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PC financial launches new promo on rrsp and tfsa
January 1, 2016
9:13 am
tc
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January 1, 2016
10:21 am
Norman1
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2½% per annum, between January 1, 2016 and March 31, 2016, on new deposits during the offer period. Only applies to these TFSA and RRSP accounts:

• Tax-Free Interest Plus™ Savings Account
• Interest Plus RRSP

Not automatic. Need to enroll during the offer period.

January 1, 2016
11:16 am
2of3aintbad
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Thank you. What is the quickest way to deposit to the TFA from another institution?

January 1, 2016
12:06 pm
Rick
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Too bad they didn't extend it to non-registered accounts. Hard to tell if less than 3 months @ 2.5% is worth the transfer out fee until you know if there will be another promo for existing funds that follows it sometime in the remainder of the year, otherwise, you are stuck with the regular rate currently .8%. You would come out ahead with Peoples Trust, even if they lower their rate by half a percent.

January 1, 2016
12:09 pm
Rick
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2of3aintbad said

Thank you. What is the quickest way to deposit to the TFA from another institution?

There is no quick way now that we are in 2016. You are stuck filling out the paper work, having PC do it for you and paying any fees (if applicable) from your originating institution. Don't use PC but my experience with other banks is it usually takes 2 to 4 weeks. UNLESS.. you have enough room in your limit to absorb a withdrawal / contribution in the same year (currently $46,500.00). If you do, just transfer it to an account within your originating bank that is linked to PC and transfer it directly. Should only take a few days then.

January 1, 2016
1:21 pm
2of3aintbad
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sorry, didn't make myself clear. Not considering transferring from/to another TFA. I have already withdrawn in 2015 the amount I likely will need later this year & just looking for a temporary home. I have a PCF chequing account but the money is at BMO.

January 1, 2016
8:21 pm
AltaRed
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Rick said

Too bad they didn't extend it to non-registered accounts.

Pretty sure they will offer something for non-reg accounts by the end of next week. I think they make a judgement on how much non-reg funds flow out as a result of the 2.5% promotion ending Dec 31st and then decide what they have to offer to have funds come back.

January 3, 2016
8:15 am
JustMe
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Norman1 said
2½% per annum, between January 1, 2016 and March 31, 2016, on new deposits during the offer period. Only applies to these TFSA and RRSP accounts:

• Tax-Free Interest Plus™ Savings Account
• Interest Plus RRSP

Why would anybody lock TFSA $ in any fin. institution for a year with 3 months 2.5% teaser??? Plus mambo-jumbo with 'registration', account opening, etc. When everything is done it will be Jan 15...

PC Fin had very similar offer (but they did NOT say it is promo) when TFSA was introduced; I believed them; after a month or so rate dropped significantly; I calculated I will earn more on regular hi-int saving minus taxes then with their louse TFSA interest. So I withdraw $ and never looked back.

I am little bit sick of all kind of promos: 4563 easy payments, only $99 weekly; pennies a day, 3 months free, you name it...

January 3, 2016
6:43 pm
Loonie
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I think that, realistically, it's difficult to get anywhere with TFSA promos. They are all very short-term and it takes too long to move the money and you have to worry about transfer-out fees at one end or both. The rates are not going to stick after the promo period, and it's all a lot of bother.
The only kind of promo that might be worthwhile would be for a GIC, if one wanted a GIC, but I don't see any of them out there either.
I put mine in Peoples again as I don't think anything better is coming along right now.

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