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Email this1:58 pm
September 17, 2014
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Yeah checked earlier and signed up. Timing for both of us having to call is a bit of a hassle, while being able to do it online is readily accessible or should be anytime.
Just wish they had their act together, people do no want to be hassled
1:07 pm
September 23, 2014
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Fellow Savers,
Just wanted to share the results of my negotiations with PCF:
- Funds associated with the expiry of the previous promo (ending on March 31st) will carry a rate of 2.1%
- All new funds (as of April 1st) will carry the 2.6% rate
Calibre
10:06 am
January 3, 2013
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This might sound a silly question but I wanted to see if my understanding of this section is correct.
Does 4.II mean, if I withdraw my money, let's say on Monday and then re-deposit it on Tuesday, I won't get this 2.6% because it won't be considered as an "aggregate net new deposits"? Thanks
"4. The Offer applies to all net new deposits made during the Enrolment Period to Eligible Accounts, not to exceed the lesser of (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 during the Enrolment Period, and is calculated based on the portion of the Eligible Account's average daily closing balance during the Offer Period that exceeds the closing balance as at March 31, 2015 (the "Additional Balance"). The daily closing balance in any Eligible Account opened during the Enrolment Period will be deemed to be $0.00 until the date a deposit is made in the Eligible Account. If an Eligible Account is overdrawn as at March 31, 2015, the March 31, 2015 closing balance is deemed to be $0.00. Promotional Interest will not be paid on funds that are transferred from an existing Eligible Account to another existing or new Eligible Account."
10:31 am
April 6, 2013
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That depends on whether the withdrawn and re-deposited money was "net new" or not.
The re-deposited money would earn 2.6% if the withdrawn money was "net new" and was earning 2.6%. It would not if the withdrawn money was not "net new" and was just part of the closing balance as of March 31, 2015.
As well, the re-deposit would have to be done during the Enrollment Period of April 1, 2015 to May 15, 2015, which is not the same as the Offer Period of April 1, 2015 to June 30, 2015. Bill pointed that wrinkle in the offer out earlier.
9:44 am
January 3, 2013
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Norman1, Thanks for clearing it out.
10:24 am
May 28, 2013
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Calibre said
Just wanted to share the results of my negotiations with PCF:
- Funds associated with the expiry of the previous promo (ending on March 31st) will carry a rate of 2.1%
- All new funds (as of April 1st) will carry the 2.6% rateCalibre
This is why I always pull out most of my money from either Tangerine or PCF a few days before the end of their special higher interest period. That way when the new interest offer starts, my balance at that time is very low, and any monies I move back in get the new rate. It's not much work (a few clicks of the mouse) to move money back and forth, and even for the few days it is in transit and not earning anything, the difference is worthwhile in the long run.
7:33 am
April 20, 2015
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Assuming that I've never done business before with anything other than a brick-and-mortar bank (or credit union), and that I've never dealt with PC-financial ever (I have no account with them), and I have at least $100k that I could move from a bank over to PC financial for at least a year - after all is said and done what sort of effective annual interest rate would this offer get me in a TFSA?
9:08 am
February 24, 2015
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sumguy said
Assuming that I've never done business before with anything other than a brick-and-mortar bank (or credit union), and that I've never dealt with PC-financial ever (I have no account with them), and I have at least $100k that I could move from a bank over to PC financial for at least a year - after all is said and done what sort of effective annual interest rate would this offer get me in a TFSA?
Not in a TFSA, it appears. "The Offer ... does not apply to registered accounts or other banking products."
2:06 pm
May 22, 2015
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Just learned that any NEW money you put in after May 15th won't be included in the 2.60% promo rate ! even though the period goes to June 30th !.
7:08 am
September 11, 2013
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lhsaid, see first couple of posts here, April 1.
8:40 am
October 14, 2014
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Just curious if my computation is correct. If for example my initial balance is zero, then I put in $200,000 on May 1. The I took out $30,0000 on May 10. Then I took out again another $30,000 on May 30.
It's suppose to be 1.05% per annum compounded monthly and 1.55% annual interest on the number of days the money stays on my account. But let's just simplify it to 2.6% without considering the compounded monthly part since it's not too large.
Assuming that's my only transaction. Will I get the following interest at the end: (The 2.6% is calculated annually)
10 days of 2.6% for $30,000
30 days of 2.6% for $30,000
61 days of 2.6% for $140,000
Thanks!
10:19 am
June 24, 2014
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techno said
Just curious if my computation is correct. If for example my initial balance is zero, then I put in $200,000 on May 1. The I took out $30,0000 on May 10. Then I took out again another $30,000 on May 30.
It's suppose to be 1.05% per annum compounded monthly and 1.55% annual interest on the number of days the money stays on my account. But let's just simplify it to 2.6% without considering the compounded monthly part since it's not too large.
Assuming that's my only transaction. Will I get the following interest at the end: (The 2.6% is calculated annually)
10 days of 2.6% for $30,000
30 days of 2.6% for $30,000
61 days of 2.6% for $140,000Thanks!
Base interest and bonus interest are paid separately.
Here is how to calculate your bonus interest:
$200,000 10 days for 1.55%;
$170,000 20 days for 1.55%;
$140,000 31 days for 1.55%.
Mathematically your result can be correct. But banks calculate interest based on daily balance.
6:37 pm
October 14, 2014
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james1900 said
Base interest and bonus interest are paid separately.
Here is how to calculate your bonus interest:
$200,000 10 days for 1.55%;
$170,000 20 days for 1.55%;
$140,000 31 days for 1.55%.Mathematically your result can be correct. But banks calculate interest based on daily balance.
Thanks James for the more precise computation!
6:35 am
September 11, 2013
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To avoid confusion for new readers the heading and News should indicate "2.6% interest until June 30, 2015 for new deposits made by May 15, 2015". This is really an expired promotion for new funds.
7:39 am
May 15, 2007
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Bill said
To avoid confusion for new readers the heading and News should indicate "2.6% interest until June 30, 2015 for new deposits made by May 15, 2015". This is really an expired promotion for new funds.
Thanks Bill! I've updated the title.
9:51 am
May 28, 2013
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It's just about that time to get my additional funds (say $99K each) out of PCF and Tangerine before the end of June, which is the end of their current interest rate promotions. That way, if they start a new promotion in July, I'll start with a minimum balance and anything I move back in will be "new" money and will earn whatever the higher rate might be.
I'm happy to move my funds about to play this game, if that is the way they want to play.
11:06 am
October 27, 2013
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PCF must not have too many people pull their funds before the end of promotions or they would hemorrage withdrawals. I have a tickler to remind me to pull my funds morning of June 26.
12:33 pm
October 27, 2013
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AltaRed said
I have a tickler to remind me to pull my funds morning of June 26.
Just set up my post-dated transfer to take effect June 25th (means actual transfer on June 26th). Decided that pushing the envelope to an actual transfer date of June 29th was not worth it... in event PCF pulled a fast one with the next promotion potentially based on balances as of Monday June 29th. I will put up with a one week hiatus until potentially a new deal surfaces on July 2nd/3rd. And if it doesn't....then back to CDF the funds go.
3:35 pm
May 28, 2013
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I decided to pull my cash out of PCF already today, also thinking as AltaRed does that next time PCF might use an earlier date for the 'starter balance'.
That said, I am not pulling cash out of Tangerine, given their new 3% rate for 180 days even on existing balances, up to $500K. I wonder if PCF will try to at least match that offer?
1:42 pm
April 1, 2015
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Does anyone know when PC will pay out the bonus money in July, for the promotion that. Just ended in June 30th?
PC doesn't appear to have any promotion any time soon, so Tangerine appears to have the best offer right now.
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