# PC 2.6% interest



## shanti (Dec 3, 2011)

PC is offering 2.6% interest on additional balance till July 15, 2013. The additional balance is the amounts over the aggregate closing balance on April 14, 2013 of Interest Plus Savings, Interest First saving and No Fee Bank accounts.


http://www.banking.pcfinancial.ca/a/products/RatePromo2013.page


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## crazyjackcsa (Aug 8, 2010)

Sure, and they stopped paying out "Anniversary Interest" in April, but won't hand over that cash until the anniversary date. And the interest rates on all the accounts have been reduced lately. Heck, I'm only getting 1.4% on the TFSA.


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## james4beach (Nov 15, 2012)

Seems pretty good to me and I've already phoned to enroll. 2.6% is a great rate on cash (for three months).

What's even more interesting about this is that you get the 2.6% no matter what account it's in, as long as it's a non-registered account. Normally you'd get the higher interest rate only in the Interest Plus account. With this promotion you'll get the high rate even in plain old chequing. That is really sweet


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## NorthKC (Apr 1, 2013)

Another reason why I like PC. Savings for both new AND current customers.


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## mrPPincer (Nov 21, 2011)

Nice! Do I have to apply? or can I just plop the cash into my existing chequing account and start collecting 2.6% ?


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## NorthKC (Apr 1, 2013)

mrPPincer said:


> Nice! Do I have to apply? or can I just plop the cash into my existing chequing account and start collecting 2.6% ?


It's already automatic!


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## GoldStone (Mar 6, 2011)

NorthKC said:


> Another reason why I like PC. Savings for both new AND current customers.


This is not true. See post #1. If you are a current customer, April 14 is the cut-off date. The existing balances as of April 14 do not earn the bonus rate.


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## james4beach (Nov 15, 2012)

In either case you have to phone to 'enroll'. I'm an existing customer and I called, they read me the disclosure, and I accepted .... they activated the promo offer.

You only get the 2.6% on daily average balances that exceed the total of your money on April 14. So back on April 14 if you had $100 across all accounts, and today you have $200, then you earn 2.6% on just the $100


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## NorthKC (Apr 1, 2013)

I know that April 14 is the cut-off date. Just saying the we STILL get the interest as the promotion is not solely for new customers.




GoldStone said:


> This is not true. See post #1. If you are a current customer, April 14 is the cut-off date. The existing balances as of April 14 do not earn the bonus rate.


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## andrewf (Mar 1, 2010)

It is nice that this promo is open to existing accounts with incremental deposits and not just new accounts as some other banks do. I don't really like these teaser rate promotions, though. I prefer a consistent slightly higher rate and not having to account-hop.


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## Sampson (Apr 3, 2009)

Are you guys really concerned about an extra few basis points for 3 months?

I mean even if deposit $10,000 from now to July, this is a difference of a few bucks compared to the competition. You spend 20-30 minutes clipping coupons and save/earn as much.


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## james4beach (Nov 15, 2012)

Well this is what ZIRP makes us do. Flying around in a frenzy, chasing fractions of a percent.

I really resent what they have done to savers... offtopic though


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## andrewf (Mar 1, 2010)

Savers get burned either way: defaults or financial repression.


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## mrPPincer (Nov 21, 2011)

NorthKC said:


> It's already automatic!


I wouldn't be to sure of that..
I'll be phoning in to enroll before I transfer anything just to be sure.

Even though there's nothing in the the promo e-mail or in the terms and conditions about having to enroll, it seems PCF *does* require you to do so in order to get the 90 day teaser rate, as mentioned by James and confirmed by GS in the highinterestsavings.ca thread below;
http://www.highinterestsavings.ca/forum/pc-financial/pc-financial-2-6-promotional-offer/#post7628


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## mrPPincer (Nov 21, 2011)

Sampson said:


> Are you guys really concerned about an extra few basis points for 3 months?
> 
> I mean even if deposit $10,000 from now to July, this is a difference of a few bucks compared to the competition. You spend 20-30 minutes clipping coupons and save/earn as much.


It's worth it to me.
The difference between 2.6% and 1.9% on 20K over 3 months is 35 bucks.
Every few dollars that I can improve the performance of my overall portfolio by over the long term does make a difference to me.

The other factor is that by constantly moving to the highest-paying HISA, I like to think I'm putting a little pressure on the rest of them to compete for the use of my hard-earned dollars instead of having them take us savers for granted with substandard rates.


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## crazyjackcsa (Aug 8, 2010)

I had to call in, and I'm a member. That's very frustrating. Also it appears that it isn't all three accounts, it's just the one you chose. Furthermore, I had to set up a pre-authorized transfer system into that account.

The whole exercise left me unimpressed to say the least.


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## GoldStone (Mar 6, 2011)

Lots of confusion about calling / not calling to enroll.

PCF started a promotion in February that paid *2%* bonus rate until May 31. They didn't advertise it on their web site. I got an offer when I logged in to online banking. The fine print said to call and register.

PCF started a new promotion last week. It pays *2.6%* bonus rate until July 15. They advertise it broadly. The fine print doesn't say anything about calling in to enroll. I called them anyway. The CSR I talked to said it's automatic. I guess I should call them again to confirm.


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## shanti (Dec 3, 2011)

When I called them to confirm if I needed to enroll, I was told "no need".


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## mrPPincer (Nov 21, 2011)

shanti said:


> When I called them to confirm if I needed to enroll, I was told "no need".


Same here. The rep I talked to said it's automatic.


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## fraser (May 15, 2010)

I have had two very good experiences with Canada Direct Financial. They pay 1.9 percent on a daily high interest savings account.

Filled out the on line application for two accounts, sent in the cheque. Got an email back yesterday saying all was good, welcome package in the mail. BUT, the email said I could call and get things going now instead of waiting for the mail. I did call, they were very helpful. Had to call back again about a transfer from my bank. Again,,,the same good response. I was on hold for about fifteen seconds and the CSR walked me through the issue. Sure a lot faster than CIBC`s Imperial Service help line.


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## james4beach (Nov 15, 2012)

Just a reminder that the 2.6% promotional interest has ended as of yesterday (July 15). The extra interest will be paid out within a couple weeks, apparently.

Personally I am now going to transfer my cash back out to the other institutions where I normally keep it.

They are running a new promotion which is 2.0% interest on new deposits (again you have to watch your balance at the starting date) ... in my case I can't bring in significant new money for this new period, which is why I am transferring much of my PC money out.


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## Echo (Apr 1, 2011)

ING is running a promo offering 2.5% interest for 90 days - http://www.ingdirect.ca/referafriend/


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## fraser (May 15, 2010)

We no longer deal with ING...not since they lowered their rates. We are quite happily, or as happy as we can be, getting 1.9 percent on a DISA from Canada Western and from Peoples.

I do not like these gimmicks where you get a little boost for a few months. Glad not to be a customer any more. We ditched Ally for the same reason. 

Seems that the first thing the banks do when they buy these ebanks is to cut the interest rate. Maybe that is how they partially finance the purchase in the hope that Canadian depositors will be their normal milk toast selves. 

At least Royal got what they wanted....Ally's auto loan portfolio.


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## james4beach (Nov 15, 2012)

I already have an ING Direct account so can't benefit from that promo rate unfortunately.

When the PC Financial promo ended this week, I withdrew half of all my funds and sent them a MB credit union.


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