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Email this2:13 pm
February 5, 2013
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Hi, I am an Ontarian. Am I eligible to open an account with Peoples? I looked at the comparsion chart and it says it does accept residents of Quebec, but since it's based in BC, and I'm a resident of Ontario, I wonder if there's any cross province issues I should be aware of. (I apologize if it's a silly question, I'm really new at dealing with cross-province finances)
Another concern I have is, are there any fees. I have checked the comparison chart but it's a little dated so I want to confirm with existing account holders or people who are familiar with it.
The People's site says:
•High Interest Tax-Free Account
•Interest calculated daily and paid monthly
•Eligible for deposit insurance offered by CDIC
•No set up, service or transfer fees
•Monthly statement available online
•Contributions may be made at anytime
•Minimum deposit $1000
Despite the info provided, are there any hidden fees aside from fees listed in the "e-Savings Account Fee Schedule" https://www.peoplestrust.com/main/?en&AccountFeeSchedule, e.g. monthly maintenance fees, or fees associated with their GICs.
Am I correct to assume "service fees" encompasses all administration fees for the finanical institution. So in other words, there would be no fees from the point I open a tfsa with them, till I want to remove all the money from my People's tfsa and transfer the lump sum to another bank (due to better rates).
Thank you very much. Your comments are greatly appreciated.
4:59 pm
December 23, 2011
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paperpub said
Hi, I am an Ontarian. Am I eligible to open an account with Peoples? I looked at the comparsion chart and it says it does accept residents of Quebec, but since it's based in BC, and I'm a resident of Ontario, I wonder if there's any cross province issues I should be aware of. (I apologize if it's a silly question, I'm really new at dealing with cross-province finances)
Another concern I have is, are there any fees. I have checked the comparison chart but it's a little dated so I want to confirm with existing account holders or people who are familiar with it.
The People's site says:
•High Interest Tax-Free Account
•Interest calculated daily and paid monthly
•Eligible for deposit insurance offered by CDIC
•No set up, service or transfer fees
•Monthly statement available online
•Contributions may be made at anytime
•Minimum deposit $1000Despite the info provided, are there any hidden fees aside from fees listed in the "e-Savings Account Fee Schedule" https://www.peoplestrust.com/main/?en&AccountFeeSchedule, e.g. monthly maintenance fees, or fees associated with their GICs.
Am I correct to assume "service fees" encompasses all administration fees for the finanical institution. So in other words, there would be no fees from the point I open a tfsa with them, till I want to remove all the money from my People's tfsa and transfer the lump sum to another bank (due to better rates).
Thank you very much. Your comments are greatly appreciated.
Scroll down to read the complaints received by the BBB
http://www.bbb.org/mbc/busines.....-bc-112138
They are insured by CDIC as are the big 5 banks which is good but so far what I have read here they are tooo slow in setting up an account. If you are going to go out of the province look at all of your options like Accelerate or Outlook Financial in Winnipeg. Look at the rates and fees. If you are looking for day to day banking, none of the above are good options.
9:13 pm
July 10, 2011
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PTC has been a good experience with me.. Account was initially opened before the online announcement was made.. Was converted very fast upon the new platform launch.. For the 3% for TFSA money you can't really go wrong.. Rate hasn't changed in a few years.. I'm sure changes will come soon though, soo.. There are no fees whatsoever for PTC TFSA.. This includes transfers / withdrawals & deposits.. Initially a cheque is required to link your account/initial deposit.. Once linked you may then use online transfer and/or email/call ptc etc.. Email seems best.. Note: I'm not sure if when you complete a TFSA app now if its all for the online platform or not.. They may setup the basic account and then convert you for online access. Not a big deal for idle cash maybe few weeks max..
8:54 am
February 22, 2013
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This is from an admitted newbie here - but a cheap and/or frugal one. The topic I am really answering is NOT "is Peoples an OK place for my TFSA" but "do I really want a TFSA in a high interest savings account?"
For me the answer was NO. When TFSA's arrived I duly opened two, one for me and one for my wife, and made the maximum contributions. Then, the next year I realized I was hampered with a lack of flexibility so opened two more TFSA's with my bank's self-directed brokerage arm and again topped them up. I reviewed my entire portfolio across all accounts, registered and non-registered and bought XBB, one of iShares bond ETFs. That December I pulled the money out of the high interest TFSA and moved it to the brokerage TFSA.
I have now closed the high interest TFSA and have my entire TFSA holdings in the self-directed brokerage account with the full flexibility of buying ANYTHING I want there.
For me, and again, your mileage may vary, it was a simple numbers game. My Excel spreadsheet told me that $5000 earning 1.8% versus earning 1.2% for a year amounted to $30 per year and even for someone in a 50% tax bracket the savings only amounted to $15 per year. I decided I wanted the flexibility of being able to invest in whatever I wanted.
Don't get me wrong - I keep a significant amount of cash in high interest accounts -- I just want flexibility.
Greg
11:08 am
December 12, 2009
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You're right about the tax advantages of brokerage accounts versus HISAs being better, Greg. I'm leaning towards putting slower growing equities that pay non-eligible dividends (i.e., distributions/dividends not eligible for the dividend tax credit) and fixed income securities in a brokerage TFSA than faster growth/higher risk equities. The potential payoff is greater on the latter but the risk of capital depreciation is also greater and therefore the risk you may actually lose your TFSA contribution room should you need to withdrawal funds when your investments are down. 
Great analysis, though! 
Cheers,
Doug
3:10 pm
February 5, 2013
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For various reasons, I have put off the idea of opening a tfsa account at Peoples Trust, but recently, I wonder if I should. I have read some of the posts about PT on this site, but none have gone into details regarding the mailing of the first cheque to PT to set up the account.
1. Did you guys (existing users) mail in your cheques in registered mail, regular Canada post, priority mail or by any other means to set up the accounts? I am a little concerned with exposing my financial information for a long period of time since I have to mail the cheque from Toronto to BC.
2. What other pre-cautionary measures have you used, other than crossing the cheques, using special cheque envelopes?
3. Perhaps I am taking this a little extreme...I am inclined to just open a brand new account with my primary bank and use the cheque from that account, but does it help in lowering the risks?
4. Does PT have e-statements by now or is it still relying on paper statements (if so, I'd rather not deal with PT at all, considering the issues (missing statements) raised by others - I think i'll just go with Canadian direct financial.
Thank you so much.
4:45 pm
February 16, 2013
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paperpub said
For various reasons, I have put off the idea of opening a tfsa account at Peoples Trust, but recently, I wonder if I should. I have read some of the posts about PT on this site, but none have gone into details regarding the mailing of the first cheque to PT to set up the account.
1. Did you guys (existing users) mail in your cheques in registered mail, regular Canada post, priority mail or by any other means to set up the accounts? I am a little concerned with exposing my financial information for a long period of time since I have to mail the cheque from Toronto to BC.
Hi Paperpub!
I have no opinion on People's Trust one way or the other. My only suggestion is that when you mail a cheque to set up a new account, I recommend that you only send a small amount such as $20. This way there is no big issue if the mail gets lost, etc. and no need to send registered. Once the account has been set up and linked to my major bank account, then I will transfer the bigger amount I had in mind online. I can then see how quickly the funds get moved.
Cheers,
MG
7:33 pm
February 5, 2013
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Hi MG,
I wish I could send a cheque with a small amount, then transfer a bigger sum electronically. I called PT and the agent said the bank requires a minimum of $1k to open the account. Thanks for the reply.
5:52 pm
March 7, 2013
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Paperpub;
When I opened a TFSA with People's Trust I just sent in a cheque made out to myself from my external bank account. Cheque envelope, no special precautions. I enclosed a copy of my online confirmation of account opening, I think.
I contacted them after 10-11 days to make sure the account had been set up, which it was, and shortly after a welcome package arrived in the mail.
All my email queries were answered the same day.
Yes, there are definitely online statements, with easy online transfer to and from your external accounts.
I also have a savings account at Canadian Direct Financial which you also mentioned, and the online interface and security features are very similar between the two. Equal ease of use and functionality.
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