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Peoples Trust TFSA & RRSP 1 year GIC 3%
January 2, 2020
5:32 pm
Loonie
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It's a good deal as far as it goes. I am looking for 2 and 4 year rates for our TFSA contributions this year but we have none coming due to add in. I might go for these one years as there is no transfer fee, but it means gambling on whether next year's offerings will be worse, better, or same.
It's true that I am trying to hold out for at least 3% for GiCs of any duration.

I had TFSAs with them back when they offered TFSA savings rate of 3% for years on end. That was a sweet deal!

Pros and cons:
They had a security breach in about 2013 which was on my credit record for several years but it never created an issue except, ironically, when I went to open a new GIC with Peoples last September! I had to explain to them that the roadblock was actually of their creation. I guess you could say they've become more vigilant.
They are efficient about transfers out - about 2 weeks.
I found them lackadaisical about keeping track of beneficiary information. I had to sit on them a bit.
It's family owned, essentialyl, by the folks who brought you the West Edmonton Mall.

I believe Peoples Bank is used primarily if not exclusively for their prepaid credit card business. I doubt you could get double CDIC coverage for GiCs but happy to be wrong.

January 2, 2020
6:21 pm
Canadianbull
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@Loonie would you recommend to go with people trust?

January 2, 2020
6:37 pm
Loonie
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Yes, bearing in mind what I have said above and how those factors matter to you personally. I would not go over CDIC limits.

January 2, 2020
6:54 pm
Canadianbull
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January 3, 2020
8:15 am
Nehpets
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Doug said ..........
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........

Spoke to a CSR this morning to learn that Peoples Bank is not yet operational to the public for deposits, only for mortgages. It is hoped that deposits will be available sometime in the future.

Stephen

January 3, 2020
5:56 pm
GICinvestor
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Hi all. Best of the New Year!

I called PT a few hours ago and asked if I had to have the funds on deposit to take advantage of the 1 year 3% for TFSA. Answer was, yes...although if you do an application for a GIC on Peoples Trust dot COM they will hold the rate for 10 days. Something apparently they have had for years. Then I can move funds after the application. He mentioned to say a transfer was initiated from xxx bank for the amount of xxx. I then asked if I had to call to have the hold removed....no not necessary as the “back office” will deal with it. But if you feel it is not moving quickly enough.....I could call in.

So just to be clear.....DO NOT SIGN INTO YOUR ACCOUNT and do the GIC. Do an application direct from the web site. Sign in to pull funds in before or later.

Just to add while doing the “signed in” GIC for a non registered GIC it is slick and quick. BUT for joint and/or interest paid annually and/or to NOT automatically reinvest at maturity; you must call in after the GIC is done.

January 4, 2020
11:21 am
Save2Retire@55
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Thanks. I am a customer but per above comment, I did 2 applications (One RRSP and one TFSA) without signing in but mentioned "I am a customer".

Currently, I only have a TFSA with 0.00 fund. If I do a pull request from my external bank account, I can only pull to this TFSA which is not what I intend to do.

I am going to email / call them so they open the accounts first so I can pull the $ directly into the 2 new GICs.

This 3% came on time. Haven't used Peoples in many years since their last 3% couple years ago.

January 4, 2020
2:41 pm
GICinvestor
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Thanks. I am a customer but per above comment, I did 2 applications (One RRSP and one TFSA) without signing in but mentioned "I am a customer".

Yes, me too. But did 2 TFSA GICS.

Currently, I only have a TFSA with 0.00 fund. If I do a pull request from my external bank account, I can only pull to this TFSA which is not what I intend to do.

Uh. I have TFSA GICs ready. I pulled funds from xxx credit union into my non-registered e savings account. Then in the TFSA application I asked to fuel the 2 TFSAs from the e savings account.

I am going to email / call them so they open the accounts first so I can pull the $ directly into the 2 new GICs.
This 3% came on time. Haven't used Peoples in many years since their last 3% couple years ago.

I don’t understand? You could have ie. pulled funds into your PT e savings or TFSA savings and advised on the application where to get the funds from. Could have done similar for RRSP....don’t remember the list of sources. Too old for RRSP . And once I did my 2 TFSA applications I received 2 emails from PT reminding me to transfer funds in. And on the application I was told to make note of that I had already pulled funds in.....but there was no note field in application so I added a one liner into the account number field. If that was incorrect they have my email and phone number.

January 4, 2020
9:13 pm
Save2Retire@55
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The application I had didn't show any source but Cheque or direct bank account (Which needs another form to be mailed).
I don't have a Regular Saving account with Peoples. Only one TFSA. Can't put money there then move to RRSP. It will count toward my TFSA yearly room.
Anyhow. Will see what they say on Monday. Might open a saving account, pull there and then transfer to TFSA and RRSP.
Thanks

January 4, 2020
10:52 pm
GICinvestor
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Save2Retire@55 said
The application I had didn't show any source but Cheque or direct bank account (Which needs another form to be mailed).
I don't have a Regular Saving account with Peoples. Only one TFSA. Can't put money there then move to RRSP. It will count toward my TFSA yearly room.
Anyhow. Will see what they say on Monday. Might open a saving account, pull there and then transfer to TFSA and RRSP.
Thanks  

Good idea. I use the eSavings to transfer in/out for both my wife and I and when “in” I then buy a GIC as non registered or registered from the eSavings. The balance in my eSavings is usually zero.

With access to your account you can also view all of your balances and investments.

January 5, 2020
1:47 pm
Alexandra
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I have the max CDIC for unregistered GIC's with Peoples. Just a couple of TFSA. I used to have RRSP's with them but when it came to mandatory conversion to RRIF's; they don't offer them. So had to transfer to another institution, "Oaken". There was no transfer fee as they don't offer RRIF's, but when I purchased the RRSPs with them, they neglected to tell me about that. A bit of a pain doing the transfer. Overall, I have been very satisfied with People's Trust. sf-laugh

January 5, 2020
2:38 pm
Doug
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Alexandra said
I have the max CDIC for unregistered GIC's with Peoples. Just a couple of TFSA. I used to have RRSP's with them but when it came to mandatory conversion to RRIF's; they don't offer them. So had to transfer to another institution, "Oaken". There was no transfer fee as they don't offer RRIF's, but when I purchased the RRSPs with them, they neglected to tell me about that. A bit of a pain doing the transfer. Overall, I have been very satisfied with People's Trust. sf-laugh  

That's a good point, Alexandra. They don't offer RRIFs, but since they don't charge a transfer out fee, it's free to transfer out your Peoples Trust RRSP(s) by the end of the year you turn age 71. It's to their detriment in not offering RRIFs, but having said that, GICs and RRIFs don't necessarily make the best bedfellows given the minimum annual withdrawal. Much easier to have an equity and bond portfolio, setting aside your minimum withdrawal amount in liquid cash.

Cheers,
Doug

January 14, 2020
5:02 pm
mr2711
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n00b question. First time dealing with PT and GICs.

Planning to open 1 year RRSP GIC with PT.

Is XXX bank --> PT eSavings ---> PT RRSP GIC best way to fund PT RRSP GIC?

After 1 year if I want to move RRSP funds to some other Financial Institution then how will it work with RRSP GIC? Is their a RRSP eSavings account where money would be moved once GIC matures before it's sent to destination Financial Institution?

Thanks in advance !!

January 14, 2020
5:55 pm
ReX
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mr2711 said
n00b question. First time dealing with PT and GICs.

Planning to open 1 year RRSP GIC with PT.

Is XXX bank --> PT eSavings ---> PT RRSP GIC best way to fund PT RRSP GIC?

After 1 year if I want to move RRSP funds to some other Financial Institution then how will it work with RRSP GIC? Is their a RRSP eSavings account where money would be moved once GIC matures before it's sent to destination Financial Institution?

Thanks in advance !!  

If you are investing non-registered funds, I would go that route. Do you have eSavings Acc open already?...bear in mind it may take up to two weeks by the time your account is open...
Next thing to keep in mind is that you have to initiate an RRSP transfer from the FI you are pulling into (Form T2033)...I suggest to do it at least four weeks ahead of maturity.

January 14, 2020
5:58 pm
ReX
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Furthermore, you will have to open an RRSP acc at the FI you are transferring to.

January 14, 2020
6:07 pm
mr2711
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Sorry. Should have mentioned. I am not moving funds from another RRSP.

No. I don't have any account with PT.

January 14, 2020
6:22 pm
ReX
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mr2711 said
Sorry. Should have mentioned. I am not moving funds from another RRSP.

No. I don't have any account with PT.  

Apply to open an eSavings. They will instruct you to mail a personalized checked payable to self (e.g.$1). to finalize the process. Once they get it , they will email you with green light. Finish setting up your pass etc. Then go to transfer funds in...Will take at least two days or so for funds to show in your PT Acc...purchase RRSP GIC from your account with instructions to reinvest for 1yr on maturity...that way it does not get cashed into eSavings with tax implications.
BTW, $97,085.00 is the highest amount I would go with them at 3% (CDIC).

January 22, 2020
2:12 am
MyUsername
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I was wondering what's the process to transfer-out from PT an RRSP GIC right after maturity date?

Usually it's a pull from the FI at the receiving end - will PT allow the transfer for a GIC that's just been renewed?

Thanks!

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