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Email this11:15 am
September 29, 2020
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Currently, PC Financial tops the https://www.highinterestsavings.ca/chart/ list for highest interest rate in BC at 3.50%
I have just opened an EQ bank account, but it's at the bottom of the list at 1.25%.
I currently have extra money invested in Cash.to (https://www.globalx.ca/product/cash). Cash.to's Annualized Distribution Yield is 2.52%. Its 12-Month Trailing Yield
is 3.85%.
Should I open a PC Financial account for the 3.5% interest?
6:39 pm
November 3, 2022
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Why not? Some rebate brokers will pay you $50 for opening such an account. PM me for more info on this, if you can't find a suitable offer.
7:37 pm
September 29, 2020
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RailBaron,
After I posted, I learned that PCF will give a higher interest rate if you direct deposit $2K a month for the next 3 months.
I'll see if I can set up direct deposit of $2K first. If you have any good ideas on how to do this, pls lmk. apparently some intrabank transfers are accounted as direct deposits.
also, let me know the best offers for opening a new PCF account.
7:52 pm
February 16, 2013
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piggybank said
I have just opened an EQ bank account, but it's at the bottom of the list at 1.25%.
I thought you could up to 4% with EQ Bank if you set up direct deposit of your payroll?
8:22 pm
September 29, 2020
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MG, you're right.
With EQ Bank, the regular rate is 1.25%, but if you direct deposit $500 or more, you get 4%
https://www.eqbank.ca/legal/Bonus-Interest-Offer-Terms-Conditions
(I was wrong in my reply to RailBaron in saying that it was PCF giving a boosted interest rate. You're right -- it's EQ bank)
6:36 am
December 20, 2019
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I closed my PC account, only kept my kids accounts there for the prepaid credit card.
I found it easy to move money in but harder to move out. If you are thinking of larger savings amounts I would say forget it, too much hassle to move out with the limits and you know the account is going to standard rates as soon as they get their quota in deposits.
So basically we probably have a few months left at the chart topping rate.
2:14 pm
May 21, 2021
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I would also vote no -I had my PC account not show an upcoming transfer I had just made so assumed I had not pressed ok or a glitch had eaten it and reentered it. Then both went through the next day and I over drafted. PC's answer was we aren't responsible for showing accurate balances of correct pending transfers because we aren't a bank. So think about how much money you would like to entrust to a company that doesn't have to nor is worried about doing the absolute minimum you would expect of a bank
2:20 pm
December 20, 2019
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Corange said
I would also vote no -I had my PC account not show an upcoming transfer I had just made so assumed I had not pressed ok or a glitch had eaten it and reentered it. Then both went through the next day and I over drafted. PC's answer was we aren't responsible for showing accurate balances of correct pending transfers because we aren't a bank. So think about how much money you would like to entrust to a company that doesn't have to nor is worried about doing the absolute minimum you would expect of a bank
Funny, exact same thing happened to me except I was not over drafted.
2:42 pm
February 22, 2016
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piggybank said
MG, you're right.With EQ Bank, the regular rate is 1.25%, but if you direct deposit $500 or more, you get 4%
https://www.eqbank.ca/legal/Bonus-Interest-Offer-Terms-Conditions(I was wrong in my reply to RailBaron in saying that it was PCF giving a boosted interest rate. You're right -- it's EQ bank)
Piggybank, as per the link in your post, you need to direct deposit $2,000 or more per month in order to get 4% from EQ Bank. See this froum thread for more details on EQ's offer. https://www.highinterestsavings.ca/forum/eq-bank/eq-bank-4-offer-for-setting-up-2k-mo-direct-payroll-deposit-too-good-to-be-true/
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