Peoples Trust is a Canadian financial institution offering customers a range of banking and investment products. Founded in 1985, they have become one of Canada’s leading online banks.
Peoples Trust focuses on savings and investments by offering a range of savings accounts and providing Canadians with various investment options. They pride themself on offering innovative and convenient banking solutions at competitive rates.
In this detailed Peoples Trust review, we will look closer at the product and services offered by Peoples Trust, its pros, cons, safety, opening an account, and how it compares to other online banks in Canada.
Read on to learn more.
- Zero monthly maintenance fee
- Zero transaction fees
- High-interest rates
- No minimum deposit requirements
- Deposit protection
- Limited account options
- No bills transfer
- No ATM withdrawals
- Longer hold periods
An Overview of Peoples Trust
Peoples Trust is a digital bank and a division of Peoples Group. The Peoples Group was founded in 1985 and had headquarters in Vancouver and other offices in Toronto and Calgary.
Peoples Group is a part of the Triple Five Group and has over $6.93 billion in assets under management. For over 35 years, Peoples Group has been helping Canadians improve their finance through a selection of channels and partners.
Like other Canadian online banks, Peoples Trust converts the costs of running a physical bank to high-interest rates on its savings accounts.
In addition to high-interest savings and GIC accounts, Peoples Trust offers commercial lending, mortgage, and payment card services. You can get prepaid Visa and Mastercard payment cards through its subsidiary, Peoples Card Services.
What makes Peoples Trust unique compared to other online banks in Canada lies in its zero maintenance and transaction fees.
Is Peoples Trust Safe?
Yes, Peoples Trust is safe. Peoples Trust is a Canada Deposit Insurance Corporation (CDIC) member, meaning all your deposits are insured up to $100,000 per category.
Furthermore, the Peoples Trust website is well-structured with advanced (256-bit SSL) encryption protecting outsiders from accessing your information on the site.
To ensure the up-to-date security of your personal information on its website, Peoples Trust upgrades its system regularly to keep up with the latest industry practices.
Also, Peoples Trust is associated with the CMHC, Mortgage Professional Canada, Registered Deposit Brokers Association, Mortgage Investment Association of British Columbia, and the Better Business Bureau Accredited Business.
Peoples Trust Accounts
Peoples Trust offers a wide range of savings accounts, including high-interest savings accounts, Tax-Free Savings Accounts (TFSA), and Registered Retirement Savings Plans (RRSP). They also offer GICs (Guaranteed Investment Certificates) and mutual funds, providing customers with various investment options.
Let’s look at the accounts offered by Peoples Trust:
1. Peoples Trust Savings Account
Peoples Trust Savings Account consists of e-savings and TFSA savings accounts.
- Peoples Trust e-Savings Account: This is a high-interest savings account with no minimum deposit and monthly fees. It offers high-interest rates of 3.00% and no minimum deposit, no monthly fees, interest calculated daily and paid monthly, and CDIC protection.
- Peoples Trust TFSA Savings Account: This is a high-interest savings account without tax implications. It offers high-interest rates of 3.00%, tax-free savings and income growth, tax-free withdrawals, no fees, interest calculated daily and paid monthly, and CDIC protection.
2. Peoples Trust GICs
If you’re looking for a guaranteed high-interest rate on return from a 30-day to 5-year period, the Peoples Trust Guaranteed Investment Certificate (GIC) account could be ideal.
Peoples Trust GICs offer high rates, no fees, compounded interest options, a minimum investment of $1,000, and CDIC protection.
Peoples Trust offers three types of GIC accounts: non-registered and registered (TFSA and RRSP) GIC accounts which are non-redeemable before maturity, and two durations, short-term and long-term durations.
Note: The above rates reflect the time of writing this review. According to Peoples Trust, it can change rates without notice.
3. Peoples Trust Mortgage Services
Through the Peoples Bank, Peoples Trust provides mortgage alternatives for brokers and residential lending services. Canadians with issues getting mortgages can find speciality programs to help finance their properties across Canada.
Peoples Trust offers a 5-year fixed rate on new deals with a 120-day close at 4.69% (APR of 4.72%).
If you’re interested, you should contact the Peoples Trust team by phone at 604-331-3465 or by email at CAP@paradigmquest.com.
Note: You can reach them only during their regular office hours (10 am – 3 pm PT, Mon – Fri).
How to Open a Peoples Trust Account
Opening a Peoples Trust account takes only a few minutes. However, you must be a Canadian resident, have a personal cheque, a valid social insurance number (SIN), and reach the age of majority in your province.
If you meet these requirements, follow these steps to open your Peoples Trust account:
- Visit the sign-in page of Peoples Trust
- Provide your details
- Ignore the “No Reply Report” automated email and wait for an email from Peoples Trust staff through DS_NewAccounts@peoplesgroup.com.
- Follow the instructions from the email to complete your registration.
Peoples Trust vs Other Online Banks in Canada
Several online banks in Canada offer competitive rates and high-interests on savings and GICs like Peoples Trust. Let’s look at a few of them.
EQ Bank is a digital bank established by Equitable Bank in 2016. EQ Bank offers one of the highest interest rates on registered and unregistered accounts in Canada, with no monthly maintenance fees and minimum balance requirements.
They offer hybrid savings and chequing accounts, and customers can easily transfer funds between their EQ Bank account and other bank accounts. Their GICs range from 3 months to 5 years. You can choose from various options, including non-redeemable GICs and redeemable GICs with different interest rates.
EQ Bank offers a mortgage product for customers who are looking to buy a home or refinance their existing mortgage. The bank offers competitive rates and flexible payment options and operates entirely online, offering lower fees and better interest rates than traditional banks.
Simplii Financial is a Canadian online bank that was launched in 2017 as a rebrand of the former PC Financial. It is owned by CIBC, one of Canada’s largest banks. Simplii Financial offers a range of banking products, including savings accounts, chequing accounts, mortgages, and personal loans.
The digital bank offers no-fee chequing accounts with unlimited transactions, free e-transfers, and no monthly fees. The bank also offers a savings account with a competitive interest rate and no minimum balance requirement.
Their mortgage and personal loan products are also popular among customers. The bank offers competitive rates and flexible payment options, and customers can easily apply for loans and mortgages online.
Oaken Financial is a Canadian online bank that was launched in 2013 as a subsidiary of Home Capital Group, a Canadian financial institution. Oaken Financial offers a range of banking products, including savings accounts, GICs (Guaranteed Investment Certificates), and mortgages.
Oaken Financial offers GICs terms ranging from 30 days to 5 years at competitive interest rates. The bank also offers a high-interest savings account with no minimum balance requirement or monthly fees.
Final Thoughts on Peoples Trust Review
Peoples Trust is a reputable Canadian digital bank offering its customers various banking and investment products. With over 35 years of experience, the bank has been helping Canadians improve their finances.
One of the unique features of Peoples Trust is its zero maintenance and transaction fees, which makes it attractive to customers who are looking for a cost-effective banking solution. The bank is also safe as it is a Canada Deposit Insurance Corporation member, and its website is well-structured with advanced encryption to protect customer information.
Peoples Trust provides different savings accounts, GICs, and mortgage and lending services, providing customers with various investment options.
Opening an account with Peoples Trust is a simple process, and their high-interest rates and no-fee policy make it an attractive choice for many Canadians. This Peoples Trust review is positive, and I recommend Peoples Trust.
Let me know in the comment section if you have any questions or concerns about this Peoples Trust review.