PC Financial 3.75% for three months...

[joe1487]

http://www.banking.pcfinancial.ca/a/rates/rateOffer.page?WT.mc_id=rateoffer2008

New deposits get an extra 0.75%. May be worth shifting your money over from ING or ICICI.

[Arrow]

Already posted; thanks though

[angel_wing0]

yip its posted on hot deals and here (http://www.redflagdeals.com/forums/showthread.php?t=584352).

Lots of ppl complain that its only aimed at new customers thou...oh well.

[YYZFA]

It's not only for new customers though. Existing customers can get this rate with any new money put into their account.

http://www.banking.pcfinancial.ca/a/rates/rateOfferTerms.page?referid=promo-04

Terms and Conditions for President’s Choice Financial Promotional Deposit Rate Offer

The following Terms and Conditions explain in detail how up to 3.75% promotional annual interest rate can be earned on additional balances in an existing Eligible Account (as defined below) or on deposits to a new Eligible Account:


“Eligible Account” means (i) an existing President’s Choice Financial no fee bank account, Interest Plus savings account or Interest First savings account, and (ii) a new President’s Choice Financial no fee bank account, Interest Plus savings account or Interest First savings account that is opened between September 1 and November 30, 2008 and in which funds are deposited during that period.

[angel_wing0]

It's not only for new customers though. Existing customers can get this rate with any new money put into their account.

http://www.banking.pcfinancial.ca/a/rates/rateOfferTerms.page?referid=promo-04

i actually know about that.

too lazy to post but...someone (sklm i think) made a big fuss over it at hot deals cuz it has to be new money not just money being transferred thru accounts to be elgicble (sp?!).

[Lyrrad0]

i actually know about that.

too lazy to post but...someone (sklm i think) made a big fuss over it at hot deals cuz it has to be new money not just money being transferred thru accounts to be elgicble (sp?!).

Well, if you read the terms carefully, I think it's pretty clear that they figure the new money amount on an account by account basis, so moving money from one account to another should enable you to be eligible for the full rate.

[angel_wing0]

Well, if you read the terms carefully, I think it's pretty clear that they figure the new money amount on an account by account basis, so moving money from one account to another should enable you to be eligible for the full rate.

nope, i called in pcf and confirmed that money generated by transferring thru pcf accounts will not get the 3.75%. The thing that pcf should make clear is the money has to be from an external source not internal.

[elty]

nope, i called in pcf and confirmed that money generated by transferring thru pcf accounts will not get the 3.75%. The thing that pcf should make clear is the money has to be from an external source not internal.

I transfer money from my external account to PCF chequeing then to PCF saving, does it count for external or internal?

[2door]

I transfer money from my external account to PCF chequeing then to PCF saving, does it count for external or internal?
External

[Lyrrad0]

nope, i called in pcf and confirmed that money generated by transferring thru pcf accounts will not get the 3.75%. The thing that pcf should make clear is the money has to be from an external source not internal.

I don't really think it matters what the phone people say. The legalese in the terms and conditions makes it clear how they should calculate the bonus interest.


Under the Offer, promotional interest (“Promotional Interest”) is the amount of interest to be paid that is in excess of the regular interest paid on each Eligible Account balance. This means that the Promotional annual Interest rate, plus the regular annual interest rate, on an Eligible Account is 3.75%. Promotional Interest will be paid on the portion of the primary account holder’s Eligible Account(s) average daily closing balance(s) during the Offer Period that exceed(s) the/their closing balance(s) as at August 31, 2008 (the “Additional Balance”). If an Eligible Account is overdrawn as at August 31, 2008, the August 31, 2008 closing balance is deemed to be zero. If an Eligible Account is opened during the Offer Period, it will earn a combined rate equal to the current Promotional Interest rate plus the current regular interest rate on the average daily closing balance from the date it is opened for the duration of the Offer Period.

[gqbluez]

So technically what I can do is.. I can move all the money out of my account into my TD account save for $1000.01 to keep the minimum requirements, then wait a day or two, then transfer the money all back to get the 3.75?

[AllWheelDrift]

So technically what I can do is.. I can move all the money out of my account into my TD account save for $1000.01 to keep the minimum requirements, then wait a day or two, then transfer the money all back to get the 3.75?
No, because the bonus is based on how much more you have in your account compared to August 31st.

[Lyrrad0]

So technically what I can do is.. I can move all the money out of my account into my TD account save for $1000.01 to keep the minimum requirements, then wait a day or two, then transfer the money all back to get the 3.75?

What you could do is open a new PCF Savings/Chequing account and put the money into there. That should work, and it's fairly easy to do.

[joe1487]

Oops, sorry for the double post. I don't usually fuss over small interest rate bonuses, but I thought it would be worth putting up here just in case. I don't keep any money in my PC Financial accounts, so my August 31st baseline is $0, but others here are correct - if you already have money in PCF, you will have to move money into a separate account or create a new account to qualify for the bonus. I'll be moving everything I have in ING over as soon as I get the chance.

[angel_wing0]

I don't really think it matters what the phone people say. The legalese in the terms and conditions makes it clear how they should calculate the bonus interest.

yip thats what i said in the hot deals thread as well. Worst thing that can happen is u dont get the 3.75% interest rate :D

[tmms]

What you could do is open a new PCF Savings/Chequing account and put the money into there. That should work, and it's fairly easy to do.



I'm not sure if it will work :(

From the fact, that the bonus interest is going to be =aggregated= for a "primary holder" and put into =one= of primary holder's accounts, I would say that PCF will look into =aggregated= balance of a given customer.

I.e. if I had $10,000 combined on all my accounts as the closing balance on Aug. 31st, then only the amounts over this $10,000 ("additional balance" - please note the singular form), regardless of their spreading over eligible accounts, will earn promotional interest.
Giving the above interpretation, even if I move all my money to another bank, and move it back to PCF a few days later, then again, only the portion over the $10,000 will earn promotional interest.
And, opening a new account under my name will not help, either - if the money is going to be aggregated, the new account will be aggregated, as well.

I hope the above interpretation is not correct, but the last promotion at HSBC worked exactly the above way, I believe, and it seems that PCF guys learnt the lesson.

The wording of the regulations are not very clear on this, but IMHO it does not contravene the above interpretation.

Other opinions welcomed :)



.tmms

[Newt]

good deal! But it's still barely covering for inflation considering that the inflation is around 3.4% nowadays :(

[angel_wing0]

good deal! But it's still barely covering for inflation considering that the inflation is around 3.4% nowadays :(

well better than just being on inflation a la icici/citizens.

[Lyrrad0]

I'm not sure if it will work :(

From the fact, that the bonus interest is going to be =aggregated= for a "primary holder" and put into =one= of primary holder's accounts, I would say that PCF will look into =aggregated= balance of a given customer.


Promotional Interest will be paid on the portion of the primary account holder’s Eligible Account(s) average daily closing balance(s) during the Offer Period that exceed(s) the/their closing balance(s) as at August 31, 2008 (the “Additional Balance”).

Seems like it's calculated on an account by account basis. If they meant to aggregate it, I would think that they could use phrasing like

Promotional Interest will be paid on the portion of the primary account holder’s Eligible Account(s) average total daily closing balance(s) during the Offer Period that exceed(s) the/their total closing balance(s) as at August 31, 2008 (the “Additional Balance”).

[bs9999]

So is this Promotion saying that if i put say $100,000 into my "No-Fees Chequing Account" (current balance is $0) which presently has a interest rate at like 0.2% and keep it there until the end of the Promotion then i will see a lump sum bonus interest deposit @ 3.73% (3.75% - 0.2% for No-fee's interest rate) at the end of this period?

Or is it best to keep the money in their Interest Plus account?

Please help...

[Lyrrad0]

So is this Promotion saying that if i put say $100,000 into my "No-Fees Chequing Account" (current balance is $0) which presently has a interest rate at like 0.2% and keep it there until the end of the Promotion then i will see a lump sum bonus interest deposit @ 3.73% (3.75% - 0.2% for No-fee's interest rate) at the end of this period?

Or is it best to keep the money in their Interest Plus account?

Please help...

Depends on the existing balance in your Interest Plus account (as of August 31st) and how long you've had it, and at what tier you'll qualify for the next anniversary bonus interest. Just do the math, but it shouldn't make too much difference no matter what you do unless you had a lot of money in the Interest Plus account already.

[007craft]

I thought pcfinancial had a rate of 4.25%? What happened to that?

[onexeyed]

I'm think of starting a savings account with PC Financial with this 3.75% promotion. I currently have a chequing account but never had a savings account before. PC seems to have the best interest rate.

I'm really clueless about savings accounts. For those with a PC Financial savings account, do you have to pay any daily or monthly fees? Can you withdraw money from a savings account, if so how much does it cost per transaction? The website wasn't really clear about that information.

Thanks.

[angel_wing0]

I thought pcfinancial had a rate of 4.25%? What happened to that?

that was liek..n months ago --*