Peoples Trust 2 year GIC 5.65 % | Peoples Trust | Discussion forum

I was buying Peoples' Trust GIC's five years now. No complaints so far. They do what they say which is kind of rare these days.

I'm usually satisfied with Peoples Trust/Bank. Tough to get through at RRSP season but otherwise good service, few screwups, quick corrections. In Vancouver, I can visit their head office or public banking storefront.

This week a PT GIC of mine will roll into a 2-year at 5.65%. Happy me.

My first bank account was at The Bank of Nova Scotia (its only formal title back then) at the age of 14. I quit decades later, when they increased the no-interest slice of deposits to $2K. They have many fees to dodge and for the last few years have worked at making it impossible to talk to anyone at a branch - Toronto Centre only. When I was given the number to call a certain staffer who'd told me to call him to confirm something, I called it and was intercepted - and told to call Toronto.

Then Scotia closed my branch.

Yes, there's extra cost in running bricks-and-mortar service. But I want to get that service if I'm paying for it!

Been with Peoples Trust a long time, GICs and savings account activity sporadically over the years, everything's been fine, no issues I can recall.

I have no complaints about People's Trust or People's Bank.
This month I had planned to renew a maturing 1-yr GIC at People's Trust to a 2-yr non-reg GIC @5.6%.

However, rate chasing is the game and that money will now go to CU Atlantic 2-yr non-reg GIC @5.85% via online broker.
If one has >=$75K the rate is 5.87%.

I have no problem placing GICs at People's within CDIC limits.

I've completed my purchase of the 5.65% 2-year TF-GIC at Peoples Trust by phone. Interestingly, it took escalating to a higher level after one customer service rep tried to insist that could only be done on line. The higher-up promised to "coach" the first rep about procedures and then give me this hint:

Let the GIC roll over at posted rates for the same term. Then phone in and have the term, rates and payout status adjusted within the 10-day allowance. (The sooner the better, I'd say, though one could also watch for rate increases during that time.)

I'd call to check before doing this, but it sounds like a less laborious process!

I recall one of our members speculating that they thought some FI's resistance to phone GIC purchases was related to the pain of reading the terms and conditions tome over the phone. I had a printed copy from previous purchases (sent by real mail) and just asked if the terms had changed, then affirmed I'd read it. Done.

This might work at other outfits, too. Call in and request the printed T&C well ahead of your purchase. (Or have them E-mailed to you if you trust E-mail.) Read them at your leisure and then affirm that you have when you phone to purchase.

That is what the representative, who is the longest-serving one I have dealt with (since pre-COVID-19) told me this week.

Doesn't hurt to call and confirm if you plan to do this in the future.

rodeworthy said
I am pleased to report a very efficient transfer of funds from People's Trust and subsequent Sep. 15 purchase of a 2-yr GIC at 5.85% at Windsor Family CU (not CU Atlantic as originally planned).

A 1-yr GIC matured at PT on September 14. The interest for this investment appeared in our account on Sep. 13. On morning of Sep. 14 the principal was added to our savings account. A simple online transaction moved the funds out in the morning and it was reported in our CIBC account by 4PM EDT the same day. No holds. You can't do any better than that.

It is good to know that it is still possible to get money matured, moved and reinvested in one day. Kudos to People's Trust, CIBC and Scrivens Financial Services.

I'm a happy camper and I look forward to doing more business with these FIs.  

yes I experienced exactly the same. PT is the only one who sends out withdrawal request same day and it showed up at the receiving FI same day too. They ARE the only one that does that. There also dont appear to be a lame limit like $10k a day etc either.

savemoresaveoften said

yes I experienced exactly the same. PT is the only one who sends out withdrawal request same day and it showed up at the receiving FI same day too. They ARE the only one that does that.

I do not believe that they are the only one. I think that I received an overnight deposit at EQ, ordered an immediate transfer out that morning, and had it received by Tang that afternoon.

Hubert might also be as fast on transfers, if you catch them before their daily 0830 batch is sent.

I have been wondering why WFCU is offering exceptional rates and only through deposit brokers.
My best guess is that this is in anticipation of possible auto workers strike (big 3), which would mean workers and others in dependent positions would need $ help. Strike pay is never enough.
I saw this happen once before in another situation.