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Discontinuing bonus interest on accounts
February 20, 2013
4:49 pm
frugal lady
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Just got a notice from PC in the mail. Effective April lst, 2013 they are discontinuing Anniversary
bonus interest on the Interest Plus Savings Account, the Interest Plus RRSP and the Tax Free Interest Plus savings account.

February 20, 2013
6:46 pm
Doug
British Columbia, Canada
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Thanks for the update, frugal lady. I've never been a fan of "bonus interest" gimmicks except on GICs (i.e., so-called "scratch & win" offers the likes of Canadian Western Bank use) and especially not on TFSAs as you have to fill out a T2033 form to transfer it out - or wait until December to transfer out and re-contribute in January of the next year at the new FI. I think the FIs should set their rates accordingly, not artificially high either with so-called "bait and switch" tactics or "teaser rates" (at least Ally was good for keeping their word on not using those), and let the "chips fall where they may". :)

Cheers,
Doug

February 23, 2013
3:28 pm
Doug
British Columbia, Canada
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Update: My bad, frugal lady. I was confused and thought you meant the sneaky, promotional offers were being discontinued and I did a little "happy dance". Peter, the forum administrator, clarified to me that it is the anniversary interest (based on the length of time being a PC Financial account holder/customer) that is being discontinued. That is indeed unfortunate. ;(

Cheers,
Doug

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