# PC financial promo 2.25% (non-reg) until Jan 31, 2014



## james4beach (Nov 15, 2012)

The promotion is back though the rate is lower than before 
http://www.banking.pcfinancial.ca/mkt/common/promos/ratepromo2013-en.html



> Right now earn 2.25% interest* from November 1, 2013 – January 31, 2014 on new deposits combined across any of these accounts:
> 
> Interest Plus™ savings account
> no fee bank account.


Notably, the terms state you must phone or accept online to enroll. You have to opt in. Also as with past promotions you only earn 2.25% on the total amount in your accounts that exceeds the total value on October 31, 2013. In other words this is promotional interest only on new money you bring into the bank.

When I read these conditions it appears to me that for any new money I bring it, it will make no difference whether I put it into the chequing or savings account. Do others read this the same way? Normally there would be a benefit to money in the savings account but as I understand it, during this promotional period there is no advantage to moving money into savings. Even if all the new money sits in chequing it will still earn 2.25% ... is this right?


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## fatcat (Nov 11, 2009)

why would anyone go the trouble of moving what i assume would be less than 100K into an account to pick up 35 basis points for 2 months ?
you can get 1.90 in a permanent e-savings account right ?
so you get an extra 35 points for 2 months 
that amounts to $60 on a full 100K
and that's worth all the hassle ?
what am i missing ?


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## Butters (Apr 20, 2012)

Edited because I was totally wrong!


> 3. The special interest rate of 2.25% (“Promotional Rate”) is a combination of the regular annual interest rate paid on Eligible Account balances, plus promotional interest (“Promotional Interest”) paid during the Offer Period.



So, you can gain 1.35% in your savings, and earn a few more "new dollars"
But, yeah either account, at the end will sum up to 2.25%


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## GoldStone (Mar 6, 2011)

SheaButters said:


> I take it you gain your 1.35% in savings (or 0.10% in chequing), PLUS 2.25% bonus (likely paid all at once )


2.25% is the total interest you get. Regular + bonus = 2.25%


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## Butters (Apr 20, 2012)

darn it, combination, i read it too fast, got greedy!


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## mrPPincer (Nov 21, 2011)

james4beach said:


> Even if all the new money sits in chequing it will still earn 2.25% ... is this right?


Yes



fatcat said:


> so you get an extra 35 points for 2 months
> that amounts to $60 on a full 100K
> and that's worth all the hassle ?
> what am i missing ?


It's no hassle at all once you already have an account with PCF, and they have been running these promos back to back all year now.
The hitch is you get the bonus rate only on the amount more than what you had in there on the day the promo starts on most of these, so usually it's best to pull the money out just before the promo ends.

Once you have accounts with many online banks it take only a few seconds to log in and move it wherever..

Until one of them.. (I'm looking at you People's Trust).. loses all your info to the people's republic of china, maybe then the $60 wasn't worth it..
People's Trust.. who was it said that if they have to put the word trust in their name it should be a warning bell; ironic that it turned out to be true.. don't know whether to laugh or cower under the bed in fear..


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## KaeJS (Sep 28, 2010)

fatcat said:


> and that's worth all the hassle ?
> what am i missing ?


fatcat,

I deal with this day in and day out for my occupation.

You wouldn't believe what people would do for a few basis points.

I have people going through trouble of switching accounts and spending 15-20 minutes over the phone to make 5 or 10 basis points on $5k.

When you explain to them it amounts to less than a mcdonalds combo, they still want to do it for some reason.....


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## fatcat (Nov 11, 2009)

KaeJS said:


> fatcat,
> 
> I deal with this day in and day out for my occupation.
> 
> ...


in fairness to the people that want to do this, i have defended opening up high-interest savings accounts and taking the time to transfer money ... so i get it ... we all have our price and our "hourly" rate i guess

i made a point of opening up an account at canadian direct financial because they are paying 1.90 instead of the 1.25 i get at at tdw ... at my "hourly rate" the amount of money i moved was worth it to me, others wouldn't bother

(though frankly, getting burned at pf has made me think that perhaps i will pull it all back to tdw ... cdf does not have robust security, though they say they are going to change this)


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## james4beach (Nov 15, 2012)

I had some larger amounts sitting at my credit union at 1.8%, and because of this promo I will be moving money to PC Financial


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## the-royal-mail (Dec 11, 2009)

How do you plan to move the money? Any fees?


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## james4beach (Nov 15, 2012)

No fees. Using PC I can do an electronic fund transfer from external accounts into PC and the credit union savings account allows 1 free withdrawal per month


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