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Email this9:12 pm
February 20, 2013
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Earn 2% on new deposits to your no fee bank account, Interest Plus savings account and/or Interest First savings account from February 1 to May 31, 2013.
To obtain the special rate, call PC Financial or visit an in-store pavilion. Special rate will be earned until May 31, 2013 on the portion of the eligible account’s average daily closing balance that exceeds the closing balance as at Nov. 30, 2012 and will be paid in June 2013.
This offer is good if you already have an account(s) and your agregate balance was low on Nov. 30, 2012.
10:23 pm
December 12, 2009
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Thanks for sharing, but this is already being discussed in this thread, where a customer of PC Financial is reported to have received a letter stating PC Financial will be discontinuing these sort of "bonus interest" promotions in the future.
These sort of things amount to short-term financial gimmicks design to trick people into locking in deposits into registered plans, such as RRSPs or TFSAs only to have the rate drop in few months, which is why I avoid posting these.
In short: buyer beware. 
Cheers,
Doug
8:12 am
May 15, 2007
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I agree that these sorts of promos are rather sneaky and should be looked at with caution.
However, isn't this a different matter than the anniversary bonus interest system that is being discontinued? The anniversary bonus interest system was where you'd get between 0.02% and 0.10% extra interest every year depending on how much money you had in the account and how long you'd been a customer.
5:51 pm
December 12, 2009
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Oh, I misread that then Peter, sorry about that jgcig. I thought they were discontinuing these sort of promos - didn't realize "frugal lady" was linking to an announcement to the anniversary interest was being discontinued.
My bad.
Cheers,
Doug
6:47 am
February 20, 2013
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I think you should retore this post to the post summary on the home page. Although one needs to definitely read the fine print and pay attention to the details, this offer can be of benefit to some PC financial customers. In my wife's case she had a very low balance at PC financial. When RBC announced the interest reduction at Ally she was able to immediately transfer all her funds out to PC Financial at 2% until May 31. Now she has some time to shop for another HISA.
9:08 am
February 22, 2013
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NOTE: There are TWO campaigns currently running. One is for REGISTERED plans and one is for NON-REGISTERED plans.
I called about the NON-REGISTERED plan and was read a long set of terms and conditions. I was told these terms and conditions are NOT on the Internet. I am no where near a PC Financial kiosk so cannot be sure if the terms are there or not.
If I got it right they took a snapshop of all account balances November 30, 2012. The 2% rate is a combined rate based on the current rate for the accounts in question plus an amount to raise that rate to 2%. The program runs from Feb 1 through May 31 and the 2% rate is on the AVERAGE daily balance of all ones accounts from February 1 through May 31 and will be paid June 30, 2013.
The current rate on the Interest Plus Savings Account for balance over $1000 is 1.35%. So, I think if I were to have deposited $10,000 February 1 and maintained that balance throughout February I would get $13.50/365*28 in interest February 28 and then an additional $6.50/365*28 for February at the end of June. This calculation could be repeated for Mar, Apr and May.
I would love for someone else to call and confirm that my interpretation of the terms and conditions is accurate.
Greg
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