PC Financial Drops Its TFSA Interest Rate

Wow, this happened way faster than I thought. As many may know, PC Financial’s TFSA interest rate was a fairly high 3.75%. Just recently though, I visited the site and discovered that the interest rate for its “Tax-Free Interest Plus” plan has been dropped to 3.05% as you can see in this screenshot:

I suppose that was expected that some financial institutions would drop its rates once the first fledge of customers sign up to capitalize on the rush. I must say that is a pretty quick drop and must be leaving some account holders a little disgruntled.

President’s Choice Financial Tax Free Interest Plus

The next bank I looked at today was PC Financial. I know that they are usually a popular bank for a lot of people due to its no fee bank account options. For TFSA plans, they have one that is being called the “Tax-Free Interest Plus” plan where you can read about at http://www.banking.pcfinancial.ca/a/products/taxfreeInvestmentOptions/tfsa.page .

The interest rate seems pretty good too I must say at 3.75%. As well, you can apparently gain bonus interest rates annually which should sweeten the deal. I must admit, this bank is sounding like a favorable choice so far for me.

Some stipulations to the account seem similar to its other high interest savings account where you can’t use say interact purchases with it but would rather have to transfer your money to say a chequing account instead. Still sounds good though.