When I logged into my PC Financial account this morning, this is the message I got:
(You can click on the image to make it bigger.) So, they basically slashed the bonus rates in half. Damn. Not that it makes a huge difference to me because I’m still in the 1st balance category of $1,000-$10,000 but still! Eventually I’ll be up at a higher tier. I bet the people who have more than $10k in a savings account with PC are going to be PISSED. But you really had to see this coming.
That’s why most of my $$$ is with ING. Their interest rate is at 1.05%, which doesn’t sound very good … but compare that to PC Financial’s 0.75% on balances greater than $1,000 (0.5% for balances less than $1,000).
I checked the PC and ING interest rates today, and I was shocked. PC Financial went down AGAIN. Then again, the last time I checked was back in March, so am I that surprised?
PC Financial is down to 0.5%, and ING is at 1.2%. That’s a huge difference! The smart thing to do would be to open up new savings accounts with ING and deposit my PC money there – then just keep on switching, depending on who has the highest interest rate. That seems like a lot of hassle, but then again, interest rates really don’t change that often … plus there isn’t a fee to transfer money around between the 2 bank accounts … and I do enjoy rate chasing. So we’ll see I guess.
I’ve had my PC Financial accounts (1 chequing, 4 savings) for over 2 years now, and I haven’t had a single complaint until today.
I think it’s so irritating that I cannot transfer money between different PC Financial accounts. What I want to do is send money from my chequing account to a chequing account in someone else’s name. With my TD Canada Trust account, I was able to do it really easily. But apparently you can’t do it with PC Financial. WHY? WHY NOT!? Do they know how obnoxious this is? Grr!!