2.25% on new savings account deposits until December 31, 2016 | Simplii Financial | Discussion forum

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2.25% on new savings account deposits until December 31, 2016
September 4, 2016
9:20 pm
Norman1
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windischer said

Presently, PC Financial offers 2.25 % on new savings account deposits until Dec. 31/2016. Maximum amount is $500,000.

Thanks for reporting this!

Another sighting of the same on RedFlagDeals.com: 2.25% until Dec 31st promotional rate with PC Financial.

No sighting on PC Financial's web site yet. I haven't received any e-mail about the offer from PC Financial yet either.

September 5, 2016
1:27 am
Loonie
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thanks to you both.
New money only (from Sept 1); must phone in or visit pavilion etc.
Sounds like they're taking a leaf from Tangerine's book by forcing you to make contact with them - but at least you know what you're going to get, not like the Tang lottery.

September 5, 2016
6:49 am
Miron
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I just called them and got registered in a few minutes sf-embarassed the balance from Aug. 31st is the one that counts!

I still have 3.25% from Tangerine for another month in TFSA...

September 5, 2016
7:02 am
Norman1
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The terms also allow one to enroll in the 2.25% offer by "accepting the targeted online offer through online banking."

It usually takes about a week or so before the offer shows up when one signs into the PC Financial online banking.

September 5, 2016
7:23 am
Miron
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Norman1 said

The terms also allow one to enroll in the 2.25% offer by "accepting the targeted online offer through online banking."

It usually takes about a week or so before the offer shows up when one signs into the PC Financial online banking.

I will never understand why they are keeping the promotions hidden, we have to struggle to discover them! Why are they trying to promote something but do not let everybody know about them, bank "logic" I guess...

September 5, 2016
8:03 am
SavingIsGood
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Miron said

Norman1 said

The terms also allow one to enroll in the 2.25% offer by "accepting the targeted online offer through online banking."

It usually takes about a week or so before the offer shows up when one signs into the PC Financial online banking.

I will never understand why they are keeping the promotions hidden, we have to struggle to discover them! Why are they trying to promote something but do not let everybody know about them, bank "logic" I guess...

Because if you talk by accident to them in person - at pavilion, they WILL offer you great interest rate and YOU will feel special and chosen one. Light will shine on you and birds will be singing...
Offering high interest rate to Everybody - well, somebody has to PAY that money... It is like - you would like to have sex but without penetration...

September 5, 2016
8:32 am
Miron
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Norman1 said
Because if you talk by accident to them in person - at pavilion, they WILL offer you great interest rate and YOU will feel special and chosen one. Light will shine on you and birds will be singing...
Offering high interest rate to Everybody - well, somebody has to PAY that money... It is like - you would like to have sex but without penetration...

I like your spirit but... I am very confident they are making a lot of money from giving us 2.25% only... and they are also hoping we're going to forget to move the money somewhere else after the promotion will end! I believe we are making them a favor and not the other way around.

September 5, 2016
8:55 am
AltaRed
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I will test the system by waiting until (or if) I see an online offer when I sign in. My account balance has been 0 for a number of months.

September 5, 2016
11:57 am
Loonie
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So, if you move money into the account today, but don't get the personalized offer for another week, are you still going to get the promo rate on what you put in today?

there is a sneakiness in saying the offer starts 5 days ago but not letting you know about it for several more. For people like us at least, it means we will not get the advantage of the rate for the full period. This is deliberate. There is nso reason why they couldn't send the notice on Aug 31.

They've probably lost some deposits, such as AltaRed's and/or new customers, due to not being competitive, so they have to offer us a bit more for a while.

September 5, 2016
12:19 pm
James
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I agree 100% with Loonie. If PC would stop and think about it, they might realize that they are actually incentivizing you to keep as little money as possible there because you don't want to get stuck with money in there when they have the next promotion (otherwise you don't make the promotional interest rate on those existing funds). It's another silly game along the lines of the Tangerine nonsense.

September 5, 2016
12:53 pm
toto
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I just called PC. They work 24/7, so were taking calls on the stat!
I didn't like that the promotion is paid lump sum in January and they also said I couldn't link my account up by the cheque id be sending to open the account, that has to done later. I have most of the banks listed on this site, but didn't have PC yet. In the end I didn't bother. Seemed like they aren't as accomodating as other banks. When my promotion is over at tangerine sept30th, I will distribute to my liquid accounts at Accelerate, Eq,Alterna, Oaken and hope tangerine pulls me back with a superior rate, then it's just quick electronic transfers back. Trying to play the game

September 5, 2016
1:43 pm
xxxx
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toto said
I didn't like that the promotion is paid lump sum in January

Good point.
The Tangerine offer @2% with full interest paid monthly and then compounded through the 4 months, and PCF offer @ 2.25% with only the regular 0.08% interest paid monthly, and bonus interest (2.17%) paid as lump sum in January 2017 (no compounding on the bonus interest for the 4 months) - likely very little difference between the 2 promos at the very end, although the 2.25% "sounds so much better" to readers, than 2%. Great marketing!!

September 5, 2016
2:20 pm
Loonie
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On the other hand, has anyone actually received an offer for Tangerine for the next 4 months? Perhaps I'm missing something but I haven't seen anything posted on the Tangerine forum about this.

September 5, 2016
2:57 pm
xxxx
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A family member phoned Tangerine - Tang would not match @2.25% but YES they would extend the 2% for 4 months. Guess I just assumed others had phoned too before pulling their $ out of Tangerine.

September 5, 2016
3:13 pm
rhvic
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I'm glad to see that PCF introduced a new higher rate (2.25%) as of Sept. 1. I am also glad that I followed my normal strategy in such cases of having taken most of my deposits out of PCF before Aug. 31, thus having a low starting balance. Now I can move my money back in and make a nice rate for four months!

I had to phone PCF today to get signed up, but that took very little time.

Now waiting for Tangerine to come up with something of their own, once my current rate of 2% ends there on Sept. 25.

September 5, 2016
4:03 pm
Norman1
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Full terms and conditions of this new 2.25% offer are on PC Financial's web site at

https://www.pcfinancial.ca/rate/

September 6, 2016
6:30 am
Miron
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Loonie said
So, if you move money into the account today, but don't get the personalized offer for another week, are you still going to get the promo rate on what you put in today?

Yes, you do get the promo rate starting today regardless when you register, I did ask them a few promotions back and I don't think they've changed anything. The problem is that you are not going to move money in before you discover the promotion! Other people could forget to empty their accounts... this is the bank's greatest expectation sf-cool

September 6, 2016
6:51 am
Miron
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James said

I agree 100% with Loonie. If PC would stop and think about it, they might realize that they are actually incentivizing you to keep as little money as possible there because you don't want to get stuck with money in there when they have the next promotion (otherwise you don't make the promotional interest rate on those existing funds). It's another silly game along the lines of the Tangerine nonsense.

That is not exactly true... you need to keep a little money for a few days only, otherwise, you lose the interest from the previous promotion... at least PC is NOT targeting as Tangerine which is a dirty tactic in my opinion: All customers, rich and poor, should get equal opportunities!

September 6, 2016
12:40 pm
Joebart
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I just spoke with them. It was quick. Got the deal but if I login into PC internet banking there is no info about the deal. I don't think I should take their word for it only. Should that be on the web site or I just simply missing it?

September 6, 2016
1:05 pm
Bill
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Joebart, they will send you a confirming email if you ask them to.

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