For the past year or two, Tangerine and PC Financial have been in a bit of a competition for customers. One would offer a good interest rate for a short time, usually 3 months, and the other would either match it or offer a higher rate. Now in the fall of 2017, PC Financial is about to become Simplii Financial by CIBC. Will Tangerine still offer a good interest rate for October to December 2017 with PC Financial gone?
What Kind of Bonus Interest Rates Did Tangerine Offer in 2017?
My husband and I both bank with Tangerine and the former PC Financial. In 2017, I was not offered any special interest rates for my Tangerine or PC Financial savings accounts. My husband, however, received two offers from Tangerine, one for January – March and one for April to June. Both rates were above 3% annually.
Others listed quite a variety of rate offers from Tangerine from around 1.5% – 3.25% on RedFlagDeals.
Neither of us was offered a good rate for July to September though. So we transferred our money out to EQ Bank which was paying 2.3% annually during those months. (We won’t get 2.3% for only 3 months, of course, only about 1 /4 of what 2.3% would be if we had kept the money deposited there for an entire year.)
It’s coming up towards the end of September and I’m curious whether Tangerine will offer ANYONE a bonus interest rate for October to December. If so, who will they be competing with? EQ Bank at 2.3% per year? Or Simplii Financial, the new incarnation of PC Financial.
Will Simplii Financial Offer Short-term Bonus Interest Rates for Savings Accounts?
PC Financial did often offer a promotional interest rate on savings accounts. The rate was often only good for 2.5-4 months.
Now, though, PC Financial will no longer be in business. Instead, the newly named Simplii Financial, owned and run by CIBC will take over. Will CIBC be interested in playing this kind of interest-rate game to attract customers?
Unfortunately, neither I nor anyone else knows for sure. We’ll have to wait till November 1 and see what, if anything Simplii Financial announces.
In the meantime, our money will stay parked at EQ Bank. It’s CDIC insured up to the usual $100 000 limit. The current (as of September 13 2017) rate of 2.3% is much higher than we can get with Tangerine (0.9%) or our traditional Big Canadian banks. I would be happier to be getting 3%+ again, though, so I’m hoping either Simplii Financial or Tangerine makes us an offer soon!
- Do You Move Your Money to Get the Best Rate from Tangerine or PC Financial?
- How to Connect an EQ Bank Account to another External (Big Bank) Account Without a Cheque
Do you try to maximize your interest rate on savings by moving your money around? Please share your strategy with a comment.