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ANY NEW PROMOTIONS

February 1, 2014
12:41 am

sf11

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March 28, 2013

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I haven't seen anything, has anyone seen any new promotion ?

February 1, 2014
10:47 am

GS1

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February 22, 2013

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Nothing has showed up yet.

February 1, 2014
12:46 pm

SD2013

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July 31, 2013

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Sf11, PC Financial's current interest rate is 1.35% which is almost one of the lowest. The only improvement that I noticed with them is they now at least pay interest on the entire dollars balance.

Before I noticed that the first $1,000 savings account balance was interest free for them and no interest paid to the client.

Their TFSA savings account is not much higher either at 1.40% versus others paying 1.65% to 3.00%.

Their RRSP savings account is also 1.35% which is not that great either. Even their GIC rates are not the best either which in order to get 2.00% to 2.50%, you have to lock in for 3 to 5 years.

The Bank of Canada may be cutting interest rates later this year, so it is possible that we may see even lower savings account rates and 1 to 1.5 year GIC rates as well.

Thanks, from SD2013. sf-cool

February 2, 2014
12:07 pm

doug

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As I suspected, the PC Financial long-standing non-registered HISA "promo" rate offer ended without fanfare on Jan. 31st, 2014.

The only current promotion I could find was for new and existing PC Financial RRSP and TFSA. Balances in PC Financial "registered" plans were taken Nov. 30th, 2013 and those not on deposit in a "registered" plan will earn the promotional rate of 2.25% (1.35% plus 0.95% bonus interest) from Dec. 1st through Mar. 31st.

Details here:

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

All institutions will focus on building registered deposits through the end of March or April. I don't expect non-registered promotions before April/May and, at that point, they may "tweak" the previous offer to reflect the lower interest rate environment and increase margins. I expect to see a "Earn 2% on net new deposits at x between time period".

Cheers,
Doug

February 3, 2014
12:01 pm

strudelheim

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February 3, 2014

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I just pulled out 150 K hoping to put in back in for the next Bonus on new deposit promotion they apparently have done every 3 months. Are you saying there will not be one until end of march after RRSP TFSA deadlines ? ERRRRRRRRR

February 3, 2014
2:23 pm

doug

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That's my logical guess and, we're already into Feb. 3rd/4th and no "net new money" promotion for non-registered deposits. They're focusing on RRSP/TFSA deposit growth with the 2.25% bonus promotion this quarter.

I suspect, unless all of the banks won't do any "net new money" promotions this year, they're trying to average out the spread they're paying on non-registered deposits (to the downside) to add some extra padding to their margins and increase profitability. They'll either re-launch a non-registered deposit promotion in either (or both) the April and July quarters.

Hope that helps,
Doug

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