TFSA down from 1.75% to 1.65% | Peoples Trust | Discussion forum

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TFSA down from 1.75% to 1.65%
September 1, 2017
7:55 pm
Peter
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I just noticed that the Peoples Trust TFSA interest rate is down from 1.75% to 1.65%. I'm not sure whether it just happened today or some time in the past week.

In any case, I've updated the comparison chart now.

September 2, 2017
7:35 am
SavingIsGood
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I think nobody pays attention at that little bank anymore. They have their peek period of few years while they kept TFSA at 3% but after dropping all rates below others' hi-interest banks and after security breach they are done...

September 2, 2017
8:40 am
Norman1
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Oaken has been giving everyone, including the Manitoba credit unions, a run for their money:

  • 1¾% on Oaken savings account
  • 2% on 30-day Oaken GIC
  • 2.1% on 90-day Oaken GIC
  • 2½% on one-year Oaken GIC
September 2, 2017
2:46 pm
toto
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Does anyone know if people's trust has a branch number . I want to link at tangerine end because they don't require you send a cheque and fill out forms to link. I think I'm going to give up on people trust too.

September 2, 2017
5:41 pm
Loonie
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I would never go back to Peoples.
After I transferred my TFSA out, my login with them no longer worked. There was never any kind of statement available from them to show the balance transferred, with the interest accumulated to date, which would have enabled me to ensure that the same amount had been credited on the receiving end.
I had been smart enough to get a statement at the end of the preceding month, but there was nothing I could do about the period between then and the transfer. A real rinky-dink bank.

September 2, 2017
8:00 pm
User230
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I pulled my money a while back. It was just to lax on important things. How it operates is also not easily understood. Like there are multiple numbers for accounts. The number in the statement is the "real" one.

It has it's purpose, if a person only has it to store money in a TFSA. Beyond that it's not a quality banking experience for my banking needs. Now that they lowered the TFSA.

Almost everything about the bank seems to be lacking or non-existent. Even there "about us" page keeps mentioning they are a small niche bank or something like that. There products weren't in line with the ones I want or had any longer so that is why I left.

September 2, 2017
11:22 pm
Norman1
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toto said
Does anyone know if people's trust has a branch number . I want to link at tangerine end because they don't require you send a cheque and fill out forms to link. I think I'm going to give up on people trust too.  

This one Peoples Trust Company branch is in the Payments Canada branch directory:

PEOPLES TRUST COMPANY 621
Electronic Paper(MICR) Postal Address - Addresse postale
062116001 16001-621 1400-888 Dunsmuir Street, Vancouver, BC V6C 3K4

However, I don't know if the Peoples Trust accounts can receive direct deposits or preauthorized debits from other financial institutions.

Probably need to ask Peoples Trust about that and, if supported, what account number to use for the direct deposits and pre-authorized debits.

September 3, 2017
6:23 am
semi-retired
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Loonie said
I would never go back to Peoples.
After I transferred my TFSA out, my login with them no longer worked. There was never any kind of statement available from them to show the balance transferred, with the interest accumulated to date, which would have enabled me to ensure that the same amount had been credited on the receiving end.
I had been smart enough to get a statement at the end of the preceding month, but there was nothing I could do about the period between then and the transfer. A real rinky-dink bank.  

My wife & I both have accounts here.We each get a paper statement in the mail around the 7-8th the following month.I transferred out all but a few dollars to my savings account from my TFSA late last Dec.It was then pulled out to a different FI.They have never messed with my login.

September 3, 2017
8:42 am
Koogie
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semi-retired said

My wife & I both have accounts here.We each get a paper statement in the mail around the 7-8th the following month.I transferred out all but a few dollars to my savings account from my TFSA late last Dec.It was then pulled out to a different FI.They have never messed with my login.  

Agreed. I've never had any troubles with PT, even when I transferred my whole TFSA out when they dropped their rates a couple of years ago. Just checked and my log-in still works fine.

September 3, 2017
9:33 am
Bill
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You can add me to the list of those generally satisfied with People's, never had any problems whether I've had large or little amounts there. (I've noticed for some folks here there's a strong correlation between changes in interest rates and changes in their opinions of an fi.sf-smile )

September 3, 2017
10:39 am
Koogie
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Bill said
(I've noticed for some folks here there's a strong correlation between changes in interest rates and changes in their opinions of an fi.sf-smile )  

I've also noticed (here and IRL) that some people seem to attract bad luck. Generally it can be traced back to the way they approach life and the world.

September 3, 2017
3:43 pm
JenE
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semi-retired said

My wife & I both have accounts here.We each get a paper statement in the mail around the 7-8th the following month.I transferred out all but a few dollars to my savings account from my TFSA late last Dec.It was then pulled out to a different FI.They have never messed with my login.  

Although I've always found staff to be very helpful, I've never received a paper statement from PT. In fact, I was told I had to print my own from their website.

September 5, 2017
3:21 pm
dougjp
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I've also found PT to be quite good for service, and the EFT has always worked well too. However, they must have made the decision to exit savings deposit business over time. First they became noncompetitive with savings rates, dropping them without reason, and now TFSA rates. They had and still have decent short term GICs, however those are totally noncompetitive now in a generally rising rate market. I got out of their TFSA last December and GICs coming due soon will be transferred out, leaving no business with them.

September 6, 2017
10:41 am
Yatti420
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Peoples is bigger then a rinky dink.. Alot more divisions.. Great service.. Poor (dated) backend it seems (even now).. Caused the security breach.. Either way I think Peoples has the cash they need hence the rate decreases..

Just saw the BoC overnight rate increase.. With inflation it's pretty hard to store cash these days.. BTC on the other hand 🙂 🙂

September 6, 2017
3:19 pm
2of3aintbad
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I have never dealt with PT, but I have heard lots of complaints because of the security breach. I have not heard anyone say, "they fixed it and made it up to me". So I understand that it may make sense to leave TFSA money already with them, but I cannot understand why anyone would put new money into a PT TFSA, when there are lots of alternatives.

September 7, 2017
8:17 pm
christinad
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This really irritates me as when there was a rate hike they should be increasing it. I'm contemplating pulling the money out and transferring to eq.

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