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Security concern still?
February 21, 2014
9:53 am
phtp
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February 21, 2014
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Hi,

I'm new to this forum and stumbled upon it while looking up people's trust. I read a few threads regarding the security breach and was wondering if people still have a concern with them?

Also, I've been on the hunt lately for a TFSA account with the highest interest rate for 1 year period (wedding fund) and figure this may be the best place to ask. Any suggestions?

TIA!

February 21, 2014
10:43 am
kanaka
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Look here for rates. https://www.highinterestsavings.ca/chart/
Then click bank and look at rates for TFSA GIC's.
I cannot comment on PT.
I think you will find good rates at Accelerate, Outlook and Implicity.

February 21, 2014
1:43 pm
phtp
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Thank You kanaka and sd2013 for the advice and suggestions. I won't be cashing in the GIC within the year since the wedding won't be until August of next year. I'll do some research on those institutions as to who has the lowest transfer out fees.

Cheers!

February 21, 2014
3:28 pm
kanaka
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As long as the GIC is matured there should be no transfer out fees. Ask to move from your TFSA account to your savings account and then write a cheque. Keep in mind if you withdraw august 2015 you cannot put "that money" plus the Interest you made back Into a TFSA until January 2016.

Two free withdrawals per year.
http://www.acceleratefinancial.....eFees.aspx

If you do a one year GIC you will have it drop into a TFSA savings account, at a lower rate, or you can ask for a 14 or 15 etc. month GIC and they will give you the one year rate...not sure about accelerate but outlook financial did for me.

February 21, 2014
5:02 pm
Loonie
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Make sure, when buying this 1 yr GiC, that it does not have an automatic rollover. A lot of GIC sign-up documents have this written into the fine print that they will automatically roll you over for another year, but you can have that clause taken out. You don't want to get caught with your funds all tied up and the wedding fast approaching.
Also, don't be afraid to ask for a slightly higher rate. If one institution gives you the best rate but another is more convenient, ask the second one to match or beat the first one's rate, and so on. They can only say "no".
I agree, there should be no transfer-out fees. Most TFSAs allow 1 or 2 withdrawals a year for free, so you should check on that. Be careful of terminology when asking about this. Withdrawal just means moving money to a regular savings/chequing account. If they think you mean you are closing out the account and moving the TFSA as such to another financial institution, there would quite likely be a fee of $50 or so, although a few do not charge. Always leave a little money in the account to avoid these latter fees.

February 21, 2014
5:15 pm
kanaka
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You need to clarify transfer out or withdraw. Transfer means to transfer TFSA from one institution to a TFSA in another institution. But there is a way around the transfer process. But I think you really mean withdraw.

No charge. To withdraw...but charge to transfer.
http://www.outlookfinancial.co.....ducts/fees
https://www.implicity.ca/Products/ServiceFees/

Good point Loonie. Accelerate is done by phone and I always tell them not to rollover. They also mail you a letter before maturity and you can phone ahead of maturity and make changes. Outlook has an online form that you specify to rollover or not and I also phone 3 or 4 weeks ahead to confirm my needs and if they did a rollover, no big deal because theirs are redeemable. Not sure with Implicity as have not done the process with them. Hubert is online and you can specify but is very awkward. I think you should never opt to rollover as long as you are on top of your maturity dates and make the decision slightly before or after maturity...since things change and you might want to leave that option open for yourself.

Lol. Since we are so helpful are we invited? We will bring gifts. sf-smile

March 12, 2014
4:47 pm
phtp
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Kanaka, make sure to bring lots of gifts :) . Thanks for the clarification between withdraw and transfer.

To withdraw from the TFSA would I be required to have a chequing account with them as well?
Also, assuming I leave a few dollars behind, do these institutions typically charge a maintenance fee or inactive fee?

March 13, 2014
8:52 am
Loonie
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I think that in most situations you would need to have a chequing account as well, but you can always ask before you sign up to be absolutely sure.
Similarly with fees. Most, if not all, have a page on their website somewhere which tells you all of their fees. I believe Peoples does not charge a transfer-out fee, but you should always check at the time you sign up. However, in my past experience with RRSPs, financial institutions can always impose transfer fees after you've already invested in a GIC or term deposit. There is a minimum notice that they have to give you, but since your money is locked in, there is essentially nothing you can do about it.
Generally, Peoples is pretty good about not charging fees - for now at least. Also ING/Tangerine is similar, although this could change when they are fully rebranded as Tangerine next month; who knows? As someone suggested on another thread, you may be able to set it up so that once a year there is a transfer in to your account from another bank of a few dollars, so that you are sure to keep it "active".

March 21, 2014
5:48 pm
Max
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PT 3% TFSA rate has been the stable since 2009

The only regret I have is opening an account only in 2012 with them :(

The day you become free is the day you work for fun.

March 22, 2014
11:58 pm
Loonie
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Thanks for that reassuring info, Max.
Seems to me that they have made a strategic decision to build up a customer base of younger depositors, as those are the ones most likely to prefer this kind of TFSA, i.e. not wanting or not able to lock in to GICs, but needing superior returns. Also, they don't offer RIFs, so they are not interested in retirees.

March 24, 2014
4:08 pm
phtp
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Max said

PT 3% TFSA rate has been the stable since 2009

The only regret I have is opening an account only in 2012 with them :(

Thanks for the feedback Max. I think we'll go with this route as it offers the best flexibility (redeemable anytime and no transfers fees, etc.)

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