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Email this11:33 am
July 7, 2020
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I'm helping a relative open an account at People's. QC resident, so this is the best CDIC-insured rate, according to your great chart. I think they're an existing Tangerine customer, so can only wait for an offer (no new-customer 2.50% or whatever for them).
From what I can tell on the websites, both PT and PB pay 1.80% on the HISA. What would be the basis for choosing one HISA over the other? And if they later wanted to go >$100K for CDIC, is one path better than the other (PB then PT, or PT then PB)? I read a long thread here about PB opening, but I wasn't clear after whether one was better.
Thanks.
1:30 pm
December 20, 2016
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They are both the same...same Company, same staff etc.
Peoples Trust was the first to accept deposits, then this past January, People Group opened Peoples Bank. Like Oaken, each one has its own CDIC coverage, so if/when you max out with one and if you want to continue doing business with them, you can set up an account with the other.
Each has its own website and interface, so you would have to set up separate accounts, but when you telephone either one, you may encounter the same CSR's.
My own experience has been excellent with both PT and PB.
Start with the one you want...maybe the Trust side since they have been operating longer, then when you need more CDIC coverage, open an account on the Bank side.
I am not a fan of EQ Bank, but they pay 2.0% at the moment. Another option for a QC resident might be Hubert Financial in Manitoba, that currently also pays 1.8% with excellent customer service and unlimited coverage on deposits.
Stephen
1:37 pm
July 7, 2020
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Thanks Stephen, I appreciate the advice. I actually have some GICs with Oaken but their 2 companies are more obviously a way around the CDIC limit (1 website, 2 tabs) than Peoples Group.
The reason for my weird question was I thought in the existing thread about PB being created, that I saw something about needing to mail something in. Right now I just want to get money out of their TD Investing ISA (TDB8150=0.25%) and may never hit the CDIC limit at Peoples (also fingers crossed for an offer from Tangerine 🙂 ).
1:42 pm
December 20, 2016
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It's been a while since my acct has been opened with People Trust, so I can't recall what if anything had to be mailed.
If you call them, they can walk you through the sign up process
Stephen
1:49 pm
July 7, 2020
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I can mail, it's the principle of not spending $1. 🙂 Even that wouldn't be as bad as Simplii, mailing something to open account is one thing, but just to add external or whatever is something else entirely.
I checked the instructions for PT and there's a big note saying "DON'T MAIL ANYTHING EVEN THOUGH WE ASK YOU TO", I think a COVID measure. Looks like I can't do this until tomorrow anyway, so we'll see how it goes.
Thanks again for the advice.
5:01 pm
December 20, 2016
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ottawa said
..... can't do this until tomorrow anyway, so we'll see how it goes.
........Â
Let us know how it goes.
Stephen
1:39 pm
April 2, 2018
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If you had interest <$50 from People's Trust, did you ever receive T5 or saw one at CRA site?
1:55 pm
December 12, 2009
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I would go with Peoples Bank of Canada, to be honest. Peoples Group has said they will not be launching new direct-to-consumer products under the Peoples Trust Company parent company going forward; thus, any future no-fee chequing account or Peoples credit card are likely to be launched under the Peoples Bank of Canada banner.
Open a Peoples Trust Company account if you require double CDIC deposit insurance.
Cheers,
Doug
5:40 pm
October 21, 2013
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pooreva said
If you had interest <$50 from People's Trust, did you ever receive T5 or saw one at CRA site? Â
It's best to keep track of it yourself every month so that you can submit it whether or not they send you a T5.
You DO intend to report it, as required by law, don't you?
7:01 pm
July 7, 2020
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Almost through the opening process, I'll post details when I can. I need to scan a void cheque for the account I want to transfer from, but don't have any for that account at this time. Ordered more (free on this TD plan) and will send a cheque from another institution just to keep things moving.
How hard is it to add an external account to PT/PB later? Easy like EQ or Tangerine, or stupid 20th-century like Simplii?
Thanks.
7:35 pm
December 29, 2018
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I will be opening an account this week, hope the process is seamless, including linking with external FI. Does anyone know how much time it takes to EFT out and are there any charges to this? Do they provide a debit card? Thanks in advance.
8:06 am
December 12, 2009
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picassocat said
I will be opening an account this week, hope the process is seamless, including linking with external FI. Does anyone know how much time it takes to EFT out and are there any charges to this? Do they provide a debit card? Thanks in advance. Â
@picassocat, no debit card, as far as I'm aware. Linking would be similar to Motive Financial, as they don't, as far as I know, use an electronic paperless linking process. Should be linked within 1-2 weeks, at most, I think.
Cheers,
Doug
9:09 am
December 29, 2018
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Thanks Doug!
A bank with NO DEBIT CARD shouldn't be called a BANK, my opinion.
7:07 am
July 7, 2020
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Let us know how it goes.
Slow, really slow. Possibly no slower than the "normal" (pre-COVID) way of mailing a physical cheque and waiting 7-10 days, but it feels it.
I filled out the application on Jul 14 and got an immediate email back instructing to mail a cheque to BC. I ignored that email (to do that was in the original instructions) and on Jul 21 got an email to sign up for a secure messaging site called Proofpoint (my reference number was included in the email so I knew it was PT).
Signed up for Proofpoint on Jul 23 and uploaded scans of signed void cheques and photo IDs of both applicants (application was for a joint account). I believe the accounts associated with the cheques will be linked when they eventually set this up.
On Jul 24, PT downloaded the documents I'd uploaded (I got email confirmation).
In theory this is just as good (and $1 cheaper) than mailing a physical cheque. But I've heard nothing back. I don't know what happens next, what's required to link other accounts, etc.
7:11 am
December 20, 2016
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ottawa said
.......I've heard nothing back. I don't know what happens next, what's required to link other accounts, etc. Â
Have you called them on the phone? I know they are running on reduced staff now, but I've had to call a couple of times in the past few weeks and got my issues resolved on the spot, by talking to one of the CSR's.
Stephen
2:21 pm
July 7, 2020
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I called around Jul 19 when I hadn't heard anything (thinking maybe there was a step or email I missed) and while the person was very nice, essentially they informed me there was a pandemic on and things are working slower than usual. I thought I had approached the question with appropriate deference, so they must have been reading from a script. Not in a rush to call again, though I don't like waiting so long to park my relative's money. I will probably call on Monday if I don't hear by then.
Thanks.
5:19 pm
July 7, 2020
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ottawa said
I filled out the application on Jul 14 and got an immediate email back instructing to mail a cheque to BC. I ignored that email (to do that was in the original instructions) and on Jul 21 got an email to sign up for a secure messaging site called Proofpoint (my reference number was included in the email so I knew it was PT).Signed up for Proofpoint on Jul 23 and uploaded scans of signed void cheques and photo IDs of both applicants (application was for a joint account). I believe the accounts associated with the cheques will be linked when they eventually set this up.
On Jul 24, PT downloaded the documents I'd uploaded (I got email confirmation).
In theory this is just as good (and $1 cheaper) than mailing a physical cheque. But I've heard nothing back. I don't know what happens next, what's required to link other accounts, etc. Â
My relative received an email today (Fri Aug 7) with a welcome and login instructions. Just before that, got a phone call that consisted of hello, followed by "I'm sorry I just realized we have all the documentation". I assume this is the normal timeline. At least there's no trip to Canada Post to present ID.
Thanks everyone for the support and advice.
5:53 pm
March 17, 2018
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Sounds like the old mail in process that I used in the past is even easier than the new one LOL
Just tried calling them today about moving a maturing GIC to their savings account, since there's no way of doing that electronically. Their customer support used to be excellent pre Covid with no long wait times on the phone, today they didn't answer phone and I had to leave a message. They did call me back though.
One thing with Peoples Trust is that they run on a different clock than us, so you can't call them till 11 am for those of us living in Ontario.
6:47 pm
July 7, 2020
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Well the instructions say don't mail a void cheque to open, so there isn't much choice.
Has anyone added an external account in the age of covid? The instructions say fill out this PDF form and mail with a void cheque, and I wonder if that still applies.
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