Comments on: Peoples Trust: Reader Choice For Savings Accounts

By: Hubert: A new online savings bank | MoneySense

Hubert: A new online savings bank | MoneySense — Tue, 16 Nov 2010 15:43:12 +0000

[...] Peoples Trust: Reader Choice For Savings Accounts [...]

By: Canadian Capitalist

Canadian Capitalist — Thu, 10 Jun 2010 14:19:54 +0000

@Smedley: Ally is not the bank. Ally is a product of ResMor Trust. ResMor Trust *is a member* of CDIC.

http://www.cdic.ca/e/insuredWhere/members.html#rr

By: Smedley

Smedley — Thu, 10 Jun 2010 13:59:00 +0000

Ally is not a CDIC member. People’s Trust is.

Check for yourself:
http://www.cdic.ca/e/insuredWhere/members.html#aa

By: Which financial service is least likely to be offered by credit unions? | equity loans

Wed, 02 Jun 2010 12:01:30 +0000

[...] Peoples Trust: Reader Choice For Savings Accounts | Canadian … [...]

By: boko

boko — Mon, 31 May 2010 01:12:58 +0000

been with PT for about a year, so far so good

By: Pacific

Pacific — Fri, 28 May 2010 06:34:12 +0000

I have been using People’s Trust for 2 years, although I moved my savings money out of there (and everywhere) when the rates got below 3%.
Peoples Trust is always listed as the highest savings rate in Canada. I don’t worry about amounts up to $100,000 because of the CIDC.
Phoning in to make switches is no big deal, because I never moved my money around much.

By: Tim

Tim — Thu, 27 May 2010 18:12:21 +0000

I agree with everything Cyrus has said above. i.e. there is no online banking at PT.

It really pisses me off when they pay 3% for TFSA but only 2.1% for their regular account – reminds me of those Ally ads. I’d rather they pay 2.5% to everyone. That’s why I’ll never buy a GIC from them.

By: Canadian Capitalist

Canadian Capitalist — Thu, 27 May 2010 15:28:15 +0000

@TonyR: It is almost impossible for retail investors to know the health of deposit taking institutions — even large banks. Look at how many large banks have vanished or had near-death experiences south of the border. Even ING Group was in huge trouble back in the early 2000s. That’s why making sure we have deposit insurance is available and stay within insurance limits.

I read recently how FDIC deals with insolvent banks. They quietly move in over a weekend and are open for business on Monday perhaps under a different name. Deposit holders sometimes don’t even realize the bank is under new management. I’d expect CDIC to operate along the same lines.

By: TonyR

TonyR — Thu, 27 May 2010 15:15:43 +0000

Did anyone notice that People’s Trust mortgage lending is an “alternative to borrowers who may not meet all of the lending criteria of the major financial institutions.” I’m not sure I’d sleep any easier with my cash parked in subprime mortgages compared to GMAC.

By: Cyrus

Cyrus — Thu, 27 May 2010 14:38:42 +0000

@CC: Transferring money can be done over the phone or via email to the staff at People’s to your linked checking account. With email, I usually get a response within an hour.

There is a crazy long thread here with tons of info about this savings account:
http://forums.redflagdeals.com/peoples-trusts-peoples-choice-savings-account-official-thread-2-a-720013/

RFD is where I first heard of People’s Trust.