SUPPLIED
Canadians are increasingly focused on making their money go further. According to the 2024 Financial Stress Index by FP Canada, 44 per cent of Canadians rank finances as their top stressor, highlighting the growing demand for tools to stretch their dollars.
For years, PC Financial® has been helping reward Canadians on their banking and spending. Case in point: the popular PC Money™ Account, the only bank account that allows Canadians to earn PC Optimum™ points when they shop, pay a bill or deposit their paycheque.
True to their commitment to provide Canadians with more opportunities to earn and save on their everyday banking, PC Financial® has added a new optional savings feature to the PC Money™ Account that enables account holders to earn a 4 per cent everyday interest rate on their savings. Best of all, this rate is not a promotional offer – so, whether you are saving for a vacation, a home renovation or an emergency fund, you can earn interest on those dollars without complicated rules or a monthly fee.
With two ways to earn, it’s a win-win for Canadians, says Barry K. Columb, president and chief executive officer at PC Financial®.
“With this new savings feature, we’re offering a simple and straightforward way for Canadians to earn incredible value on their day-to-day banking, with the ability to earn PC Optimum points on spending and now interest on their savings,” he says. “We’re the only bank account that rewards customers in this way.”
High-interest savings with more flexibility
Mr. Columb notes that the new feature was built to fill “a gap in the market” for Canadians who want to see their savings grow without worrying about “fine print and hidden pitfalls.”
The way the PC Money™ Account works is simple:
- On the spending side of the account, points are earned for direct payroll deposit and bill payments, plus every dollar spent, whether that’s for groceries, gas or anything you purchase.
- On the savings side of the account, interest is earned on your savings balance, whether you are saving for a vacation, home renovations, pet expenses or an emergency fund.
“You can easily transfer from the savings side to the spending side of the account as needed, and vice versa, from spending to savings,” says Carola Corti, senior vice-president and general manager of payments and deposits at PC Financial®. “It’s user-friendly and allows for flexible transfers without any costs – a big plus since many other savings accounts charge for transfers.”
What’s the catch, you might ask? There isn’t one. Unlike savings accounts offered by other financial institutions, the PC Money™ Account interest rate is not promotional and does not come with any strings attached.
“You can earn interest from day one on all your savings balances and it doesn’t come with an expiration date or steep drop-off like many promotional rates from big banks,” says Ms. Corti.
“This means you get the same great rate for both new and existing accounts, with no minimum balance or time commitment required,” she says.
Earn an average of $700 a year in value**
Ms. Corti says that the new feature is a continuation of the PC Financial® commitment to reward its customers for banking. On average, account holders can expect to earn an estimated $300 in interest annually, save up to $200 in banking fees and earn up to $200 in PC Optimum™ points from everyday banking and shopping.
“When you add interest earned from the new savings feature, money saved from no monthly fee and PC Optimum™ points earned from everyday banking and shopping, this can add up to about $700 a year in value,” she says.
The PC Money™ Account was launched four years ago as a true disruptor in the market, says Mr. Columb, addressing some of the “pain points” Canadians are experiencing with the big banks.
“That remains true even as we evolve and add more value to the account,” he says. “At PC Financial®, it’s important to us to have simple and transparent offerings that help Canadians get the most of every dollar. With the new savings feature, the PC Money™ Account now offers a more complete solution to grow your money, every day.”
Conditions apply to all benefits and offers. *Annualized rate, calculated daily & paid monthly. Conditions apply. The savings feature is not currently available in Quebec. **For illustrative purposes only; results will vary based on individual spending and funds added to savings. Visit pcfinancial.ca for full details.
Advertising feature produced by Globe Content Studio with PC Financial. The Globe’s editorial department was not involved.