2.5% until March 31, 2015 on new deposits to regular savings and chequing | 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% until March 31, 2015 on new deposits to regular savings and chequing
January 2, 2015
3:49 pm
Peter
Admin
Forum Posts: 1250
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

In addition to the TFSA promo on new deposits that expires at the end of February (https://www.highinterestsavings.ca/forum/pc-financial/pc-tfsa-rate-promo/), there is now this promo that offers 2.5% on net new deposits to regular savings and chequing accounts:

http://www.banking.pcfinancial.....er-en.html

January 2, 2015
4:23 pm
Loonie
Member
Members
Forum Posts: 7659
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks, Peter.

January 2, 2015
5:38 pm
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

must enroll; only the balance above Dec 31, 2014.

January 4, 2015
10:22 am
rickjeb2800
Newbie
Members
Forum Posts: 2
Member Since:
January 4, 2015
sp_UserOfflineSmall Offline

One major difference between PC Financial Promotion and Tangerine (and this is the same for past interest savings promotions at both banks I believe) is that PCF pays its promotion interest rate in a lump sum at the end of the promotion period. Therefore one does not get compounding on a monthly basis during the promotion for this promotion interest. Whereas Tangerine pays promotion interest each month during the promotion and one receives at least its regular savings interest rate on this interest during the promotion. (not sure if it would receive promotion rate if you have less than $250,000 limit during promotion period). PCF was very defensive about this difference and at first refused to acknowledge Tangerine paid this additional interest but finally acknowledged the difference. Not a huge game changer but when they are competing over .1% difference as in the previous 2014 promotion it shows that Tangerine is a better return.

January 4, 2015
11:00 am
NorthernRaven
Moderator
Moderators
Forum Posts: 458
Member Since:
August 4, 2010
sp_UserOfflineSmall Offline

The compounding thing is pretty minor. 3 months at 3% with monthly compounding at Tangerine would be what, an effective interest rate of around 3.03%? PCF you'd have to calculate as 1.3% compounded plus 1.8% non-compounded, and I'm far to lazy to work it out, but it would be some tiny sliver over 3.11%? PCF is still a few basis points higher, for anyone that obsessed.

January 5, 2015
11:13 am
James
Member
Members
Forum Posts: 176
Member Since:
January 30, 2009
sp_UserOfflineSmall Offline

With Tangerine's previous offer, the interest was not compounded and any withdrawals counted as withdrawals of principal first (so you did not earn interest on them). If you're going to go with Tangerine for the reason of compounding interest, I suggest you check with them about this first.

January 6, 2015
3:37 pm
james1900
Member
Members
Forum Posts: 181
Member Since:
June 24, 2014
sp_UserOfflineSmall Offline

Quite strange. I do not bother to get these kinds of PC Financial promotions by phone. (They will ask questions to id you, blah blah...) Instead, I wait until someday when I use the online banking, an offer will appear and I simply click "yes". Quite stupid for them. Who will reject higher interest rate? This time I remember the offer never showed. But I did receive a confirmation email today:
subject: Confirmation: Your new interest rate is now in effect.
Get ready to watch your savings grow. You're now earning 2.5% interest* until March 31, 2015 on new deposits combined across any of these accounts:

• Interest Plus™ savings account
• no fee bank account

Simply deposit new money into any of these accounts and
start earning more interest today.

January 7, 2015
8:24 am
JustMe
Member
Banned
Forum Posts: 160
Member Since:
August 28, 2013
sp_UserOfflineSmall Offline

James said

With Tangerine's previous offer, the interest was not compounded and any withdrawals counted as withdrawals of principal first (so you did not earn interest on them). If you're going to go with Tangerine for the reason of compounding interest, I suggest you check with them about this first.

Not true. Based on a call to Tang and my calculation, Tangerine's offer was and currently is compounded. You are getting interest on interest. Now, is there any difference money wise between PC and Tang? - it will be in a range of few pennies +/-

January 7, 2015
10:02 am
James
Member
Members
Forum Posts: 176
Member Since:
January 30, 2009
sp_UserOfflineSmall Offline

JustMe,

Please see post 33 and others on this thread: https://www.highinterestsavings.ca/forum/pc-financial/pc-financial-launches-3-1-new-net-deposit-promo/page-2/

This comes directly from a Tangerine representative. It was also listed in the fine print of the previous offer. Further, from my calculations, that is exactly what happened. Did you do a calculation on your interest paid from the previous offer and if so, can you share it?

March 25, 2015
4:10 pm
rhvic
Victoria, BC
Member
Members
Forum Posts: 400
Member Since:
May 28, 2013
sp_UserOfflineSmall Offline

Getting close to March 31 and the end of the 2.5% interest rate special, thus time for me to move my money out of President's Choice and back to Hubert, to park it there at 1.95% until either Tangerine or President's Choice come up with a new attractive interest rate offer. This way, my 'starting' balance at President's Choice will be low and any funds I move back in will be 'new'.

Please write your comments in the forum.