Which approach should you take to saving?
Spoiler: We think our 3.5% everyday interest rate2 is the way to go!
When it comes to reaching your financial goals, there’s no shortage of savings accounts to choose from. Lots of them even come with big, bold claims about what they can do for your money. But when you get down to the details—some things are just too good to be true.
Picture this. You’ve been looking forward to date night all week. There’s a trendy new Italian spot and you were lucky enough to get a reservation. You and your sweetheart are seated at a cozy, candle-lit table, perusing the menu. Spaghetti and meatballs. Definitely! As the server approaches, you can see the steam coming off the fresh pasta and the aroma has your undivided attention. That first bite… perfection. Then out of nowhere, the plate is taken right out from under you. Stunned, you call out “I’m not done with that!”, as they inform you that’s how the dish is served. A teaser, if you will. The server points to the fine print in the menu and with disappointment, you read “*Promotional first bite only”. If only you’d noticed this small, but important detail before ordering, you may have chosen a different plate.
“But not to worry, if you liked that—you’re going to LOVE the wine”. To your delight, you see an award-winning Chianti on the menu. “Excellent choice”, you’re told. “Five gallons of Chianti coming right up.” Your jaw drops. Five gallons? You want a glass. But that’s not how they do things at this restaurant. Another commitment (also buried in teeny tiny print). This wine is only for guests who are ready and willing to shell out for the big (really big) bottle.
Plans that had you full of excitement have quickly left you full of frustration. With complicated terms and absurd minimum requirements, you feel like you’ve lost all control of “your” night out.
By now, you’ve got the point. This isn’t the restaurant experience you expected, and it certainly isn’t what you wanted. Everything about this trendy new spot came with a catch. That’s where the PC Money™ Account is different than flashy, promo-based savings accounts. You can take back control of your savings with an everyday competitive rate, that stays competitive on your terms.
What you see is what you get (with us, that is)
Just like the spaghetti and meatballs, other banks will wow you with their high interest rate, then the moment the promo period ends, you see a dramatic drop in your ongoing rate. Maintaining control over your savings by not being bound by specific terms can really make a difference when you’re working towards a more significant, long-term goal—like a wedding, home reno or your dream vacation.
With the PC Money™ Account, there are no promotional rates. It’s as simple as it sounds. You don’t have to worry about complicated catches (like offering you our best rate, but only after you’ve signed up for direct deposit). Our best everyday rate is a promise to stay competitive today and every day (opens in a new window), on your terms. That means no monthly fee1, no minimum balance, and no minimum time commitment. You’re in control (unlike with the “too-good-to-be-true” bank account you wish you hadn’t signed up for), so you can accurately map out your savings goals and stay on track.
And here comes dessert. Complimentary, of course!
The no monthly fee PC Money™ Account is the only bank account that rewards you with interest on your savings and PC Optimum™ points for banking, with a 3.5% interest rate2 and up to 10,000 points per month for payroll direct deposit4 and paying bills3. Plus, it’s easy to redeem5 those points at over 4,500 stores across Canada or online. That’s why it was named MoneySense Best Rewards Bank Account6. So, whether you’re all about value, convenience, or rewards, (opens in a new window) you’ll find it here. How’s that for a cherry on top?
So, what does it all boil down to? We think the path to savings should be simple, transparent, and flexible, so we made it that way. With the PC Money™ Account, you can save your savings with an everyday competitive rate, that stays competitive on your terms. Sign up today and join thousands of customers earning over $700 in value every year with a PC Money™ Account*.
General information not about PC Financial® products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for and should not be construed as the advice of an experienced professional. PC Financial® does not guarantee the currency, accuracy, applicability, or completeness of this content.
1Information about fees for special requests and services for the PC Money™ Account is available here.
2Interest is calculated daily at the current rate on the total closing savings balance in the PC Money™ Account and paid monthly to the savings balance. It is a simple interest calculation. Interest rates are annual and subject to change without notice. Visit pcfinancial.ca for current rates and more information.
3Earn a bonus of 1,000 PC Optimum™ points for each of up to five bill payments of $50 or more to unique payees, per calendar month, made using a valid PC Money™ Account. Bonus points will be awarded to your PC Optimum™ account within 2-3 weeks of a successful bill payment.
4Earn a monthly bonus of up to 5,000 PC Optimum™ points when you deposit funds to your PC Money™ Account using automatic payroll or pension direct deposits. Payroll or pension deposits totaling between $1,500 and $2,999 within a calendar month will earn a bonus of 2,000 PC Optimum™ points, and deposits totaling greater than $2,999 will earn an additional 3,000 PC Optimum™ points, for a maximum monthly bonus of 5,000 PC Optimum™ points. Limited to one bonus per customer, per month, even If you have multiple PC Money™ Accounts. The classification of a direct deposit as a payroll or pension direct deposit is determined solely by President’s Choice Bank. Interac e-Transfer® services, electronic funds transfers, and other forms of deposits or transfers to your account do not count towards this bonus. Bonus points will be awarded to your PC Optimum™ account within 2-7 business days of when you meet the minimum direct deposit amount(s).
5Minimum redemption is 10,000 PC Optimum™ points (worth $10 in rewards) and in increments of 10,000 points thereafter at participating stores where President's Choice® products are sold. Some redemption restrictions apply; visit pcoptimum.ca for details, participating stores and full loyalty terms and conditions.
6Selected by the MoneySense editorial team as the best rewards bank account in 2024.
*Value shown is for illustrative purposes only; results may vary based on individual purchase behaviour and savings. Annual value of $700 includes:
**Annualized rate, calculated daily & paid monthly. Conditions apply.
• Up to $60 in points annually: Earn a monthly bonus of up to 5,000 PC Optimum™ points when you deposit funds to your PC Money™ Account using automatic payroll or pension direct deposits. Payroll or pension deposits totaling between $1,500 and $2,999 within a calendar month will earn a bonus of 2,000 PC Optimum™ points, and deposits totaling greater than $2,999 will earn an additional bonus of 3,000 PC Optimum™ points, for a maximum monthly bonus of 5,000 PC Optimum™ points. Limited to one bonus per customer, per month, even if you have multiple PC Money™ Accounts. The classification of a direct deposit as a payroll or pension direct deposit is determined solely by President’s Choice Bank. Interac e-Transfer® services, electronic funds transfers, and other forms of deposits or transfers to your account do not count towards this bonus. Bonus points will be awarded to your PC Optimum™ account within 2-7 business days of when you meet the minimum direct deposit amount(s).
• Up to $60 in points annually: Earn a bonus of 1,000 PC Optimum™ points for each of up to five bill payments of $50 or more to unique payees, per calendar month, made using a valid PC Money™ Account. Bonus points will be awarded to your PC Optimum™ account within 2-3 weeks of a successful bill payment.
• Estimate of $80 in points annually when you use the PC Money™ Account as your primary spending account: Spending estimate of $1,166.67 monthly (with 15% spent at eligible stores and 85% spent everywhere else) is based on 2023 annual purchase data of PC Money™ Account holders who use the account as their primary spending account. Earn at least 5 PC Optimum™ points per dollar on qualifying purchases with your PC Money™ Account, wherever your card is accepted. Earn 10 PC Optimum™ points (5 regular PC Optimum™ points plus a bonus of 5 PC Optimum™ points) per dollar on qualifying purchases at participating Loblaw banner stores, Shoppers Drug Mart® stores, Joe Fresh® stores, and Esso™ and Mobil™ stations in Canada. Bill payments, electronic funds transfers, account fees and interest are not qualifying purchases for the purpose of earning PC Optimum™ points. PC Optimum™ points will be deducted for any credits or returns. President's Choice Bank reserves the right to cancel, change or extend regular and bonus points earning rates at any time. Account must be in good standing at time of qualifying transaction and awarding of points. Value shown is for illustrative purposes only; results may vary based on individual purchase behaviour.
• Up to $200 in savings annually: Savings on monthly fees based on an average of moderately priced, unlimited transaction chequing accounts at the big 5 Canadian banks. Some banks may rebate or waive monthly fees for customers who hold multiple products or maintain a minimum account balance each month.
• An estimated $300 in interest earned on your savings balance, calculated using a simple interest calculation and assuming a minimum annual interest rate of 3.35% and a daily closing savings balance of $8,950.
