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Email this7:18 pm
October 21, 2013
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Many of us did well with their 3% TFSA, while it lasted, which was remarkably long.
But I'm looking at them now, and there does not seem to be any category where they lead. I can do as well or better elsewhere in all products.
Given that I was never very fond of their management anyway, I'm wondering if anyone sees any point in staying with them in any capacity. ???
6:49 am
February 18, 2016
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Simple answer is: NO.
I pulled every single cent from them but did not close accounts.
10:21 am
December 23, 2011
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Another simple answer.....NO! ! !
Pros:
CDIC
No transfer fees for registered money.
Cons:
No associated savings accounts for RRSP or RRIF accounts.
Lacklustre interest rates
I will be leaving once GICs mature.
10:46 am
February 17, 2013
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Did a December maneuver with my TFSA's last year and closed the account. One less bank to keep track of. If EQ lowers their rates any more, I'll pull my non-registered funds out of there and shut them down as well. Tangerine is oddly the best option when they have a promo going.... IF you qualify.
4:41 am
December 12, 2015
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Hang on... People's Trust's daily interest rate for TFSAs is still near the top at 1.75% and their GIC rates are near the top for CDIC insured banks. Also, as noted, they still have no transfer out fees on registered accounts.
EQ, Zag and some others are not available to QC residents, and have been lowering their rates and looking less competitive anyway. Manitoba CUs lack CDIC which may or may not be important, and are not doing anything stellar rate-wise these days. Alterna does not allow big transfers out ($25k daily, $50k weekly and $125k monthly). Tangerine makes you call back every 3 months and will not do better than 2% now it seems, and in some cases 1.6%, and this is for the small motivated group who make the effort, everyone else (the majority I am sure) is getting 0.8%.
So I don't think PT is the worst out there. Less attractive than when they were giving 3% for TFSAs, though that was never a big risk for them due to limits on how much money can be deposited in TFSAs. True, their daily interest rate on nonregistered funds is low at 1.45%, and I think they will be losing deposits to banks offering around 1.75% or more.
Oaken stands out at this time with their 2.75% on GICs over 18 months, which is likely only a temporary promotion to attract more money. It would be nice if Oaken's bold rate predicts that an increase in rates is coming.
7:50 am
September 5, 2013
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I still find there is value on Peoples. The rate is still good now, but not the best. They are more proven to offer better than average rate without hidden fee. In fact, I don't like Tangerine / PC tactic for selectivity of invited/called in customers, and complexity of interest rates calculation.
Peoples' monthly statement is impressive in the all-in-one accounts format (inclduding saving / all GICs). This compensates the disadvantage of not issuing GIC certificates.
Oaken is the one issuing a nice certificate of GIC (to make me feel proud of ownership of something:-)
8:04 am
October 27, 2013
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I believe PT is still competitive enough for a CDIC insured company to at least keep the savings account open. I have written off PCF and never did bite on Tangerine simply I have no interest/time to play their games. Especially since I purposely keep my HISA holdings small relative to the rest of my portfolio to only focus on one, perhaps two, providers.
8:09 am
November 19, 2014
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I cleared out my PT TFSA account and brought it all over to TDDI.
Just now in the process of moving it again to Oaken for the 2.75%/18mos. special along with some funds from my wifes RRSP.
I don't have a problem with PT and the TFSA account is still open there and should they ever feel the need to increase their rates again/grow their deposit base, I'd happily move funds back.
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