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February 1, 2016
12:34 pm
airman44
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February 1, 2016
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People trust just lowered The interest paid On T.F.S.A. from 2% to 1.75%.

February 1, 2016
2:57 pm
tc
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time to lock in 1 yr at 2.05%

February 1, 2016
4:56 pm
malquin
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A) Thanks for the info.
B) Locked in what remained in my TFSA account for one year.
C) I don't see any improvement in the short term for the interest rates.
D) Time to diversify. This year, off to Questrade to open a new TFSA account.

February 1, 2016
6:34 pm
Koogie
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tc said

time to lock in 1 yr at 2.05%

Yeah but then they have you by the short and curlies next February instead of this February...
and they know it, the cynical buggers. sf-yell

Ha, ha.. you got us Peoples. Wait until December though... sayonara.

February 1, 2016
7:34 pm
kanaka
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Ha. I have money for TFSA and had a choice of Accelerate or PT. PT rate was .02 higher. But they are a hassle for new money. Do the transfer, call them to remove the hold, then go online and input the GIC. BUT I can call Acclerate as the money is there....and do it all In one call. I have been debating to drop either Oaken or PT.

Cons for Oaken...no TFSA Savings.....rates on the lower side
Pros for Oaken...good service and CDIC

Cons for PT.......to many steps.....doing sucker moves with registered accounts
Pros.......have TFSA savings accounts.

There has to be a way to withdraw and invest elsewhere.....

February 1, 2016
7:40 pm
Koogie
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Yeah, on further reflection I think I am going to call tomorrow (make sure there is no closure fee) and have them initiate a bank to bank transfer to my TDW TFSA account. I've had it. Between their security breach, their three or more rate drops lately and mediocre customer service they haven't done enough to keep my business.

And a word of caution to EQ bank depositors.. see what happens when these banks hit their account/deposit goals ? Down drops the rate.. guaranteed to happen.

February 1, 2016
8:00 pm
Loonie
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I don't think PT has a transfer-out fee, yet.
I agree with Koogie's criticism on all counts.
I think though that you probably have to initiate the transfer from the incoming end.

What's TDW?

February 1, 2016
8:25 pm
AltaRed
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TDW = TD Waterhouse / TD Direct Investing

February 1, 2016
8:37 pm
Koogie
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Loonie said

I don't think PT has a transfer-out fee, yet.
I agree with Koogie's criticism on all counts.
I think though that you probably have to initiate the transfer from the incoming end.

What's TDW?

You are right. Their website says: "11. Do you charge TFSA transfer fees?
Peoples Trust Company does not charge any fee to transfer TFSA’s to or from another Financial Institution."

Really ? So it is a pull transaction, instead of a push ? If so, that'd be great. Guess I will call TD and confirm and if so get them to do the needful.

Sorry. Still call them Waterhouse... my brain can't keep up with rebranding...

February 1, 2016
10:04 pm
Norman1
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RRSP and TFSA transfers are usually a pull transaction initiated by the receiving institution.

This might be the form you would need:

TD Form #595172: Transfer Authorization for Registered Investments

February 2, 2016
6:19 pm
Rick
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Hate to say I told you so, but I told you so. Took a little longer than I expected, but I called that one l last year. So glad I pulled a December maneuver and stared a 3 year ladder at CDF.

February 3, 2016
6:30 am
Miron
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tc said

time to lock in 1 yr at 2.05%

Why not to ZAG for 2 years with 2.5%? Just thinking...

February 3, 2016
11:16 am
Loonie
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Agree with ZAG strategy. Peoples thinks it has reached the amount of deposits that it needs and can lower the rate with no ill effect to them. Let's prove them wrong!

February 3, 2016
12:00 pm
m
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malquin said
D) Time to diversify. This year, off to Questrade to open a new TFSA account.

I would avoid Questrade if you can. Their new web trading site often logs you out while you're using it. They say it is a known issue with no time frame for a fix. They said the same thing last month. It is frustrating and unreliable.

February 3, 2016
2:23 pm
malquin
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Miron said

tc said

time to lock in 1 yr at 2.05%

Why not to ZAG for 2 years with 2.5%? Just thinking...

Because Quebec. Bummer.

February 3, 2016
2:29 pm
malquin
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m said

malquin said
D) Time to diversify. This year, off to Questrade to open a new TFSA account.

I would avoid Questrade if you can. Their new web trading site often logs you out while you're using it. They say it is a known issue with no time frame for a fix. They said the same thing last month. It is frustrating and unreliable.

Thanks for the comment. I've transfered from a broker in a big firm to Questrade last year. While it wasn't a smooth experience, it did work in the end. Compared with the previous firm, it still is a positive experience.

I haven't had the problem you mentioned but I don't go online often to trade. Last few times, I used my phone and everything was as it was supposed to be.

Thanks again for the info.

February 3, 2016
8:50 pm
kanaka
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m said

malquin said
D) Time to diversify. This year, off to Questrade to open a new TFSA account.

I would avoid Questrade if you can. Their new web trading site often logs you out while you're using it. They say it is a known issue with no time frame for a fix. They said the same thing last month. It is frustrating and unreliable.

I have no issues with iTrade.....all free (other than commissions for stocks, although they have a number of free ETF trades) if you use for TFSA only. And no minimum for an account.

February 3, 2016
9:32 pm
kanaka
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Just thought I would also mention.

Zag 5 year GIC rate posted 1.9 on their website but offered on iTRADE at 2.3 but I believe is 5000 minimum.

In this case ONE account set up allows various GIC sources.

February 4, 2016
6:36 pm
JustMe
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Whatever those with tfsa at peoples do, they are screwed. If you withdraw, you loose tax free interest for 11 months; nobody offers better day-to-day interest than peoples;
If you transfer, the only options is mutual funds which is a big question mark how it will perform.
Last option is this zag with its 2.5% on 2 years but then again you will be stuck for 6-11 months with no or miserable interest if you move to peoples again (if they keep their tfsa interest above everybody).
I am so pissed at peoples that I am going to take money and buy nice car for up to 50K. Gas is cheap so at lest I can drive around and add to pollution.

February 5, 2016
6:20 am
Koogie
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JustMe said

Whatever those with tfsa at peoples do, they are screwed. If you withdraw, you loose tax free interest for 11 months; nobody offers better day-to-day interest than peoples;
If you transfer, the only options is mutual funds which is a big question mark how it will perform.
Last option is this zag with its 2.5% on 2 years but then again you will be stuck for 6-11 months with no or miserable interest if you move to peoples again (if they keep their tfsa interest above everybody).
I am so pissed at peoples that I am going to take money and buy nice car for up to 50K. Gas is cheap so at lest I can drive around and add to pollution.

You might want to read up again on how TFSAs work.
http://www.cra-arc.gc.ca/tx/nd.....l-eng.html

You can transfer your money (bank to bank) from any TFSA account to any TFSA account without penalty or delay. You just have to get your chosen bank to do the paperwork.
So, feel free to transfer to ZAG and take their 2.5% offer on TFSA money immediately.

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