PC Money account now offers 4.25% | Page 2 | PC Financial | Discussion forum

The rate is still listed on their site.
https://www.pcfinancial.ca/en/legal-stuff/pcsavings-interest-rates/

The rate is still there on the PC Money Account product page:

PC Money™ Account
NEW! Earn 4.25% interest on savings¹

The only bank account that earns you points for spending and interest on your savings, with no monthly fee and no minimum balance - get up to $700 in average annual value.²

Would bill paying to the PC Money card from the other financial institution take less time for the funds to be available? Bill paying to my Scotia iTRADE account makes the funds available with no restrictions when they arrive. In contrast, pulling the funds in at Scotia iTRADE results in restrictions on the funds (may not be transferred out until after 10 business days from the date of deposit).

In my experience, funds paid to the PC Money card from another financial institution are fully available once they arrive in the PC Money account.

200,000 points welcome offer for three months of payroll/pension direct deposits:

Earn 200,000 bonus PC Optimum™ points with a welcome offer when you open a PC Money™ Account and set up a min. of $1,500 in payroll or pension direct deposits for 3 consecutive months.

Offer ends October 31st, 2024. See terms and conditions* for details.

* This introductory offer is available to new, first-time PC Money™ Account cardholders. For this offer you must have completed the actions or met the conditions described below in order to be eligible for the PC Optimum™ points shown. This offer replaces any other introductory offers. This offer may be terminated or changed by us at any time without notice.

Earn 200,000 PC Optimum™ points for completing the following steps: (i) starting within 60 days of opening your account, deposit a total of at least $1,500 in a calendar month to your PC Money™ Account using automatic payroll or pension direct deposits; and (ii) in each of the following 2 calendar months deposit at least $1,500 to your PC Money™ Account using automatic payroll or pension direct deposits. There must be a minimum of $1,500 deposited for 3 consecutive months for requirement to be met.

The welcome payroll or pension direct deposit bonus points offer during this promotional period is the sum of: (i) the standard payroll or pension points earned each calendar month when you deposit at least $1,500 using automatic payroll or pension direct deposits, and ii) additional points for qualifying deposits made during the promotional period (as outlined above) to top up to a total of 200,000 points.

Standard points will be awarded to your PC Optimum™ account within 2-7 business days of when you meet the minimum direct deposit amount(s).  The additional points will be awarded to your PC Optimum™ account 4-6 weeks after you meet the requirements.

Note: The classification of a direct deposit as a payroll or pension direct deposit is determined solely by President’s Choice Bank. Interac e-Transfer® services, electronic funds transfers, and other forms of deposits or transfers to your account do not count towards this bonus.

PC Financial - caution. This morning their phone system has failed. To send a secure message, you must contact their chat-bot and request a secure message after signing in. I have been unable to set up transfers between Tangerine and PC Financial other than the micro-deposits.

Each bank is blaming the other so I am unable to resolve this. I was able to use Interac to make direct transfers, but not bank to bank transfers.

Anyway, that is my frustrating experience with PC Financial.

You will not get their high interest rate until your money is released from their Hold as it is not available to transfer to the High Interest Account and remains as a hold in their no interest chequing accoung. Similar to soneone else on this forum it took 7 business days (not including weekends) for PC Bank to transfer money from my Tangerine account - 9 days without interest. Also, can't set it up as a transfer from Tangerine to PC Bank. Only reason I'm using it is to get the free 200,000 PC points ($200) if you meet the conditions, after which I will then cancel the accounts.

The maximum for bill pay per day is $25,000, not high enough without making mutiple daily payments. Ideally, PC Bank should allow you to pull money from another bank into their high interst account and start receiving interest during their hold period, similar to some other banks.

Norman1 said

The challenge is that savings balance is not really an account. It's just a carved-out portion of the balance of the PC Money account.

I have 4 of these accounts and they had a feature called goals which basically acted like a savings account. I used that for my kids, so each one has an account called spending and a goal called savings.

We recently got notified that goals are discontinued but we get to keep ours but not make any new ones.

It's basically a farce because the savings is just a goal renamed, all still operates out of the same account.

KamWest said

It's basically a farce because the savings is just a goal renamed, all still operates out of the same account.  

Did the goals earn interest?

As the 4.25% rate is still active, was curious how the experience is for folks holding substantial savings in this account? Having exhausted the promos elsewhere and seeing the qualms with opening a Motive Financial savings account, my hope is PC Financial may offer a smoother experience.

Primarily interested in experience depositing and withdrawing funds akin to that of any other HISA. Do they offer FI linking services for large funds transfer? Also how is their customer service? Thanks!