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Email this12:15 am
January 30, 2009
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Peoples Choice Savings Account is now down to 2.5 percent. 🙁
If anyone needs me, I'll be crying in my office. :p
James.
6:56 pm
Maybe it's time to change the name of this website to lowinterestsavings.com!
7:19 pm
sean said:
Maybe it's time to change the name of this website to lowinterestsavings.com!
Maybe we should also ask our concurrent to change to redfagdeals.com
8:09 pm
February 3, 2009
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This Web site will be renamed InterestBearingAccounts.ca to stop teasing visitors that they could earn interest dollars worth counting. Seriously though, I checked whether that domain is taken---and it is not.
11:55 am
I am with ICICI (presently at 1.6%) and was watching this Vancouver based credit union carefully. I believe that there will always be institutions that offer unusually high interest rates, get as many people to move their money into them, then lower the rates. The idea is that people are usually too lazy to go through all the hoops to keep moving their money, therefore give up and just leave their money in the account. It appears that People's Trust is doing the same thing and I had really hoped they would be different. For now my money stays where it is; I expect more drops in interest rates from these guys.
Jeff
11:48 pm
February 3, 2009
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Reply to Jeff:
The problem is not with Peoples Trust, which is still paying almost a percentage point more than ICICI---and that's something. Rates are dropping because of your government's so-called economic stimulus plan, which boils down to giving borrowers a break at the expense of savers. And if banks don't pass on rate cuts to borrowers, then banks are getting a break at the expense of savers. Either way, savers are paying for the so-called economic stimulus.
With more so-called economic stimulus, you can expect more rate cuts from all the banks, not just Peoples Trust. Although the BoC hinted it won't cut the target for the overnight rate, which is at "rock bottom" .25%, I won't be surprised if BoC lowers it to .1% just for the hell of it. As for banks like TD Canada Trust, which slashed its rate in the last two months from 2% to .05% (1/20th of 1%) on balance of less than $5000, any rate above zero is fair game.
Note: there is no apostrophe in Peoples Trust.
1:25 pm
Edit by admin: We certainly appreciate you sharing your experiences, but please only post the same things once. See here for Binky's post.
2:45 pm
To Jeremywong,
I agree--savers in Canada are paying for the stimulus package.
Thanks for the correction "no apostrophe in Peoples Trust"; I consider my grammar quite above the average but appreciate and see your point. I thought it was the Trust of the People (People's Trust) but it turns out to be either: The trust of the many Peoples on earth; or "People" is just a common noun, much like you would say Acmes Trust.
9:07 am
December 22, 2011
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Peoples Trust dropped their High Interest Savings rate to 1.90% from 2.10% according to thier website.
3:10 pm
That's unfortunate. I would probably have lived with a 0.1% drop as then PT would be the same as CDF at 2.0%. But with a 0.2% drop I am going to first transfer our money to Ally with their 1.8% (thanks again to Doug for telling me how to do this - I just set up the linkages last week) and then I will move it to Accelerate, which is still 2.1%.
It looks like a fight to the bottom!
10:33 am
December 7, 2011
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Cents111 said:
That's unfortunate. I would probably have lived with a 0.1% drop as then PT would be the same as CDF at 2.0%. But with a 0.2% drop I am going to first transfer our money to Ally with their 1.8% (thanks again to Doug for telling me how to do this - I just set up the linkages last week) and then I will move it to Accelerate, which is still 2.1%.
It looks like a fight to the bottom!
Alternatively, you can transfer money from PT directly to Hubert (1.85%) using Hubert's online banking and later move them to Accelerate (2.1%)
2:35 pm
All the savings rates are falling at the moment. Let's face it, nobody's out there wanting money, housing is going limp and there's little competition for money. Who wants to pay depositors when the BoC is tossing cash at banks, and companies are siting on fat bank accounts and refusing to invest?
The exceptions are new outfits needing to build assets – and you want to take a GIC to hold those intro rates – or those whose business is high-profit credit card and second-mortgage trade that can afford to pay a bit more for long-term guarantees in a narrow-spread market. PT fits in there.
I'm not chasing a point or two – and risking fees – when .01% is only $50 a year on $50k. Let's see where it settles.
Now that I have a TFSA account with Peoples, I am indeed less likely to start up with another institution. I have about $95K coming out of VanCity and ING terms paying 4.75% and 4.65% this week, and with GIC rates iffy I want to park it and see if the corn crop failure moves inflation, and thus interest rates, up before I pull the trigger on a long-term commitment. In any case, I won't load PT with more than the deposit insurance maximum, so I'll probably keep some at ING for the moment.
While Peoples Trust's savings rates have moved with the market, their TFSA rates have sat at 3% for years. I'm cool with that. Their basic savings account has more fees than their TFSAs, though I can avoid them.
GIC rates are all over the place! 4-year rates seem to be lower than 3- or 5- with most of the outfits I talked to in this morning's quarterly roundup. There are some attractive escalators out there (Can you believe North Shore Credit Union at 1.5/2/3.5% COMPOUNDED?), too, but this is not a GIC forum. (Wish it was,too!)
Bankers and the BOC are trying to convince us the expect rates to stay low or drop for at least a year or two.
RetirEd
6:35 am
i transferred all my money to Bridge water bank, they are giving 2.05%
8:52 am
People's Trust offers better GIC rates to their customers than are published on their public web site. Go here (https://thebestrate.peoplestrust.com) and enter peoples as the username and trust as the password.
I see their GIC rates just dropped since July 16.
9:08 pm
December 12, 2009
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Good. Something doesn't sit right about Peoples Trust to me. They have this funny "air" about them, to me, reminiscent of the U.S. savings & loan defaults of the 1980s. They come across as, to quote the Right Honourable Jean Chretien at the Gomery inquiry, "small-town cheap".
Bridgewater is a better choice, at least they're owned by the AMA whereas Peoples Trust is a small group of "elites" that own it privately. Another one I don't trust as much is Pacific and Western, but at least they're publicly traded.
Cheers,
Doug
4:54 am
People's Trust is a member of CDIC (Canadian Deposit Insurance Corp.)
BOTTOM LINE ----as long as you play it smart
What Happens if a Member Institution Fails?
•It is not necessary to file a claim with CDIC.
•CDIC will communicate with the depositors of the failed member institution to advise how and when they will receive payment.
•Payments are made as soon as possible.
•The payment(s) will include principal and interest up to $100,000.
2:45 pm
December 12, 2009
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Yes, I know all of the that, but at the end of the day, do you really want to have to go through that process in the event of eventual default? It's always better to AVOID those scenarios. 
I just have something wrong with their privately-held structure and the fact we don't know who the shareholders are. Sure they have to disclose annual reports under the Trust and Loan Companies Act, but that information is very, very limited.
Peoples Trust is reminiscent of the small, privately-owned "mom and pop banks" in the U.S. 
There are risks with Ally and ING, sure, but at least they're publicly-traded and have the global scale that Peoples Trust lacks. If Peoples Trust were to convert to a credit union, I'd say sure, go for it!
Cheers,
Doug
1:33 pm
October 5, 2009
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Doug,
You have expressed nothing beyond unsupportable, unfounded paranoia.
The fact that Peoples continues to offer the best rates in the industry, indicates to me, that they are a very finely tuned, very well managed operation!! That should inspire confidence, rather than paranoia.
While I have placed $$$ with Peoples, somewhat above the CDIC limit; it's not exactly something that keeps me awake at night. Even if they did fail, that doesn't mean you would lose everything over the CDIC limit. It only means that you may only receive $.90 on $1.00 on the portion over the limit.
Please write your comments in the forum.