# People's Trust TFSA?



## behappytoday (Sep 16, 2011)

Hello,

I look to max my TFSA options, and consider something with higher return. So far I was looking at Hubert and Ally. Hubert currently reduced to 2.3% while Ally is still with 2%.

The People's Trust offers 3% for TFSA, if I correctly understand it. However, I don't see many discussions about this option. Is anything problematic with them? My impression from this farum was that people prefer Ally, or Hubert. Is there any reason why People's Choice was avoided? It may be not as good as they appear to be.

Thanks for your opinions!


----------



## humble_pie (Jun 7, 2009)

couple cautions 4 U 2 check out.

- frequently the come-on or teaser tfsa rates don't last. They are for late fall & early winter seasons only. Soon as the new clients are enrolled the high rates are going to drop.

- didn't take the time to check further but didn't see the famous acronym CDIC insured displayed on the home page. Usually institutions will display this status prominently as it is an important selling point.

if they don't have CDIC insurance it's probably not a good idea to go there.


----------



## Causalien (Apr 4, 2009)

Now that you asked. 

Ally used to be GMAC, doing auto financing.
I will not touch GMAC. I just never expressed my opinion on this.


----------



## sprdave (Oct 1, 2011)

a quick reply...someone can add more

The main problem with People's Trust is that there is no online access, you have to do it by phone or email (or mail).

That said, they are CDIC insured. And the 3% isn't a teaser rate. That has been the rate for a long time, I believe since starting a couple years ago. And I also think there is no transfer out fees...so if they did lower the rate you could just transfer to somewhere else.

The regular savings account is 2.1%, one of the best savings rates. And there is 5 free debits per month.

I've had both accounts for a few years.


----------



## HaroldCrump (Jun 10, 2009)

What are these institutions like People's Trust investing the deposits in, and what kind of loans are they writing, that they can afford to pay 3% for deposits - more than double what regular banks pay?


----------



## Darisha (Feb 11, 2012)

I just tried to open a TFSA account with People's Trust. I was born in 1969, and the drop down menu only goes back to 1970 to enter your birth year. I guess I'm too old to bank with them.


----------



## CanadianCapitalist (Mar 31, 2009)

People's Trust TFSA has been paying 3% for a long time. They are also CDIC insured. Downside is the lack of online access.


----------



## Darisha (Feb 11, 2012)

CC by lack of online access do you mean no online banking? I want 3% for my TFSA but will reconsider if it's a pain in the rear to transfer money back and forth.


----------



## behappytoday (Sep 16, 2011)

Darisha said:


> I just tried to open a TFSA account with People's Trust. I was born in 1969, and the drop down menu only goes back to 1970 to enter your birth year. I guess I'm too old to bank with them.


come on, it should not be a reason not to accept a client  Did they decline your application?


----------



## 44545 (Feb 14, 2012)

If online access is a factor, consider Canadian Direct Financial's "KeyReach TFSA Savings Account" paying 3% interest since April of 2010.

http://canadianmoneyforum.com/showthread.php/11025-Banking-w-Canadian-Direct-Financial


----------



## mrPPincer (Nov 21, 2011)

FYI People's Trust now has online banking (since dec/2012) and the TFSA is still paying 3%

I'm thinking of opening an account for my remaining $3500 of this year's TFSA room.
Dumb question, but it can't hurt to ask, I can't open a PT HISA account inside my TDWH TSFA can I?


----------



## GoldStone (Mar 6, 2011)

You can't.


----------



## mrPPincer (Nov 21, 2011)

Didn't think so. Thanks GoldStone.


----------



## lonewolf (Jun 12, 2012)

Peoples trust & Hubert are both credit unions which most likely have lower fees then the banks if you want to transfer your TFSA to another instution for higher rates in the future. Hystoricaly virtual credit unions pay higher interest rates then the banks that nickle & dime everyone to death so your more likely to avoid high transfer fees in the future. ( I guess the transfer fees could be avoided by with drawing money then putting it into TFSA following year)


----------

