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Email this12:12 pm
I understand that their "manual" (vs on-line) approach to banking is the trade-off for higher interest rates. I noticed in their "welcome kit", after I sent them my first deposit, that while I received a letter (on their letterhead) stating my account number, there was nothing on that letter actually tying that account number to my name. There was nothing else in the envelope to acknowledge the deposit either, such as a deposit slip, for instance. Since the deposit was credited at the beginning of April, I have to wait more than a month to receive written confirmation ( a statement) that the funds were deposited to an account in my name. Given the constant warnings we're being bombarded with, about being too trusting, etc., I was surprised at how cavalier People's Trust is about this.
5:43 am
The only one area Peoples Trust may have higher interest rates (but not consistently) is on Daily Savings. You can find higher rates for all your savings, GICs & RSPs at more traditional virtual institutions like Achieva, Outlook and others. Plus you will have direct access to your account through online banking.
6:13 pm
It's a good idea if you have a hard time not touching your money.. I believe they are also fee-free for transfers out (TFSA wise).. I can't remember if it Was Peoples Trust I was emailing..
3:47 am
August 4, 2010
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cmore said:
The only one area Peoples Trust may have higher interest rates (but not consistently) is on Daily Savings. You can find higher rates for all your savings, GICs & RSPs at more traditional virtual institutions like Achieva, Outlook and others. Plus you will have direct access to your account through online banking.
Actually, for their own customers Peoples apparently offers GIC rates which match the top end Manitoba ones.
7:43 am
It is unfortunate they would not just post these rates for all consumers to see and have access. Given their posted 5yr GIC rate is 2.00% versus the 3.25% currently posted at Achieva and the 3.10% at Outlook tells me they will likely not match these rates for all customers.
I've done the rate negotiation game for years and have simply moved my money to those institutions that have now got a history of posting among the best rates without the hassle.
10:25 am
August 4, 2010
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While I've never dealt with Peoples Trust, I suspect all their account customers would get the higher rates automatically. Here's a link to how to log on to their site to view their customer rates - presumably this is what a customer would see as well.
My guess is they are trying to compete for actual account customers (and with the Manitoba rates, which these effectively match), while paying run of the mill CDIC rates (the public posted rates) for GICs bought by non-customers (through deposit brokers, etc).
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