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Email this9:58 am
May 15, 2007
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Does anybody currently have a PC Money account? Looks like they now have a "savings feature" with a 4.25% interest rate: https://www.pcfinancial.ca/en/pc-money-account/
10:17 am
January 12, 2019
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.
'Thanks' for the heads-up, Peter !
And I see that it's covered by the CDIC.
It's Definitely worth looking into.
- Dean
" Live Long, Healthy ... And Prosper! "
10:27 am
June 20, 2023
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I have a PC Money account. I currently have a better savings rate elsewhere, so have not yet added the "savings feature". Fingers crossed (but not too tightly) that an add-the-feature incentive is on the horizon.
Peter, I realize that does not help you if you were looking for a review of the feature.
10:30 am
April 6, 2013
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Looks like the PC Money account now has a spending balance, that earns no interest, and a savings balance, that does earn interest:
- Transfer funds from your spending balance to your savings balance within your account.
- Earn interest daily, paid monthly on your savings balance.
- To access funds in your savings balance, transfer funds back to your spending balance.
10:43 am
May 15, 2007
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jorno319 said
I have a PC Money account. I currently have a better savings rate elsewhere, so have not yet added the "savings feature". Fingers crossed (but not too tightly) that an add-the-feature incentive is on the horizon.Peter, I realize that does not help you if you were looking for a review of the feature.
Thanks for sharing! Personally, I'm not in a rush to open another bank account. I'm just hoping to get the conversation started for now!
11:09 am
February 7, 2019
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Peter said
Does anybody currently have a PC Money account? Looks like they now have a "savings feature" with a 4.25% interest rate: https://www.pcfinancial.ca/en/pc-money-account/
I had one but it only earned 5pts/$ vs 30 with PC ME WE or 40 with PC Insiders MC @ Loblaws/NoFrills/SDM and 10 everywhere else. So, I closed it. But now with a savings option currently @ 4.25% it could be interesting as a backup to TNG offers ...
| CGO |
11:57 am
October 21, 2013
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PC Financial is CDIC-insured through PC Bank. I didn't know they offered deposit-taking accounts, but I have better offers elsewhere.
I don't imagine this rate will hold. Will wait to see where it settles compared to others.
12:30 pm
September 7, 2018
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To those who have this product:
Can you pay bills etc. by interac e-transfer?
Is this basically a Debit Card? and you earn Optimum points same as the PCF Mastercard?
12:42 pm
April 6, 2013
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The PC Money card is not a debit card. The card won't be accepted in-person at merchants that only accept Interac debit.
It is either a Mastercard Debit card or a prepaid Mastercard. Someone who has the card can examine it and see what it actually is. Card is handled by merchant like a Mastercard credit card.
According to the product page, bills are paid by doing bill payments or setting up pre-authorized debits against the spending balance of the PC Money account. Need to move funds from the savings balance to the spending balance if there isn't enough spending balance for the bills.
12:52 pm
April 6, 2013
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Loonie said
I don't imagine this rate will hold. Will wait to see where it settles compared to others.
The 4.25% rate likely won't hold. That's quite high for savings account deposits and not targeted.
PC Bank will cut the rate when that leading rate starts to attract more savings account deposits than the bank needs.
1:49 pm
August 20, 2019
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PC MONEY™ ACCOUNT – OPTIONAL SERVICE ACCOUNT FEES
https://www.pcfinancial.ca/api/v2/en-CA/assets/fees_schedule_v1.pdf
1:58 pm
April 6, 2013
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Especially that optional $20/year inactivity fee!
|
Inactivity Fee (yearly)
Your Account is considered inactive if you have not transacted on your Account after a 12-month period. To avoid this fee, any monetary transaction must be initiated by you at least once every 365 days. |
$20.00 |
2:08 pm
June 20, 2023
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Norman1 said
The PC Money card is not a debit card. The card won't be accepted in-person at merchants that only accept Interac debit.It is either a Mastercard Debit card or a prepaid Mastercard. Someone who has the card can examine it and see what it actually is. Card is handled by merchant like a Mastercard credit card.
The card behaves as a prepaid Mastercard. There is no reference to Mastercard Debit anywhere on the card.
2:29 pm
June 20, 2023
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canadian.100 said
To those who have this product:
Can you pay bills etc. by interac e-transfer?
Is this basically a Debit Card? and you earn Optimum points same as the PCF Mastercard?
The following image outlines how the account earns Optimum points.
For the bill payments, direct from their "legal stuff",
"Earn a bonus of 1,000 PC Optimum™ points for each of up to five bill payments of $50 or more to unique payees, per calendar month, made using a valid PC Money™ Account. Bonus points will be awarded to your PC Optimum™ account within 2-3 weeks of a successful bill payment."
A teaser (?) for the dedicated Optimum points collectors - if you do not have five unique payees, there are some "hacks" to earn those extra points each month. But I digress...
4:13 pm
April 6, 2013
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At Loblaw banner stores and Shoppers Drug Mart stores, the PC Money card points earn rate is as good as the rate on the base PC Financial Mastercard. But, at other merchants or with the PC Financial World and World Elite Mastercards, the earn rate is better with the Mastercards.
At participating Loblaw banner stores:
10 points/$1 for PC Money card
10 points/$1 for PC Financial Mastercard
20 points/$1 for PC Financial World Mastercard
30 points/$1 for PC Financial World Elite Mastercard
40 points/$1 for PC Insiders World Elite Mastercard
At Shoppers Drug Mart stores:
up to 25 points/$1 for PC Money card
25 points/$1 for PC Financial Mastercard
35 points/$1 for PC Financial World Mastercard
45 points/$1 for PC Financial World Elite Mastercard
50 points/$1 for PC Insiders World Elite Mastercard
At other merchants:
5 points/$1 for PC Money card
10 points/$1 for any of the PC Financial Mastercards
5:10 am
December 20, 2019
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I have 4 of these cards and can confirm you CANNOT use them as a debit card. ANY merchant like a variety store that only takes debit cannot take this card. My kids can use the card wherever they take Mastercard.
I applied for x4 cards
Father
Mother
Son
Daughter
Cards are all in my name and I put a sticker on the back with each persons name.
I pay allowance and such on the card and the kids spend as needed. Whenever they need spending money for school I top up the funds.
Each person has the app on their phone and we can move money from one person to another as needed.
It works so well for our needs but until now there was no interest and my son has saved quite a bit of money. He is 17 and only the big banks will take him but again with virtually no interest so its good to see interest here now.
Funny how all the high interest accounts will not allow under 18 applicants.
3:28 pm
August 20, 2019
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PCmoney account @4.25 direct competitor to Eqbank 30 day notice @4.25.
Also, with pay bill services.
4:32 pm
April 6, 2013
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Interestingly, the PC Money account is set up as a bill payee:
Online bill payment from external bank account
Setting your PC Money Account as a payee is a quick and free way to deposit money into your PC Money™ Account. You can also set-up regular recurring deposits.
1️⃣ Sign in to your external bank and go to the 'Bill payment' section
2️⃣ Add ‘PC Money™ Account’
3️⃣ Enter your 16-digit PC Money™ Account card number and save it as a new payee
4️⃣ Make a transfer to deposit money to your PC Money™ Account
According to their chatbot, transfer maximums from linked external accounts are modest:
Things to keep in mind:
It will take up to 3 business days for the funds to be taken from your external bank account and posted on your PC Money™ Account. Then the funds are held for 5 business days from the posted date (does not include Saturday, Sunday, and national holiday)
You can link up to 5 external banks to your PC Money™
The daily transaction limit is $1,000 and monthly limit is $4,000
11:20 pm
May 21, 2021
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I have the account though I only use it to get points for bill pay - I earn $4 or $5 worth towards groceries per month.
I can't really recommend it. My transfers in take forever to be available - 8 business days even though the terms say 6.
Pending transfers disappear from the pending section which one led me to assume one didn't process and reenter it. Then both went through and over drafted my other account. The response was well we aren't a bank we tie to the MasterCard network so there is delay in seeing transactions (even ones created in the account apparently), and they could only offer me $20 in points for the screw up and not fix it in any way.
Additionally I also notice my transferred funds completely disappear from my account for one day before they clear.
These guys don't feel like they have any responsibility to act like a real bank so I would be cautious about giving them real money.
5:38 pm
May 20, 2016
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I just received the Canadian HIgh Interest newsletter mentioning the 4.25% but when I clicked the [referral] link: https://link.mail.beehiiv.com/ss/c/u001.EKInM94BAte-vlY9tlvNReFjadrbLF0d4nrfPtTev7SnabjTBVhkQmAdZE4mBh2HRxFLPOjhQGaz6FDTy7PscZmwq1bXZPCToDQDcbtGAxl67UlcszG-x6_hGaQiLhdlhuNQ-p2rK-JCLwTnBkIoAeEdqxtKvTfo-U5QtZ1oYSxyxivZ7D-hkQlqz10zrS1wu1P6MzjrGJKTX77r4IWACz_qQzeUI4U_RAyRaLwMlmdmOzePNyPzInK2pXOueAfbT38rFt8Dqf4180Nl6ALaO67-8YLu45Q9UyRInX-jl61hi0iG2CglUIgve4DbXBaRrPVdQXe6QI5ZaSflOsytepKVIwAmyrRgCf1k5amIKyL8UcIFZM4mSvTA0n5yO5MJkY-VyvmtEbimPcW8eAsjdg/4ah/JmxPqHZURy6dL7LN58yMyQ/h6/h001.5Y5G0FOm2atr7eHNv8W05QYIPG0p_5Kapo4JwzptXlA
but there is no mention of the 4.25% offer. Maybe it's gone?
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