said

[snip]

I understand your logic they wait until they have enough TFSA accounts but if they lover their rate let say in March, do not you think that people will get so angry and take their money even losing tax free interest?

[snip]

I played the multiple TFSA accounts game early on and finally waited till December 21st a couple of years ago and withdrew it all. Then January 2 I opened a TFSA at my primary bank's brokerage unit. I then bought Bond ETF's. Each month there is a payout and I then buy their High Interest Savings quasi-mutual fund (currently paying 1.25%). (Some of the Bond ETFs are dividend reinvested by the brokerage.) Each January 2nd I redeem all the HISA mutual fund for cash, add another year's worth of TFSA contributions in cash and then use all that cash to buy more of the Bond ETFs.

Am I making the absolute best rate of return I could? Likely not! But I never worry about the institution playing with the rate and I always sleep at night.

Greg

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