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Email this3:20 pm
February 20, 2013
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Here is the latest offer from PC Financial.
Earn 2% annual interest from July 16th until October 31st, 2013 on new deposits combined across any of these non-registered accounts*:
• Interest Plus™ savings account
• Interest First® savings account
• no fee bank account
Promotional interest will be paid on the portion of aggregate average daily closing balances across all of a primary account holder's eligible accounts during the offer period which exceeds the aggregate closing balance across that account holder's eligible accounts on June 30, 2013. Promotional interest will be paid in November 2013 into a single eligible account. You have to enroll for this offer by phone or by visiting a kiosk.
9:04 pm
February 22, 2013
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So, it looks like I won't deposit my ING money into PCFinancial till after June 30th. I would much rather have 2% from a regular High Interest Savings account than from a GIC.
Greg
2:50 pm
February 22, 2013
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My cash settled in RBC today and I parked it in their HISA. I then set up a transfer from RBC to PCFin to occur July 2.
I called to register for the "new" promotion and the call taker appeared surprised I knew of the offer as "only special people know of it". I told her I must be special. She asked where I had heard of it and I said "the Internet". She said, "OK, let's get you registered". To do that she needed me to listen to the terms. The terms are as outlined above with June 30 being used as the "balance" date and July 16 as the "start" date. I confirmed with her that by putting money in on July 2 I would be eligible for the current 2.6% till July 15th and then the follow on 2% from July 16th till October 31st. She confirmed I would be "getting the best of both worlds".
So, my money is liquid and I am getting 2% which, to me, is a better deal than ING's 2% GIC.
Greg
9:21 pm
February 22, 2013
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And now I need to determine when to pull my money out of PC Financial to allow me to have a zero balance when (if) they announce the next promotion.
I spoke with them today and asked the phone agent if she had heard about any new promotions. she said they are not told till the actual day the promotion is announced (which makes business sense) but that there hasn't been a period yet this year when they weren't running a promotion.
My "fallback" is likely going to be CT Financial Services where I can get 1.5% without any fuss or muss. I'd use Implicity but they have yet to get easy transfers running and I am not going to be near any CU ATMs for three months.
The difference between the PC Financial's current 2% and CT Financial's current 1.5% is $1.16 per day for the amount I have on deposit.
And I will NOT consider a GIC at any interest rate as I cannot afford to have this cash locked in. If the stock market takes a major dive the cash gets invested in good quality dividend paying stocks (or more likely an ETF holding such instruments.)
Greg
12:21 am
July 31, 2013
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Duca Financial C.U. just a few weeks ago introduced a new 2.00% earn more online savings account. It is not a tiered savings account or some of the balance is earning only 2.00% instead of the whole balance.
I don't know how long this rate will stay at 2.00% but it maybe worth a look. Canadian Tire Bank did have a 2.00% rate when it first started out a few years ago but now it is 1.50%.
If you need more information about this, go to http://www.duca.com. They are an Ontario credit union so all their Canadian deposits with no term limit is insured, protected, guaranteed by DICO, Deposit Insurance Corporation of Ontario up to $100,000 principal and interest included.
For more information about DICO, go to http://www.dico.com. Remember, never deposit more than the deposit insurance limit by DICO, CDIC or by any other government backed entity or crown corporation.
12:37 am
July 31, 2013
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I'm sorry, I just went to their website and they cut their 2.00% rate down to 1.50% on October-2-2013. A full 50 basis points.
I stated in my prior posts that once they get a certain amount of deposits they cut their rates but this is drastic.
Community Trust Company has a 1.75% maximizer savings account that pays on the full balance and has been pretty stable for almost a year or so. If you want more information about Community Trust go to http://www.communitytrust.ca.
All their Canadian deposits are CDIC insured, protected, guaranteed up to the maximum $100,000 deposit insurance limit. For more information about CDIC, go to http://www.cdic.ca.
6:52 pm
October 13, 2011
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Well, hopefully PCF (or anyone) will fire up a new promotional after this one runs out this thursday.
My small chunk of cash is crying out for a home that will at least attempt to compete with inflation.
We'll all see before the end of this week I guess..
8:04 pm
January 30, 2009
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The problem is, PCF plays this game where it has to be a 'new deposit'. So if you are loyal to PC and keep your money in that account, they will punish you by giving you a lower interest on that balance. So, if you are planning on going with PCF, make sure you withdraw all of your funds well before a new promotion.
6:19 am
October 13, 2011
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Thanks for the warning James; yes I know how the PCF promo tactics usually work and do not have any cash with them at all right now.
I did miss out on this latest 2% promo because my cash was in the no-fee account for their previous promo and had not withdrawn it before the cutoff date in order to qualify, if I understand the latest rules to qualify correctly.
(Oddly, some money recently moved through that account did seem to be getting a promo rate even though I thought it didn't qualify for the latest one).
As long as these promos result in a few new long term customers it's probably always worth their while to keep running them.
I'll be moving my cash to the first HISA that runs a promo or hikes it's rate to something competitive, I don't care if it's PCF or not, and if it's worth my while I'd even open another new account if I don't have one there yet.
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