Peoples Bank of Canada Review 2025 — BC Online Bank, GICs and HISA

Peoples Bank at a Glance

Feature	Details
Full name	Peoples Bank of Canada
Parent	Peoples Group (Vancouver, BC)
Regulation	Federally regulated Schedule 1 bank
CDIC insured	Yes
HISA rate	~2.50–3.25%*
GICs available	Yes (1–5 year terms)
Account types	Savings, GIC, TFSA, RRSP, RRIF
Physical branches	Limited (primarily BC)
Online/digital	Yes — accounts opened and managed online

*Rates approximate. Verify at peoplesbank.ca.

About Peoples Bank of Canada

Peoples Bank of Canada is a federally chartered Schedule 1 bank, which puts it in the same regulatory category as the Big Six banks. It is owned by Peoples Group, a Vancouver-based financial services company founded in 1985. Peoples Group operates in multiple financial services verticals, including trust and corporate banking, with Peoples Bank being its consumer-facing deposit institution.

Unlike EQ Bank or Oaken (which were primarily created to gather retail deposits), Peoples Bank has a broader mandate within the Peoples Group ecosystem, including prepaid card programs, payment processing, and commercial lending. The retail savings products (HISA, GICs) are offered as part of their funding strategy.

As a CDIC member, all eligible deposits are insured up to $100,000 per insured category. This provides the same federal protection as any major bank deposit in Canada.

Savings and GIC Products

High-Interest Savings Account (HISA)

Peoples Bank offers a HISA that competes with other digital-first banks. The rate is variable and tracks the Bank of Canada policy rate. There are no monthly fees and no minimum balance requirements for the standard savings account.

GIC Products

Peoples Bank offers fixed-term GICs from 1 to 5 years. Rates are competitive with other second-tier lenders (Oaken, EQ Bank). Non-cashable GICs provide the highest rates; some cashable options are available.

Registered Accounts

Peoples Bank supports TFSA and RRSP savings accounts, allowing you to shelter interest income from tax. RRIF accounts are also available for retirees converting RRSP funds.

Who Uses Peoples Bank?

Peoples Bank attracts two main types of customers:

Rate-seekers — Canadians who comparison-shop savings rates and move funds to wherever offers the best return, regardless of brand. Peoples Bank often lands in the top 5–10 for GIC rates.
Peoples Group ecosystem users — Customers who already use other Peoples Group products (like a prepaid card program) and want to consolidate with the same parent company.

  Bottom line: Peoples Bank is a perfectly safe, federally regulated CDIC-insured bank. Its savings and GIC rates are competitive. It's not as prominently marketed as EQ Bank or Oaken, but it's a legitimate option worth including in your rate comparison.

CDIC Insurance at Peoples Bank

Peoples Bank of Canada is a CDIC member institution. All eligible deposits — including deposits in your own name, joint deposits, TFSA deposits, RRSP deposits, and RRIF deposits — are insured up to $100,000 per depositor per insured category.

This is the same level of protection you'd receive at TD, RBC, or any other CDIC member. There is no difference in safety between depositing at Peoples Bank vs a Big Six bank from a deposit insurance perspective.

Pros and Cons

Pros

Federally regulated Schedule 1 bank
CDIC insured
Competitive HISA and GIC rates
No monthly fees
TFSA and RRSP accounts available
Online account opening

Cons

Low brand recognition outside BC
Limited digital banking features
No chequing or debit card
Very limited ATM or branch access
Smaller product range

Peoples Bank vs Other Online Banks

Feature	Peoples Bank	EQ Bank	Oaken Financial
CDIC insured	Yes	Yes	Yes (dual)
HISA rate	~2.50–3.25%	~3.00–3.50%	~3.00–3.40%
GIC rates	Competitive	Competitive	Top-tier
Chequing/card	No	EQ Bank Card	No
TFSA/RRSP	Yes	Yes	Yes
Best for	GIC rate comparison	Everyday savings + spending	GIC laddering

Frequently Asked Questions

Is Peoples Bank of Canada safe? +

Yes. Peoples Bank of Canada is a federally chartered Schedule 1 bank regulated by OSFI (Office of the Superintendent of Financial Institutions) and is a CDIC member. Deposits up to $100,000 per insured category are fully protected.

Is Peoples Bank available outside BC? +

Yes. As a federally regulated bank, Peoples Bank accepts deposits from Canadians across the country. Accounts are opened and managed online. Most customers have no need to visit a physical branch.

Does Peoples Bank offer a TFSA? +

Yes. Peoples Bank offers TFSA savings accounts and GICs, allowing you to shelter interest income from tax. RRSP accounts are also available.