Norman1 said
The title of this thread is inaccurate.
…

No need to troll. The title is accurate in stating [per an announcement from EQ Bank] the Minister of Finance had approved the acquisition...and noting the deal is expected to close this summer. What has happened since is that, yesterday, EQ Bank and PC Financial posted announcements that the deal will close July 1 – which is this summer. More specific but inconsequential to account holders; the details note no immediate changes to how accounts operate.

Earlier media reports stated to expect re-branding of PC Financial kiosks. That seems to be at odds with the most recent statements that users will still be able to use/open PC accounts, including credit cards, and use the PC Mobile & web apps. It could mean a slow integration or EQ might operate PCF and a distinct entity similar to CIBC/Simplii or Scotia/Tangerine, though that would seem unlikely in the long-term as both EQ & PCF are nofrills [pun intended] on-line financial institutions operated to help users save.

In It’s official: PC Financial® is joining EQ Bank…, EQ Bank announced that the acquisition is expected to close July 1:

In December 2025, EQB, the parent company of EQ Bank, signed an agreement to acquire PC Financial® from Loblaw and has since received regulatory approval to proceed with the deal, expected to close on July 1, 2026.

While there won’t be any immediate changes to our current product offerings, this move is set to level up our banking experience, bringing even more innovation and value to our customers.
…

After paying the customary ¼% x 5 = 2% deposit brokerage commission, PC Bank would earn a spread of ¼% per year. That spread would end up back at Equitable Bank or EQB Inc. after the PC Bank acquisition closes.

All mergers and acquisitions do/should/typically have terms in the agreements to prevent the 'to be' acquired company from going rogue, making making material commitments that would conflict with acquiring company strategies and the expectations the acquiring company has at time of the initial M&A agreement. It is the nature of the business.

AltaRed said
FIs adjust their rates to attract the term of funds they are looking for. There is no other magic about it. EQ obviously is looking for 5 year money.  

You mean PC Financial. The deal has not closed yet. PC Financial has a very different funding structure, which includes a mix of deposits and a credit card securitization trust. It will be interesting to see the changes planned post-closing.

TDDI is continuing to bump their own TD rates up to the top of their 1 and 2 year charts, but stay down in the lowly reaches with their Big6 brethren on 3-5 years.

BMO must be awash in cash right, or scorn alien customers - they've dropped themselves distinctly below the rest of the Big6 on the TDDI charts, but offer better rates than the Big5 on their own BMOIL sheet (I have temporary access to a dormant BMOIL account). BMO 3-year is 2.50% on TDDI, other Big6 including TD are 2.85%, but on BMOIL the BMO rate is 3.30%. Home field advantage!

Even longer if EQB decides to keep President's Choice Bank going as they have with Concentra Bank.

I think liquid deposits are separately insured for 180 days after any consolidation but may be wrong on that.

Koogie said
I see today that PC Bank is offering 4.0% on a 5 year GIC (thru TDDI) same as EQ.

Maybe a sign they will be more competitive under new ownership ?  

Unlikely. Likely a temporary promotion, either for customer and deposit acquisition, or for liquidity purposes.

The transaction hasn't yet closed, but it is close to doing so (likely expected in June 2026). Integration into the EQ Bank platform should happen between July and December 2026, much quicker than everyone (myself included) expected.

I also suspect EQB Inc. will begin downsizing the number of CDIC member subsidiaries. They're a paying a lot of extra funding costs and administrative, legal, and compliance costs. They will likely begin with President's Choice Bank, amalgamating it into Equitable Bank most likely, making the deposits subject to merged deposit insurance rules.

Maybe a sign they will be more competitive under new ownership ?

Dean

https://www.theglobeandmail.co.....financial/ [login required]