The Peoples Trust Company is a division of Peoples Group. They are popular for offering some of the best savings rates and GIC investment products in Canada.
Peoples Trust is also a top issuer of prepaid Visa and Mastercard payment cards, e.g. KOHO, Mogo, and STACK, through its subsidiary, Peoples Card Services.
This Peoples Trust review covers the various financial products it offers, how to open an account, and more.
What is Peoples Trust?
The Peoples Trust company was founded in Edmonton in 1985. It has offices in Vancouver, Toronto, and Calgary.
In addition to Peoples Trust, the Peoples Group also consists of Peoples Payment Solutions and Peoples Card Services.
Peoples Group is a part of the Triple Five Group conglomerate – the same group that operates the West Edmonton Mall and Mall of America.
Peoples Trust Accounts
Peoples Trust offers personal residential mortgages, high-interest savings and GICs, and several commercial lending and mortgage products.
Their personal accounts services include:
Peoples Trust Savings Account
The Peoples Trust e-savings account has no monthly account fees or minimum deposit. You enjoy:
- A high-interest savings rate (currently 3.00%* for both general, TFSA, and RRSP savings)
- Interest is calculated daily and paid monthly
- Online banking with easy transfers between financial institutions
- CDIC deposit insurance
You can also save inside a Peoples Trust TFSA account.
Peoples Trust GIC
Peoples Trust offers a variety of GIC investment products you can hold in non-registered accounts, TFSA, and RRSP accounts.
These GIC accounts require a $1,000 minimum deposit and offer:
- Various terms ranging from 30 days to as long as 5 years
- High-interest rates
- No service or transfer fees
- CDIC deposit insurance
Peoples Trust GIC Rates
The rates on Peoples Trust GICs as of July 2023 are:
- 1 year: 5.35%
- 2 year: 5.25%
- 3 year: 4.80%
- 4 year: 4.65%
- 5 year: 4.50%
You can also get shorter-term GICs ranging from 30 days to 270 days.
*Confirm the current rates on the bank’s website.
Peoples Trust Mortgage Services
They provide residential mortgages with fixed rates on 1 to 5-year terms.
Peoples Trust also provides alternative mortgage lending through mortgage brokers.
How To Open an Account at Peoples Trust
New clients can open a Peoples Trust account online. by phone at 604-331-3465 between Monday – Friday (8 am – 4:30 pm PT).
For deposit services, you can also visit Suite 100, 888 Dunsmuir Street, Vancouver, BC V6C 3K4.
For mortgage services, you can reach them at 604-683-2881 or visit Suite 1400, 888 Dunsmuir Street, Vancouver, BC V6C 3K4.
Is Peoples Trust Safe?
Peoples Trust Company is a member of the federal Canada Deposit Insurance Corporation, which means that your deposits are insured up to $100,000 per category.
It is also associated with the following organizations:
- CMHC: Approved issuer under the Mortgage-Backed Securities Program
- Registered Deposit Brokers Association
- Mortgage Professionals Canada
- Better Business Bureau Accredited Business
- Mortgage Investment Association of British Columbia
Peoples Trust vs. Other Online Banks
Peoples Trust offers competitive rates on its savings and GIC products similar to the likes of Tangerine, EQ Bank, Simplii Financial, and Oaken Financial.
How does it compare?
EQ Bank: EQ bank is an online bank operated by Equitable Bank. It offers a hybrid savings/chequing account and GICs. The bank’s savings rate is one of the best you will find in Canada.
EQ Bank Personal Account
Up to 4.00%* interest rate
Unlimited debits and bill payments
Unlimited Interac e-Transfers
No monthly account fees
Simplii Financial: Owned by CIBC, Simplii also offers a wide variety of accounts similar to Tangerine, including savings, chequing, GIC, mortgage, and other accounts.
Simplii High-Interest Savings Account
6.00%* rate for 5 months
Unlimited debits and bill payments
Unlimited Interac e-Transfers
$400 cash bonus offer with a free chequing account
Tangerine Bank: Tangerine is the direct banking arm of Scotiabank. They offer a complete suite of financial products, including no-fee chequing, savings (0.10%), investments (both registered and non-registered), mortgages, personal loans, and more.
Tangerine Chequing Account
No monthly account fees
Unlimited free transactions
Up to 0.10% interest on balance
Access to a no-annual-fee credit card
You can read more about the other online banks and competitors (like Oaken, Alterna, and motusbank) in this online banking guide.
Conclusion
Canadians can get better rates on their savings by looking at online banks. These digital financial institutions can save on overhead, and they pass on these savings to customers through higher savings and competitive mortgage rates.
Financial institutions that can only (or mostly) be accessed via online means have their own challenges, particularly if you make a lot of transactions that require in-person attendance at a branch.
For most people, however, they are just as good as their brick-and-mortar counterparts; secure, and you may get better returns on your deposit accounts.
Nice one. Very enlightening.
April 1st/2023. I tried calling the 1-800 number for Peoples’ Trust exactly one month ago (re: purchasing GIC’s). I couldn’t get through & sent them an email as well. Yesterday, I finally receive an email from this establishment to apologize for their lack of response, and if I’m still interested to email them again. Cannot trust an online company who cannot handle normal volumes during an RRSP season. Forget it!
Hello, very interesting article.
With comparing banks, it would be nice to mention which banks will not accept clients from the province of Quebec.
Thank you.
@Michel: Good point. We will keep this in mind. Thanks.