PC Financial — review by Peter

Note: this review originated on my blog reviewing Citizens Bank, ING Direct, and PC Financial together.

Website: http://www.banking.pcfinancial.ca/a/products/savingsPlusAccount.page
Account of note: Interest Plus Savings Account, 3.35% for balances over $1,000; No-Fee Bank Account, 0.10 to 0.50% as of April 26th, 2008

If you have over $1,000 to save, use PC Financial. (January 27th, 2008 edit: this is currently not true. Citizens Bank gives the highest rates amongst the three in my review.) Otherwise, consider ING Direct or Citizens Bank.

If you have a Superstore near you, head into their financial pavilion and set the account up in person. Then pair the Interest Plus account with the No-Fee account to enjoy free everything (cheques, bill payments, withdrawals from PC Financial and CIBC machines). Just be sure to only transfer as much as you need, when you need it to the No-Fee account. Currently I have $0 in my No-Fee account.

I find the interface a bit clunky, but it just takes some getting used to.

Clunky but usable

Key Details
-no minimum balance required in the No-Fee chequing account
-free everything (practically): just transfer money (allow yourself 24 hours, unlike with transferring between Citizens Bank accounts) from the Interest Plus account to the No-Fee account

Interesting Facts:
-PC Financial is now a divison of CIBC. This hasn’t seemed to negatively affect account features or service.
-Transfers from the Interest Plus account to the No-Fee account take one business day, instead of instantly as you might expect since you are transferring between two of your own accounts.

Bottom line:
I have accounts at Citizens Bank, ING Direct, and PC Financial and here’s my conclusion:

Use PC Financial for the highest rate if you have more than $1,000. (January 27th, 2008 edit: this is currently not true. Citizens Bank gives the highest rates amongst the three in my review.)
Use Citizens Bank for the most powerful, flexible account with the best feature-to-rate ratio.
Use ING Direct for the easy-to-use interface.


Latest posts in the PC Financial forum

Forum/Topic Started Last post Posts

Simplii Financial (formerly PC Financial)

New Promo For HISA July 1, 2020 to Oct. 30, 2020

July 2, 2020
7:50 am by
GR
View

July 11, 2020
3:39 pm by
Bill
View

32

Simplii Financial (formerly PC Financial)

When do you receive the promotional interest with the promotional interest campaign?

May 11, 2020
10:04 pm by
crediphile
View

May 18, 2020
10:37 am by
cruzinalong
View

35

Simplii Financial (formerly PC Financial)

2.8% promo interest on new money to Savings, RRSP, TFSA (November 1, 2019 – April 30, 2020)

November 1, 2019
5:40 am by
Alexandre
View

May 2, 2020
1:36 pm by
Norman1
View

83

Simplii Financial (formerly PC Financial)

talktous? Anyone get replies?

May 1, 2020
2:33 pm by
rqs
View

May 1, 2020
2:33 pm by
rqs
View

1

Simplii Financial (formerly PC Financial)

All GIC Rates Plummet

April 30, 2020
7:02 am by
GR
View

April 30, 2020
7:27 am by
dentgal
View

2

Get monthly updates on bank promos and rate changes

Please write your comments in the forum.