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PC Financial Starts the Interest Wars With a 2.25% Offer

Posted on 2016 09 09 by BetCrooks

It’s been months since the last time President’s Choice Financial or Tangerine offered a special interest rate on savings to anyone willing to phone in and ask. I gradually have moved all of our short-term cash savings to EQ Bank and Oaken Financial because I could only get 0.8% at Tangerine or PCF. But now PC Financial seems to be back on the prowl for new customers and as an enticement they are offering a rate of 2.25% per year but only for a few months.

Can I Really Get 2.5% from PC Financial for my Savings Account?

Not really. The 2.25% rate is an annual amount but they are only offering the deal for new deposits from September 1 – December 31, 2016. Unless they extend their offer you can’t actually earn 2.25%.

This particular offer is also limited to only new deposits made to your PC Financial Savings account that raise your total holdings at PCF above the amount you had in your chequing and savings accounts at the close of the business day on August 31, 2016.

So you can’t just transfer money from your chequing to your savings account to get the bonus rate; nor can you open a new type of savings account (for example, a joint account) and move your existing savings into it.

Will PC Financial Pay Me the Bonus Interest Each Month?

No. Tangerine does that. PC Financial doesn’t. Instead, sometime in late January 2017, you’ll get a single lump sum payment of all of the bonus interest.

The bonus interest is 1.45% (annually) and is payable on your average daily closing balance in excess of your daily closing balance on August 31. You can read the full details on the PC Financial website.

The regular 0.8% (annually) interest will be paid at the end of each month as usual.

That does mean there is no compound interest earned on the bonus interest. It also means there is no tax payable on the bonus interest until you file your return for 2017 as you won’t have earned anything until 2017.

Does This PC Financial Promotion Include TFSAs or RRSPs?

No. This particular promotion is only for cash kept in their daily interest savings accounts.

Will I Leave My Savings at PC Financial Till December 31?

Personally, I’ve moved a chunk of cash from Tangerine to PC Financial to take advantage of this higher short-term interest rate. It only took a few clicks of the mouse, so why not?

However, if Tangerine sees their 2.25% rate and offers 2.5 or 3%, I will happily click again and move it back!

Related Reading

  • Do You Play the Interest Rate Transfer Game?
  • Why I Recommended my Young Relative Open Their First Bank Account at Tangerine

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Are you taking advantage of this new promotion from PC Financial? Or have you received a better offer elsewhere? Please share your experience with a comment.

Posted in Finances, Money Tips | Tagged bank accounts, daily interest savings account, high interest savings account, HISA, PC Financial, savings, savings account, Tangerine

How to Close an Extra Tangerine Savings Account When You Reach Your Savings Goal

Posted on 2016 04 21 by BetCrooks

Eventually, you will have enough saved for that trip to Kuala Lumpur or that granite countertop or even possibly for that revised Sibley’s Bird Guide you’ve been eyeing covetously. When you reach your goal and take the money out to spend you may want to close that specific savings account at Tangerine: here’s how.

Can I Close All of My Tangerine Savings Accounts This Way?

No.

You can’t close your primary Tangerine Savings Account using their online close tool. Nor can you close a child’s bank account under your name. Nor a TFSA Savings account. If you want to close those accounts, you will have to phone Tangerine.

Basically, if they ever run a promotion to pay you a bonus for opening an account, such as your first Savings account, first TFSA account, or Child’s Savings account, they aren’t going to let you close it by clicking a few buttons on the screen. (In fact, they will never close their records showing you once HAD that type of account so you can’t get the bonus again in the future. They will, however, close it to all possible use and ability to sign in or see it. They’ll just keep track of it in another way.)

What Happens to My Final Interest Payment When I Close My Tangerine Savings Account?

Personally, I waited till the first of the month so that the previous month’s interest would be posted to the empty account. Then I transferred out the interest and closed the account on the first of the month so it would not earn any more interest. I did that so that my statements and transaction history, etc, would clearly show which account earned the interest.

Unfortunately, that means I can’t tell you where or how Tangerine pays the interest on a closed account. I suspect it pays it into whichever account you direct it to use. (If anyone else has the answer, please share it with a Comment.)

What Should I Do Before I Close My Tangerine Account?

I

  • waited till the first of the month to have the last interest payment paid into the closing account
  • looked at the account under View my Accounts, and clicked on it, so that I could look at the Current rate: and hover the cursor over the icon ? so that I could write down the “Interest, previous year” and “Interest, year to date”
  • downloaded and saved the last monthly statement for the account (I had already done this for previous months)
  • printed the transaction history for the account

Once the account is closed, you probably will not have access to this data anymore or you may only have it for a short time. In particular, I believe the transaction history will become inaccessible because it is opened from within the account selected. The statements will probably be available for the regular 18 months.

Why Did I Close My Tangerine Savings Account?

Well, I only closed one for the ensuite bathroom reno. Yes, we finally saved enough!

How To Close An Extra Tangerine Savings Account

  1. From the list on the left side of the screen, click on the link: View my Accounts
  2. Under the Saving heading, click on the link to the account you wish to close.
  3. At the top of the screen, under the Account Actions section, click on the link: Close my account
    It will warn you
    “Once you have closed this Account, it becomes permanently inaccessible.”
    Select which account to move any money into from the drop-down list.
    (Yes, you can select your external bank account if you wish.)
  4. Click on the Next button.

The Close Account Page

  1. Review the details of the closure. If you are sure you never want to use the account again or get any data for the account again, click on the button: Confirm
  2. Make a note of the confirmation number in case of any issues.
  3. Click on the Continue Banking button.

The account will no longer appear on your accounts list.

You can no longer access the account’s transaction history directly.

The account statement will still be part of your previous months’ overall savings accounts statement.

When you are finished banking, click on the Log me out link at the top right of the screen.

Clear your browser history and cache, and close your browser session.

You’re done!
Related Reading

  • Why I Didn’t Renew My Costco Membership

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Did you find it this simple to close a savings account at your bank? Please share your experience with a comment.

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Posted in Finances, Money Tips | Tagged daily interest savings account, high interest savings account, savings, savings account, Tangerine

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