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PC Money account now offers 4.25%
November 9, 2024
11:37 am
cchou
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Thank you Norman1 this is very helpful. Looks like transfers out of the PC Money account can be $10k/transaction but transfers into the PC Money account are limited to a paltry $1k daily. Definitely appears like they are unsuitable for larger $$$ amounts.

November 9, 2024
11:43 am
KamWest
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Just e-Transfer in, I transfer from 3-5k depending on the bank. Simplii limit is 3k but motus is 5k per day.

Will take a while but you can fund the account nicely with patience.

November 11, 2024
12:11 pm
Norman1
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The PC Money account can receive funds by bill paying the card.

More than $1,000/day can be transferred in if one does that from the external bank. EQ Bank, for example, allows up to $25,000 per bill payment.

It does seem odd that PC Financial only allows one to pull in no more than $1,000/day and $4,000/month from their end.

November 11, 2024
2:35 pm
Norman1
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Norman1 said
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.

200,000 points offer expired. New 150,000 point offer:

Earn 150,000 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 November 30th, 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 150,000 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 150,000 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.

November 14, 2024
8:47 pm
Jying
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Is the PC Money account considered a HISA? Meaning any capital gains will be taxed?

November 14, 2024
10:28 pm
Norman1
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The PC Money Account is a no monthly fee bank account issued by CDIC member President's Choice Bank.

The account earns interest on the part of its balance that one carves out to be the savings balance. Rest of the balance is the spending balance. There's no capital gains earned on the account's balance, spending or savings.

November 15, 2024
8:11 am
KamWest
Toronto
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Just to put it in plain English

For the INTEREST bearing savings account

Yes you have to declare the interest and yes you have to pay tax on it.

Notice the T5 link and it makes you put in your SIN

Screenshot-84.png

November 18, 2024
5:28 pm
firaxa
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Dear (me),
We’re reaching out to inform you that, effective November 21, 2024, the interest rate on your PC Money™ Account savings balance will be adjusted downwards by 0.25% and your new interest rate will be 4.00%*.

November 19, 2024
4:27 am
savemoresaveoften
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savemoresaveoften said
With BoC clearly in a cutting mode, I doubt the 4.25% will last another 2 months at best.
But for those who already have the money account, free money is free money.  

my crystal only took 3 weeks for it to show result this time.
Even at 4% it's not sustainable. After bank cuts in December, the PC money account will prob drop to 3.5% in short order

December 1, 2024
2:59 am
Hmm
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Is the bill payment turnaround time the same as other Financial Institutions or is it longer?

For right now, I'm planning to use it for bill payments to get points, otherwise Motive has temporarily become my primary bank account.

December 1, 2024
3:03 am
Hmm
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firaxa said
Dear (me),
We’re reaching out to inform you that, effective November 21, 2024, the interest rate on your PC Money™ Account savings balance will be adjusted downwards by 0.25% and your new interest rate will be 4.00%*.  

I am surprised interest rates are being cut given our tanking dollar. Typically, the BoC will raise them. Then again, I remember the CDN dollar was worth 0.60 US. Now, it's 0.707

December 1, 2024
2:19 pm
cgouimet
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Hmm said

I am surprised interest rates are being cut given our tanking dollar. Typically, the BoC will raise them. Then again, I remember the CDN dollar was worth 0.60 US. Now, it's 0.707  

For the many of us on this forum that are depositors, the BoC increasing interest rates to hopefully increase the value of the C$, would be welcome to increase our HISA and GIC returns. It would also be welcome for those who purchase imported goods.

However, exporters like a low C$ and you may have heard that borrowers hate high interest rates.

So, I think the BoC will be quite reluctant to move the rates back up.

CGO
December 1, 2024
3:23 pm
Hmm
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cgouimet said

For the many of us on this forum that are depositors, the BoC increasing interest rates to hopefully increase the value of the C$, would be welcome to increase our HISA and GIC returns. It would also be welcome for those who purchase imported goods.

However, exporters like a low C$ and you may have heard that borrowers hate high interest rates.

So, I think the BoC will be quite reluctant to move the rates back up.  

This was always a contentious issue. How low does the dollar need to go before the BoC steps in? I suppose it depends on the government's agenda or narrative at the time.

Given how likely Trump will impose tariffs regardless of the "talks" on Canada and JT bowing to kiss his ring, I'm inclined to believe a lower dollar is what the BoC wants.

December 5, 2024
3:06 pm
RetirEd
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A lower Canadian Dollar would increase US imports from Canada. That would tend to annoy Trump.

But increasing imports as a result would just allow the US to collect more tariff from US taxpayers who purchased imported products. That's a regressive consumption tax.

Remember that the US Republican party (and Trump) stands for shifting tax burdens from the wealthy to the middle and lower classes. Those tariffs would mostly come from consumers, not investors, and allow more high-end and corporate tax cuts - especially income tax cuts.

RetirEd

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