2.5% interest August 5, 2015 to December 31, 2015 on new deposits | Simplii Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
2.5% interest August 5, 2015 to December 31, 2015 on new deposits
August 7, 2015
10:07 am
TrentDavey
Newbie
Members
Forum Posts: 2
Member Since:
August 7, 2015
sp_UserOfflineSmall Offline

I phoned PC Financial to see why I had not received the promo interest from the last campaign (turns out I misunderstood the terms), But Brandon told me there was a new campaign. From my confirmation email:

Get ready to watch your savings grow. You're now earning 2.5% interest* until December 31, 2015 on new deposits into any of these accounts:
• Interest Plus™ savings account
• no fee bank account
• Interest Plus™ RRSP
• Tax-Free Interest Plus™ account
Offer Period: August 5, 2015 to December 31, 2015. To participate in the Offer, an eligible account holder must enrol between August 5, 2015 and September 30, 2015. Other accounts may be eligible for this offer. Ask for details.

The offer applies to all net new deposits made between August 5, 2015 and September 30, 2015, to eligible accounts, not to exceed (i) $500,000 in the aggregate, across all of an account holder´s Eligible Accounts, and (ii) the aggregate net new deposits to eligible accounts made between August 5, 2015 and September 30, 2015.

The Non Registered promotional interest rate of 2.5% (the "Promotional Rate") is a combination of the regular annual interest rate on an eligible account (President´s Choice Financial no fee bank account, Interest Plus™ savings account and/or Interest First® savings account), which is calculated on its full daily closing balance and paid monthly, plus promotional interest calculated during the offer period. The Promotional Rate will be calculated during the offer period on the portion of aggregate average daily closing balances across all of a primary account holder´s eligible accounts that exceeds the aggregate closing balance across the primary account holder´s aggregate eligible account(s), if any, on August 4, 2015. Promotional interest will be paid in January 2016 into a single eligible account held by a primary account holder. Rates may change at any time. Offer is non-transferable, cannot be combined with other promotional rate offers, and may be changed or cancelled at any time.

The Registered promotional interest rate of 2.5% (the "Registered Promotional Rate") is a combination of the current annual interest rate on an eligible account plus promotional interest calculated during the offer period. For each eligible account (President´s Choice Financial The World´s Best Registered Retirement Savings Plan (RRSP), Interest Plus™ RRSP and/or Tax-Free Interest Plus™ savings account), the Registered Promotional Rate will be calculated on the portion of the eligible account´s average daily closing balance during the offer period that exceeds the closing balance as at August 4, 2015. The Promotional interest will be paid in January 2016 to the account holder´s eligible account(s). If an account holder has multiple eligible accounts, the promotional interest for each eligible account will be paid separately into such eligible account.

Other conditions and restrictions apply. Click here for detailed Terms and Conditions, visit a pavilion, or call 1 888 723 8881 for the full terms and conditions of this offer. For more information, including current rates, visit http://www.pcfinancial.ca, speak to a representative at a President´s Choice Financial pavilion or call 1 888 723 8881.

August 12, 2015
3:52 pm
rhvic
Victoria, BC
Member
Members
Forum Posts: 400
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

Not as good as 3% at Tangerine. This does not persuade me to move my money to PCF.

August 12, 2015
11:09 pm
Loonie
Member
Members
Forum Posts: 7659
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

It's an option for people who may have reached CDIC limit elsewhere.

August 13, 2015
9:29 am
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

It's also an option for over $500,000 deposits. (3% Tangerine promotion limit is 500 thousands.).

August 13, 2015
3:44 pm
Planr606
Member
Members
Forum Posts: 14
Member Since:
April 1, 2015
sp_UserOfflineSmall Offline

Called up and registered. Remember that the interest is paid after the promo is over in Jan 2016. If you register, ask for email confirmation and keep it just in case.

I have Tangerine, but Cibc savings account that is offering a whopping 0.8%

August 13, 2015
5:51 pm
Loonie
Member
Members
Forum Posts: 7659
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

As I read it, the account must be open in January 2016 in order to receive the promo interest, but I don't think you are obliged to leave all the money in the account for the entire time if a better deal comes along or if you choose to remove the money in order to make way for the next promotion from PCF (which might apply only to "new" money, as does this one).

Dos anyone disagree with this interpretation?

August 13, 2015
7:01 pm
Bill
Member
Members
Forum Posts: 2733
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Loonie, if it's like all their previous promos regular and promo interest (latter to be paid in Jan/16) is calculated daily on the new money, so no need to leave the money there for the duration.

August 18, 2015
9:45 am
TrentDavey
Newbie
Members
Forum Posts: 2
Member Since:
August 7, 2015
sp_UserOfflineSmall Offline

You earn the promotional interest all the way to December 30 but only on deposits made during August 5 to September 30. So the longer you keep the new deposits in, the more promo interest you'll earn. You will not earn the promo interest on new (extra) deposits made after September 30.

December 31, 2015
5:38 pm
tc
Member
Members
Forum Posts: 35
Member Since:
August 27, 2015
sp_UserOfflineSmall Offline

Now that the promo is over, I called and was told there is no promo today and that I should call tomorrow .
I find it strange that the rep didn't know as of today.
I'll wait a few days before moving money out.
Did anyone call or got any offers from PC ?

January 2, 2016
9:01 am
AltaRed
Member
Members
Forum Posts: 1602
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

Actually, the way promos have traditionally worked at PC Financial (in non-registered accounts at least) is on new money only (new deposits to PC Financial). It is likely a new promo will be announced on/before January 12th and it will be based on new deposits based on Dec 30 or Dec 31 balances. Hence you would have had to remove your money from PCF before Dec 30th in order for that same money to qualify for any new promo.

I moved all my money out on Dec 29th in anticipation of a new promo sometime in the next 2 weeks. You will know of the new promo either by email (if you are on their email list) or when you log on to your PCF account.

January 2, 2016
11:40 am
Bill
Member
Members
Forum Posts: 2733
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

AtlaRed, I moved my dough out too, but I wouldn't be surprised if PC changes its promo approach - if they're even going to play the promo game with non-registered accounts any more. I signed in to PC today and noticed no messages, nor do I have any mail messages, but it's still the long holiday weekend.

Please write your comments in the forum.