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Peoples Trust TFSA & RRSP 1 year GIC 3%
January 2, 2020
10:00 am
blahuenga
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https://www.peoplestrust.com/en/peoples-trust/high-interest-accounts/rates/

Seems like a pretty good deal to me? Just accidentally stumbled upon it.

Any better rates for the same product elsewhere?

January 2, 2020
10:55 am
hwyc
GTA
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Also on their today's rate page, 1 year GIC at 3% for

  • non-registered
  • TFSA
  • RRSP

sf-smile

January 2, 2020
11:08 am
blahuenga
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hwyc said
On today's rate page, 1 year GIC at 3% for

  • non-registered
  • TFSA
  • RRSP

sf-smile  

Sorry, what? Yes it's available. Any better deals elsewhere?

January 2, 2020
11:18 am
Doug
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January 2, 2020
11:55 am
dougjp
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Doug said
Also, I totally called this. sf-cool

See: https://www.highinterestsavings.ca/forum/tax-free-savings-accounts/2020-tfsa-gic-rates/

Cheers,
Doug  

sf-laugh You get an extra tenth % for that!

I'm also not only surprised they didn't do their usual 15 month term, but that the rate applies to normal GICs, not just RRSP/TFSA. Sometimes there are better TFSA GIC rates from banks early in the year, as going for it effectively means the money is trapped there for much of the following year as well (due to fees and TFSA reinvestment rules).

January 2, 2020
11:59 am
blahuenga
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So is this the best available deal now for TFSA for a 1 year term then?

January 2, 2020
12:11 pm
Nehpets
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Am I correct that a TFSA GIC is independent from a non registered GIC for CDIC purposes in the same FI, or are they added together for CDIC total?

On a separate topic, Peoples Trust and Peoples Bank each have separate CDIC coverages for people who may be maxed out in Peoples Trust following last year's 3% for 15 months.

Stephen

January 2, 2020
12:54 pm
Doug
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Nehpets said
Am I correct that a TFSA GIC is independent from a non registered GIC for CDIC purposes in the same FI, or are they added together for CDIC total?

On a separate topic, Peoples Trust and Peoples Bank each have separate CDIC coverages for people who may be maxed out in Peoples Trust following last year's 3% for 15 months.

Stephen  

Correct, Stephen. It didn't used to be that way. When I worked at the bank, initially when TFSAs launched in 2009, they were included within sole depositor CDIC limits. However, at some point, the legislation and/or regulation changed (Norman can research that for us, if he wishes) and it became a separate deposit category. sf-cool

Subject to your TFSA contribution limits (possible if your equity portfolio has had decent gains), you could, in theory, have $100,000 in a Peoples Trust TFSA 1-year GIC and $100,000 in a Peoples Bank TFSA 1-year GIC and you'd be fully insured.

Add in $100,000 for a Peoples Trust non-registered GIC, $100,000 for a Peoples Bank GIC, and $100,000 for each of Peoples Trust and Peoples Bank joint with spouse GICs.

What I'm unclear on is if Peoples has yet updated their online banking system to let you select a Peoples Bank GIC.

Cheers,
Doug

January 2, 2020
12:58 pm
Doug
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blahuenga said
So is this the best available deal now for TFSA for a 1 year term then?  

Yes. Notwithstanding the 3-year, supposedly cashable Ganaraska CU GIC that is available, in-branch, for Ontario residents only.

Cheers,
Doug

January 2, 2020
12:59 pm
Doug
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Peter, when you get a chance, the GIC chart will need to be updated for this 1-year GIC. Will be nice to see Peoples top the GIC chart for 1-year GICs since, previously, it was only a footnoted 15-month GIC. 😉

Cheers,
Doug

January 2, 2020
1:42 pm
canadian.100
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Nehpets said

On a separate topic, Peoples Trust and Peoples Bank each have separate CDIC coverages for people who may be maxed out in Peoples Trust following last year's 3% for 15 months.

Stephen  

1. Could you give me the link to the Peoples Bank 3% GIC?
2. Would anyone exceed CDIC for Peoples Trust? They do not seem very large.

Thx.

January 2, 2020
1:44 pm
Doug
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canadian.100 said

Could you give me the link to the Peoples Bank 3% GIC?
Thx.  

See link from OP, or this link (https://www.peoplestrust.com/en/campaign/simple/).

Note: What we don't know is whether Peoples Bank is yet added as an issuer to the Peoples Trust online banking system.

Cheers,
Doug

January 2, 2020
1:51 pm
canadian.100
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I saw the link for Peoples TRUST 3% GIC.
I do not see any reference to Peoples BANK 3% GIC.

January 2, 2020
1:53 pm
Canadianbull
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I know Loonie has been looking for 3% for a while.

Anyone here has any experience with people trust?

January 2, 2020
1:56 pm
canadian.100
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Canadianbull said
I know Loonie has been looking for 3% for a while.

Anyone here has any experience with people trust?  

Yes - I have the 15 month 3.10% GIC which I purchased earlier in 2019.
The agents were nice to deal with.

Would anyone exceed the CDIC limits with Peoples TRUST? They are not a large financial institution and not a public company although monitored by OSFI.

January 2, 2020
2:28 pm
dougjp
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Canadianbull said
I know Loonie has been looking for 3% for a while.

Anyone here has any experience with people trust?  

I have a 3.05% GIC with them, no problems dealing with them over the years.

The only thing i will say is they seem to blow hot and cold when it comes to rates. Years ago they were highly competitive with savings rates, I had most $ with them, then they intentionally exited the market, rate wise, and steered people to GICs. Then they did the same with GIC rates for awhile, not competitive. In the spring 2019 they were again tops in GIC rates, then that faded.

Of course it depends on their funding needs, but it seems to me they vary more than others.

January 2, 2020
2:58 pm
toto
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Have all of my Tfsas with people's trust. The only complaint I have is when it comes to maturities, you have to watch them, even when you state that you want principal and interest in your account, they have been known to renew.
Asked why it can't be worded as such on the details, and they say it just can't!
Even so, I'm all over the 3 percent rate !

January 2, 2020
3:22 pm
Bill
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Good idea to lock people in for just 12 months, then they're stuck with whatever rate you offer for 2021 unless they want to withdraw and then have to wait another year to put back in their TFSA not until 2022.

January 2, 2020
3:25 pm
Canadianbull
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I like it. On the top there is no transfer fee.

January 2, 2020
3:31 pm
Norman1
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Doug said

Correct, Stephen. It didn't used to be that way. When I worked at the bank, initially when TFSAs launched in 2009, they were included within sole depositor CDIC limits. However, at some point, the legislation and/or regulation changed (Norman can research that for us, if he wishes) and it became a separate deposit category. sf-cool

Subsection 3(6.1) was added to the CDIC Act Schedule in March 2009 to give separate coverage to TFSA deposits:

Tax-free savings account

(6.1) Despite subsection (2), for the purposes of deposit insurance with the Corporation, if moneys received by a member institution from a depositor in accordance with a tax-free savings account, within the meaning assigned by section 146.2 of the Income Tax Act, constitute a deposit or part of a deposit by or for the benefit of an individual, the aggregate of those moneys and any other moneys received from the same depositor in accordance with any other tax-free savings account that constitute a deposit or part of a deposit by or for the benefit of the same individual is deemed to be a single deposit separate from any other deposit of or for the benefit of that individual.

Subsection 3(5) gives separate coverage to RRSP deposits. Subsection 3(6) gives separate coverage to RRIF deposits.

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