People's Trust Savings -- anyone have an account with? | Peoples Trust | Discussion forum

I've got an account with People's Trust earning me a whopping 3.60%!!!!They are by far the highest paying Bank/Trust company out there. I have about $300,000.00 invested there and they paid me $8,500 in interest for 2008. Sending money over to People's could take up to 9 days(Hold Period), transferring money from your People's account to your home bank takes only 2 days.

There are 2 downsides to People's to consider before opening an account with them. One is that you can't view your account online, you get a monthly statement. The second problem is they only insure you for $100,000, some credit unions in Manitoba insure you for 100% of your account balance.

I'm taking a huge risk with $300,000.00 there, but if you look at their balance sheet for 2007, they made a NET profit of $7,500,000. Their 2008 balance sheet will be posted on their website next week, so you can check it out then.

To Summarize, if you want to make some excellent money, then go with People's Trust, they've been around for over 20 years and look strong financially. If you don't mind calling them for money transfers, getting statements by mail, being insured for only $100,000...... Then People's Trust is where you should stash your cash!!!!

Roc

Roc, I know you really like that 3.6%, but as you state:

"I'm taking a huge risk with $300,000.00 there"

you should consider just the $100k CDIC limit, if you lost $200k you wouldn't be happy and the extra 2% (which is great) isn't worth the Risk vs Reward if you think it's a huge risk...

Mike

PC Financial's rate drop to 1.65% for their Plus account, in conjunction with their chequing account able to earn 2% if balance is over $25,000.00 have prompted me to move most of my savings to Peoples Trust. If everyone did this, I wonder what would PCF do?

A lot of people are dumping on PC Financial, but I think they are just the first to drop their rates below the psychological 2% mark. The other banks will not be far behind. If you need evidence of this, take a look at ING's GIC rates. Their 1 year GIC pays out at 1.50%. Their short-term GICs (less than one year) all pay out at 0.75%. That's right, less than one percent. Their savings account still pays at 2.00%, but that's going to change soon. GIC rates give you insight into what any given bank thinks is going to happen in the future. I acknowledge that ING hasn't exactly been the savings rate leader for the past few years, but if you check out the other online banks, you'll see a similar trend.

sandor said:

FOR ALL THOSE WITH DEPOSITS AT A BC CREDIT UNION: (including Peoples Trust)
LAST FALL THE BC. GOVERNMENT BROUGHT IN A NO CEILING DEPOSIT INSURANCE FOR ALL PROVINCIALLY LICENCED CREDIT UNIONS. I AM NOT SURE FOR HOW LONG, BUT AT LEAST FOR 2-3 YEARS, THIs WILL STAND.

CALL ANY CREDIT UNION IN BC FOR EXACT DETAILS.

SANDOR

Unfortunately, Peoples Trust is not a credit union. Nor is it provincially regulated. They are a CDIC member, however. Therefore, deposits are only insured up to the standard $100,000.
.
This no ceiling deposit insurance for credit unions is nothing new. Other provinces have had this legislation for some time and it is only now that BC is finally catching up with the rest of Canada.
.
Credit unions in BC have actually insured themselves/each other for many years. The recent announcement by the BC Liberal party is basically just political window dressing to take credit for what has essentially always been and to make it seem as if they are doing something for the economy.

I agree that they have terrible customer service. The electronic fund transfer by e-mail is really smooth sailing but anything more complicated then that , especially if it involves needing them to do something for you and having to contact them over the phone, you have to be patient and motivated.