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Peoples Trust TFSA & RRSP 1 year GIC 3%
January 28, 2020
11:13 am
ReX
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Caledondave said
Does anyone know when People's Bank will be offering Registered GICs as well. When I tried a couple of days ago to open an RRSP account PB referred me to People's Trust instead.
Thank you  

PB does not offer any registered term deposits at the moment.
If they extend such offer in future, you will still have to contact PT to handle the transaction with PB.

January 28, 2020
5:37 pm
mr2711
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I wish to push funds from my EQ account to PT eSavings. For that I first need to know Transit # , Institution # and Account # of my eSavings account. I can't find this information on PT website. How do I get this information?

January 28, 2020
6:43 pm
ReX
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mr2711 said
I wish to push funds from my EQ account to PT eSavings. For that I first need to know Transit # , Institution # and Account # of my eSavings account. I can't find this information on PT website. How do I get this information?  

Transit# 16001
Institution# 621
Log into your PT eSavings and check your last month statement to find out your account#...if you just opened your account, you will have to call them.

January 29, 2020
9:53 am
mr2711
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ReX said

Transit# 16001
Institution# 621
Log into your PT eSavings and check your last month statement to find out your account#...if you just opened your account, you will have to call them.  

Thanks !!

January 31, 2020
8:27 am
mr2711
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PT reduced 1 year GIC RRSP rate to 2.9%

January 31, 2020
8:35 am
darealmccoy5
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mr2711 said
PT reduced 1 year GIC RRSP rate to 2.9%  

BS...

Been waiting for the past week for my money to pass the hold period to transfer into 1 yr 3.0% rate.

January 31, 2020
8:47 am
GR
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darealmccoy5 said

BS...

Been waiting for the past week for my money to pass the hold period to transfer into 1 yr 3.0% rate.  

If you phone them, they normally release the hold immediately, if buying a GIC.

January 31, 2020
9:49 am
mr2711
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darealmccoy5 said

BS...

Been waiting for the past week for my money to pass the hold period to transfer into 1 yr 3.0% rate.  

Call them and ask for 3% rate. A nice lady just gave me 3% rate on Spousal RRSP after talking to her manager.

My funds were deposited into eSavings today. She mentioned that if my funds were deposited yesterday or before that then she could have given me 3% without speaking to her Manager. So in your case you should definitely get 3%.

January 31, 2020
10:07 am
Alexandra
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Good morning all,
I called Peoples Bank today and they told me the rate had dropped to 2.9% for the one year GIC (for peoples bank and peoples trust). I have been waiting for one more transfer to be released as well. They said, as I have called them before about other transfers, that I had til the 7th of February to get the 3.0% still. I guess they gave me a ten day guarantee the last time I called them. So this is good.

They are very accommodating once you get hold of them. Good luck. sf-laugh

January 31, 2020
1:21 pm
darealmccoy5
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mr2711 said

Call them and ask for 3% rate. A nice lady just gave me 3% rate on Spousal RRSP after talking to her manager.

My funds were deposited into eSavings today. She mentioned that if my funds were deposited yesterday or before that then she could have given me 3% without speaking to her Manager. So in your case you should definitely get 3%.  

I called in, they were able to take the hold off my funds immediately and process the transfer into the 1 year GIC at 2.9%. He was able to honor the original 3% rate and readjusted my account shortly after.

Also ended up dealing with the GIC maturity instructions on the same call.

Their customer service has been a pleasant experience based on my interactions so far.

February 2, 2020
8:40 pm
mr2711
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So how does People Trust know that RRSP GIC (opened on 31st Jan 2020) is for 2019. I didn't find any option to specify this while opening RRSP.

February 3, 2020
4:34 am
krwilson
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mr2711 said
So how does People Trust know that RRSP GIC (opened on 31st Jan 2020) is for 2019. I didn't find any option to specify this while opening RRSP.  

You can claim an RRSP contribution and deduction for 2019 if it's made in the first 60 days of 2020. It's called the first-60-days rule, and you have until March 1, 2020 to contribute.

There is a line on the tax form to enter these amounts. Goes by the date of contribution.

This thread may give you some additional insight.

https://www.highinterestsavings.ca/forum/rrsps-and-rrifs/rrsp-in-the-first-60-days-and-using-it-in-the-next-year/

February 10, 2020
10:49 am
ReX
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Down again to 2.75%

February 10, 2020
4:18 pm
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ReX said
Down again to 2.75%  

That makes them directly comparable to Parama, for those in the GTA - as long as rate lasts.
https://parama.ca/2020-ratehub
I believe Parama offers RIFs, which Peoples doesn't.

March 3, 2020
9:25 am
dougjp
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Down again to 2.50%.

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