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Email this4:13 pm
October 27, 2013
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You set up electronic funds transfer with them. Fill out the form on their website, then mail in a Void cheque from your RBC chequing account and they will set it electronically. Did you not provide them with such a cheque when you opened the account and ask for EFT capability at that time?
Added later: You access the online form by clicking on "Transfer" on the left hand side of the page and then click on "Add Accounts" and fill out the blanks with your RBC Chequing Account information.
4:26 pm
November 17, 2013
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Thanks so much!
6:47 pm
February 22, 2013
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When you transferred money IN you should have established a link that will allow you to transfer OUT.
GS
9:08 am
February 19, 2013
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Anyone hearing anything about a new PCF promotion for Feb 1 and onward new deposits?
I assume people who are playing the game with PCF are moving their savings out before the 1st like I will do. Where are you folks going with your savings (assuming the PCF game ends and we need to park it somewhere else)? Thanks.
9:42 am
October 27, 2013
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Cents11111 said
Anyone hearing anything about a new PCF promotion for Feb 1 and onward new deposits?
I assume people who are playing the game with PCF are moving their savings out before the 1st like I will do. Where are you folks going with your savings (assuming the PCF game ends and we need to park it somewhere else)? Thanks.
You will not hear about a new promotion until it is out, and when it is out, it will be based on an account balance dated prior to the effective date of the promotion. If there is no new promotion, there are several CDIC insured institutions you can choose from as described in this forum. People's Trust, Canadian Direct Financial, Home Trust (Oaken Financial), etc. Take your pick, taking into account, the $100k threshold on CDIC insurance.
1:21 pm
December 12, 2009
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I tend to think PC Financial will not have a "net new money bonus interest promotion" (an "NNMPI promotion" which I'm "coining" so I don't have to describe the promotion each time) from February through April. They will be focusing on growing their RRSP and TFSA deposit balances with promotional GIC and HISA rates during this period. This will also help to "soften" somewhat their "effective annual yield" on their non-registered savings accounts as the 2.25% will be apply for 9 months of the year instead of 12 and boost their NIM (net interest margin) slightly and thereby profitability. They may seem a slight downward movement in deposit balances during this year, but that's OK as they will see inflows during the busy spring mortgage period.
Iin each of the May-July, August-October and November 2014-January 2015 periods, with the possible exception of the last one, I predict they'll return to offering non-registered NNMPI promotions. 
That's okay - it's healthy. I recommend everyone move their money out to whatever 1.65-1.90% regular rate HISA you have for that period (after making your TFSA/RRSP contributions, of course).
Going forward, it's best to sacrifice at least 10 business days of interest by moving money out in advance of the end of a promotional interest period.
Cheers,
Doug
2:38 pm
February 22, 2013
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Doug:
Thank you! Thank you! Thank you!
I likely would have forgotten about this. So, this afternoon I initiated a transfer of $50k (the max allowed) for tomorrow and then a second transfer for the balance of my deposit there also for tomorrow.
Greg
4:18 pm
November 14, 2012
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As have many of you, at the beginning of November I shoved a bunch of money into PC Financial to take advantage of their 2.25% rate. Then on January 20th, I wrote and deposited a cheque to another bank to get the money out of PC Financial. Guess what, here we are on the Jan 28th, eight days later, and the cheque still hasn't gone through. I know PC Financial is notoriously slow to push funds from cheques...but that slow? Maybe they got swamped with all kinds of us doing this same thing at the same time. Or, maybe they are intentionally being slow to "to make us suffer" for inconveniencing them. Were we not supposed to stay on as permanent depositors? If PC Financial was proper outfit, they'd give us 2.25% year-round.
4:28 pm
October 27, 2013
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Set up EFT between PCF and another institution of choice. The funds move out the next business day.
4:47 pm
August 1, 2013
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Bryan Stro, I stopped long time ago going after these short term promotional savings account rates.
Being a financial nomad is a waste of time transferring and moving money around to make maybe an extra $5, 10 or $15 a month minus income taxes of 25%, 30% etc.
If our family needs to have short term money or liquid money, we have cashable GIC's like Oaken Financial's 1.90% fixed rate for 1 year, cashable GIC with no interest penalties or any penalties after 90 days.
Caisse Financial Group has a 2.00% redeemable anytime GIC with no interest penalties or any penalties.
We have cash flow coming in regularly so we do not need to have large ideal cash balances.
You are not supposed to make a lot of money on your liquid funds, it is there just to have it parked and ready for when you need it.
PC Financial GIC rates are almost as bad as ING Direct's GIC rates and their 2.25% savings rate gimmick is just that and nothing else.
Thanks, from SD2013.
7:53 pm
February 22, 2013
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SD:
You may think it is a waste of time being a financial nomad - but I know it is not a a waste of money. I made about $73 more on my $85000 2.25% "investment" than you would have on an equivalent 1.9% "investment". It took me about 5 minutes to invest it and 5 minutes to cash it out. So for 10 minutes I earned an extra $40 (assuming a very generous 45% income tax hit) or about $240 per hour. I really don't consider that much of a "waste of time". In fact, I'd love to be able to "waste" time at that rate all day.
Your 1.9% cashable GIC is cashable with interest only at the 90 day mark. My 2.25% PC Financial deposit was cashable at day one, with full interest.
But, to each his own. Our styles are different. Mine suits me. Yours suits you.
My family buys Canadian and US stocks, Canadian, US and EAFA ETF funds that track stock indices, Canadian Bond ETFs, Canadian strip bonds from Provincial and Corporate issuers, as well as holding cash in high interest deposit accounts. We have Canadian$ and US$ chequing and savings accounts as well as high interest savings accounts at a number of financial institutions and also have a variety of Canadian credit cards denominated in Canadian and US dollars, as well as US based US$ credit and debit cards. We also hold US based US$ credit and debit cards as well as a US based US$ checking account. We also have $1000 in $20 bills in the safe in the basement in case a major power outage makes it difficult to use credit cards at the grocery stores (as we do enjoy eating). We also have self directed brokerage accounts, self directed RSP accounts, and I have a self directed RIF account. We also have self directed TFSA accounts. I think that covers the underpinnings of our strategic holdings.
Your family buys GICs and Bonds.
As I said, our styles are different -- but the tone of your messages tends to suggest you feel your way is the right way and the way chosen by others, if it differs from yours, is just plain wrong.
GS
9:24 pm
August 1, 2013
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I was giving my opinion to Bryan Stro not to you GS, so take it anyway you like. Our family does not fall for short term gimmicks anymore especially variable interest rates where they have all the power to lower them.
Waste of time means there is not much of any earnings and I did not say in any of my posts that anyone is wrong.
I was just stating that other investments carry more risks through our long almost 18 years experience dealing with many advisers who never could achieve what they promised.
My posts are there and anyone can read them and know what is written. Bonds and GIC's, what specific examples and I have no idea what your trying to achieve by earning savings at 2.25% for 3, 6 or 9 months.
GS, 2.25% is temporary and the 1.90% is fixed for one year. Wait until the Bank of Canada cuts interest rates later this year.
Thanks, from SD2013.
1:15 am
December 12, 2009
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GS: No problem, Greg! Can't believe you almost forgot that one. 
SD2013: Nothing to add, really. Up until a week or two ago, I would've agreed with you that the Bank of Canada may feel the need to cut its benchmark interest rate, perhaps as much as 50-75 bps (it's at 1%). However, it's clear by the government's appointment of former Export Development Canada head Stephen Poloz, they're favouring working on things like turning the trade deficit into a trade surplus again (at least I think we were in a trade defiicit, last I heard - can anyone confirm?) and every indication or policy statement they've made lately, they seem intent on driving down the Canadian dollar (bad for tourists & snowbirds - sorry Greg!; good for our manufacturing and exporting sectors, perhaps even our business process and contact centre outsourcing service provider sectors!).
They may be willing to let "core CPI" (a bullshit number that excludes financing, energy and food costs, but what the heck? it's their primary benchmark inflation model!) rise above their target and so long as it stays below 3-3.5% (and it should, for the foreseeable future), I think they'll leave it unchanged.
That said, I still expect interest rate cuts on deposits (HISAs and GICs) across the board but mainly in the "virtual" financial institutions (banks, trust companies and credit unions) area of between 10-35 bps. I think the "top tier" base rate will level out around 1.75% (from 1.80-1.90%); "mid-tier" will level out at 1.5% (down from 1.6% and up from 1.45%) and the "bottom tier" will go to 1.25% (from 1.35%) as banks increase their sales focus on mortgage sales and try to increase their Net Interest Margin.
Cheers,
Doug
7:28 am
February 22, 2013
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Doug:
Doug: I would have missed it as I am still working to get everything unpacked, etc from our latest trip south. I have yet to do the 30 mile run down the highway to the "better" grocery stores to stock up on the bargains. But, with the weather we've been having here it is best to stay close to home. I read that in November and December we got 6.8 feet of snow. The morning I had to go out for an 8 am eye appointment it was 28 below Fahrenheit (I still using F as C makes so little sense to me). My front door is unusable due to the drifted snow, that is covered in ice and then more layers of drifted snow and ice.
Our recent trip was done with US$ we bought at PAR. When we were away the exchange rate reached 6% and my most recent look put it at just under 12%. It does make me think twice about next years trip.
SD: When you give your opinion to Briyn Stro others read it. Your most recent message acknowledges that when you say:
"My posts are there and anyone can read them and know what is written."
The concern I have is that others will believe your way is the only right way due to the repetitive nature of your posts. Many of your GIC posts warn people about CDIC insurance. That is a good thing. Perhaps you also need a disclaimer that suggests there are other methods of investing that others may find more beneficial that what works for you and your family. Your
"almost 18 years experience dealing with many advisers who never could achieve what they promised"
also leads me to ask why it took 18 years to figure out their strategy wasn't working for you.
GS
12:20 pm
August 1, 2013
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This forum is a democratic forum and nobody forces anyone to read anything or do anything with their money.
This is not an investment advisory service. If anyone can't understand that then they have to find out for themselves.
We only tried a small portion of our investments with 3 different advisers in 18 years and we learned a valuable lesson, don't believe overly optimistic people.
Thanks, SD2013.
12:08 pm
February 3, 2014
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Now that PC is not doing a NEW DEPOSIT PROMOTION because they are doing there RRSP TFSA Promotions instead until end of march possibly as some people are predicting, where should I put my money until then for the best rate ? I have 250K
Just set up HISA at Direct Financial at 1.9% Im happy with that, I have been getting 1.35% with PC for years thinking that was the highest you could get. Thanks https://www.highinterestsavings.ca !
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