President's Choice Financial: 3.1% Interest on New Deposits


President's Choice has taken up the gauntlet and whacked Tangerine across the face with it. Here comes a little competition in the financial world people! All new deposits to PC Financial savings accounts before the end of the month will earn 3.1% interest up until December 15th.

This is a pretty blatant middle finger up to Tangerine bank, which recently offered their customers 3.0% interest rate on all new deposits to their savings accounts made by September 15th, and valid till the end of November. President's Choice adds an additional 0.1%, extends the time you have to deposit until the end of September, and lets you collect that 3.1% interest for an extra 15 days. Let us look at this deal in plain English.

The details:

  • 3.1% interest till December 15th on NEW deposits
  • Deposits must be made by September 30, 2014
  • Any deposits made after that will receive regular interest rates.

This interest rate will be paid on new deposits during the promotional period into these four accounts:

  • Interest Plus savings account
  • No fee bank account
  • Interest Plus RRSP
  • Tax-Free Interest Plus savings account

If you have PC Financial savings account already, then start transferring your money in pronto. If you are not with PC Financial and have not been offered such a savory interest rate promotion by your bank, then consider switching. I recently switched to Tangerine and am quite happy with them so far. I will not be transferring my money to President's Choice just for the extra 0.1% for an extra 15 days. Yet, I know some people will!

This is a cool thing to see actually. You do not often see any of the banks engaging in competition with each other. Usually they dwell in isolated little bubbles and ignore everyone else - especially the little guys. Well, PC Financial has taken notice of Tangerine and we are the ones who benefit from the competition. As they say, a little healthy competition never hurt anyone.

You can read all the fine print through the link above. There is some stuff on how interest is paid and on the rules if you need to sign up. From what it looks like, all the bonus interest will be paid in December but I may be reading that wrong.

Do any of our Moosers bank with PC Financial? If so, how are you planning to take advantage of this offer?

(Expiry: 30th September 2014)

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