Saturday, January 31, 2009

PC Financial Lowers Interest Rates!

I can't believe that PC Financial has lowered it's interest rate on its savings account all the way down to 2.25%! Sucks balls if you ask me. When I first signed up several years ago, it was 4%. Now it's withered down to 2.25% & what's even worse is that their TFSA which I signed up for in Jan was 3%. Now it's gone down in less than a month to 2.55%. Sounds a little like bait & switch if you ask me. & I am sure going lower is only a matter of months.

What really bothers me is not that they're lowering their interest rates. All banks are. It's that their interest rate is almost the same as other major banks. Those banks that have actual physical locations & offer other perks. By banking with PC who are a no frills banking service, I thought I'd enjoy some benefits in the way of higher interest rates for giving up access to tellers and such.

I might have to look at other options.


flirty*almost*30 said...

Their TFSA is 3% now? Wowza. When I was looking they were listing it as 3.75%, and that was only about a month ago. I went with BMO because it was just easier for me to do transfers as most of my other products are there. Oh, the other reason was the PC wanted to charge transfer fees and I was planning on using my TFSA to hold my emergency fund, and didn't need to be kicked in the shins by a transfer fee if and when I needed to access my money!
I guess its that old saying "if its too good to be true..."

Saver Queen said...

Man, what a BUMMER. This bugs me so much. I will have to keep updating my comparison chart, sigh. Of course, keep in mind that while the other banks have other perks, you will stay pay for those perks via fees. But I know exactly what you mean - to skip those perks you want to see a higher interest rates. I don't like the sounds of this at all...

Fabulously Broke said...

TOtal bait and switch.

ING looks better and better.

Fabulously Broke in the City

"Just a girl trying to find a balance between being a Shopaholic and a Saver."

Ginger said...

Kinda glad I opened mine with ING... but pissed because I do all my other banking with PC!

I wish it had all stayed at 4%.

Canadian Saver said...

The rates will go up again in time... it reminds me of similar rates when I opened up my account at ING in 2002.. it's quite a cycle.