PT & PB offer 1.55% for 15 Mo | Peoples Trust | Discussion forum

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PT & PB offer 1.55% for 15 Mo
March 16, 2021
9:08 am
Alexandra
British Columbia
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Peoples Trust and Peoples Bank offer a 15 Month GIC @1.55% as well as the one year at that rate. Should be with the promo's along with Oaken's. I purchased one yesterday because I don't want to beg Tangerine for their latest promo on HISA.

March 17, 2021
8:22 am
Dean
Valhalla Mountains, British Columbia
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.
FWIW ... Oaken's 18 month rate, is the same as their 3 year rate: 1.60%

A pretty good deal, in these times ❗

    Dean

sf-cool " Live Long And Prosper " sf-cool

March 17, 2021
12:59 pm
RetirEd
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When I spoke to Peoples Trust a few days ago to buy some of their 1.55% 1-year paper, I had intended to get the 18-month term to bring me closer to the end of the year. PT/PB don't have any Tax-Free transfer-out fee, but a renewal date later in the year would give me more freedom if I move that money, in the future, to an institution WITH such fees.

(As most of us here know, withdrawing from a TFSA/TFGIC near the end of a year and then re-depositing in the new year avoids transfer fees in many cases.)

Unfortunately, PT advised me the 18-month term is ONLY available on NON-REGISTERED term deposits. I haven't been able to get through today to confirm this, though,
RetirEd

March 17, 2021
1:19 pm
Alexandra
British Columbia
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As far as I can see, PT & PB don't have an 18 month GIC. They have a 12 month and 15 month one at 1.55%. They only have the 15 month one for non-registered GIC's.

March 20, 2021
3:54 pm
RetirEd
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Whoops, sorry. I should have typed 15-month. But Alexandra's note about that term being only for non-registered is correct.
RetirEd

March 27, 2021
11:19 am
Pythagoras
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What's the difference between People's Trust and People's Bank?

March 27, 2021
12:27 pm
Alexandra
British Columbia
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Peoples Trust & Peoples bank come under Peoples Group. You are insured under CDIC for each of them. Basically the same as Home Bank and Home Trust and Canadian Western Bank and Canadian Western Trust.

March 27, 2021
1:53 pm
Norman1
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Peoples Bank is a bank owned by Peoples Trust:

Peoples Group Receives Letters Patent of Incorporation for Peoples Bank of Canada

VANCOUVER, B.C. (July 16th, 2019) – Peoples Group has received a Notice of Approval from the Office of the Superintendent of Financial Institutions (OSFI), and the Minister of Finance (Canada), for the incorporation of Peoples Bank of Canada. This new Schedule I Bank, a wholly-owned subsidiary of Peoples Trust Company, will be headquartered in Vancouver, British Columbia. Once the commencement order is received from OSFI, the new bank will be open for business. …

March 27, 2021
2:33 pm
Pythagoras
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Norman1 said
Peoples Bank is a bank owned by Peoples Trust:

Peoples Group Receives Letters Patent of Incorporation for Peoples Bank of Canada

VANCOUVER, B.C. (July 16th, 2019) – Peoples Group has received a Notice of Approval from the Office of the Superintendent of Financial Institutions (OSFI), and the Minister of Finance (Canada), for the incorporation of Peoples Bank of Canada. This new Schedule I Bank, a wholly-owned subsidiary of Peoples Trust Company, will be headquartered in Vancouver, British Columbia. Once the commencement order is received from OSFI, the new bank will be open for business. …

  

Why then is People's Trust included in the HISA and GIC charts, and not People's Bank?

March 27, 2021
3:49 pm
Peter
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The reason is that Peoples Trust came first and they've always had the same rates. I suppose there is no harm in having a second entry for Peoples Bank.

March 27, 2021
4:41 pm
Loonie
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I think it would just add more clutter to show both separately. Perhaps the name could just be changed to "Peoples Trust or Bank".

March 27, 2021
4:46 pm
Nehpets
Ontario
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Perhaps the name could just be changed to "Peoples Trust or Bank".

Or, just Peoples Group

Stephen

March 28, 2021
7:27 pm
GR
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Or PEOPLES TRUST/PEOPLES BANK.

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