PC Money Account review

What is the PC Money Account?

The PC Money Account from President’s Choice Financial offers a unique option to manage your money while earning rewards and interest. It works like a chequing account with a Mastercard, letting you pay bills, send Interac e-Transfers and shop—all while earning PC Optimum points, which can be redeemed at participating stores.

It also currently offering 4% APY on savings along with no monthly fees. New customers can earn 150,000 bonus PC Optimum points (equal to about $150) by setting up $1,500 in payroll or pension direct deposits for three consecutive months. Helping over three million people save money and earn rewards, it’s a secure and rewarding banking option for everyday use.

Is PC Financial legit?

Yes, President’s Choice Financial (PC Financial) is a legit trusted financial company in Canada and part of Loblaw Companies Limited. It is offered by President’s Choice Bank, a federally chartered bank and member of the CDIC. Millions of Canadians continue to trust and use PC Financial for its banking products.

PC Money Account interest rate, fees and access

Type of fee	Fee details
Interest rate	4% on savings balance
Monthly fees	None
Transaction fees	Free transactions, including bill payments and Interac e-transfers
ATM access	Free withdrawals at PC Financial ATMs; fees may apply at non-PC Financial ATMs
Minimum balance requirement	None

What we like about PC Money Account

Earn PC Optimum Points

You can earn between 5 and 25 PC Optimum points per dollar spent, plus up to 5,000 points monthly for payroll deposits and bill payments.

No Monthly Fees

The account comes with unlimited everyday transactions, all without monthly fees, allowing you to save more and avoid unnecessary charges.

High-Interest Savings Feature

An optional savings feature lets you earn a competitive interest rate of 4% on your savings balance, making it a great way to grow your money while keeping it easily accessible.

Free Interac e-Transfers

You can send free Interac e-Transfers, giving you the flexibility to transfer money without worrying about extra fees.

PC Financial Mastercard Zero Liability

The PC Money Account comes with the Mastercard Zero Liability Promise, ensuring you’re not held responsible for unauthorized transactions.

What are the downsides?

Limited Physical Presence

PC Financial operates primarily online, which may be inconvenient for those who prefer in-person banking services.

ATM Withdrawal Fees at Non-PC Financial ATMs

Withdrawals at non-PC Financial ATMs may incur fees.

Savings Feature Unavailable in Quebec

The savings feature is currently unavailable to residents of Quebec.

Is my money safe with the PC Money Account?

Yes, deposits in the PC Money Account are eligible for coverage by the Canada Deposit Insurance Corporation (CDIC), providing protection up to $100,000 per insured category. The institution also emphasizes security, implementing measures such as encryption, secure authentication and fraud detection tools to protect customer information.

How does the PC Money Account compare to other accounts in Canada?

When it comes to hybrid banking accounts, the PC Money Account offers a strong rewards structure, earning between 5 and 25 PC Optimum points per dollar spent. Its optional savings feature provides a competitive 4% interest rate on balances, making it a solid choice for those who want to combine everyday spending with savings growth.

Notable features from other hybrid accounts include:

• EQ Bank Personal Account: Offers up to 3.5% interest on balances with cashback on all of your purchases with the EQ Bank Card.
• Wealthsimple Cash: Provides 2.75% - 3.75% interest and higher CDIC (up to $1,000,000) coverage but lacks the ability to earn rewards on spending.

While the PC Money Account stands out for its points-earning potential and unlimited free transactions, other chequing accounts may appeal to those prioritizing different features like in-person customer service rates or more appealing sign-up bonuses.

If you value the interest-earning potential of the PC Money Account, than you should also consider other high-interest accounts. Some other notable savings accounts with high ongoing rates include:

• 3% with an EQ Bank 10-Day Notice Savings Account or 3.05% with a 30-Day EQ Bank Notice Savings Account
• 5% with KOHO Earn interest
• 3% with a Neo High Interest Savings Account

Compare with other high-interest accounts

How to open a PC Money Account

1. Meet the Requirements
   Ensure you meet the minimum requirements — you must be at least 16 years old and a Canadian resident.
2. Complete the Online Application
   Visit the PC Financial website and fill out the online application form.
3. Submit Identification
   Provide SIN and any other appropriate valid identification documents as requested during the application process.
4. Provide Proof of Income
   Share details about your occupation or employment status if required.
5. Fund Your Account
   Transfer money into your new PC Money Account to activate it and start earning rewards.

How to close the PC Money Account

1. Contact PC Financial Customer Service
   To begin the account closure process, contact PC Financial’s customer service team. You can find their contact details on their official website. Ensure you clearly request to close your account.
2. Settle Pending Transactions
   Before closing your account, check that all pending transactions have been processed. According to the Financial Consumer Agency of Canada (FCAC), it’s essential to ensure no automatic payments, checks, or transfers remain active when closing a bank account.
3. Set Up a New Bank Account
   If you haven’t already, open a new account at another financial institution to hold your funds. This step is essential to avoid disruptions in payments or deposits.
4. Withdraw Remaining Funds
   Transfer any remaining balance to your new account. Most banks, require the account balance to be at $0 before they can finalize the closure.

For more information on how to close and set up a new bank account, check out our guide here.

Does the PC Money Account come with a debit card?

Yes, the PC Money Account comes with a card that functions like a prepaid Mastercard, allowing debit purchases wherever Mastercard is accepted. However, it’s not the same as a traditional Canadian debit card as it doesn’t use the Interac network.

Does the PC Money Account come with a credit card?

No, the PC Money Account card is not a credit card. It requires you to fund the account and does not offer credit. PC Financial offers a Mastercard credit card separate from the Money Account.

PC Money Account vs PC Mastercard: What is the difference?

Feature	PC Money Account Card	PC Financial Mastercard
Type	Prepaid card linked to account balance	Credit card with a credit limit
Rewards	Earn between 5 and 25 PC Optimum points per dollar spent	Earn between 10 to 45 PC Optimum points per dollar spent
Credit Impact	No impact on credit score	Affects credit score based on usage and payments

How does the PC Optimum points system work for the PC Money Account?

Everyday Purchases. Earn 10 to 25 points per dollar spent at participating Loblaw banner stores, Shoppers Drug Mart, Joe Fresh and Esso and Mobil stations. For all other purchases, earn 5 points per dollar.

Payroll or Pension Direct Deposits. Receive up to 5,000 points monthly when you set up and receive these direct deposits.

Bill Payments. Earn up to 5,000 points monthly by paying bills through your account.

Please note that transactions such as bill payments, electronic funds transfers, account fees and interest do not qualify for earning points.
By utilizing the PC Money Account for your daily transactions, you can accumulate points redeemable for rewards at participating stores.

Can I deposit a cheque into the PC Money Account?

No, PC Financial does not offer the capability to deposit cheques into the PC Money Account at this time. If you’re looking for accounts that support mobile cheque deposits, check out other options in our guide here.

How do I deposit money into my PC Money Account?

Here are a few options you have to deposit money into your PC Money Account:

• Interac e-Transfer: Send funds from another bank account via Interac e-Transfer.
• Online Bill Payment: Add your PC Money Account as a payee from another financial institution.
• Direct Deposit: Set up payroll or pension direct deposits.

Does the PC Money Account have a referral bonus offer?

Yes, the PC Money Account offers a referral bonus through the Refer a Friend program. You can earn 25,000 PC Optimum points for each successful referral, up to a maximum of 250,000 points. Here’s how it works:

Share Your Code: Log in to your PC Financial online account and navigate to the “Refer a Friend” option in your profile dashboard. Share your unique referral code with up to 10 friends or family members.

Eligibility Requirements: To qualify, your friend must use your referral code when applying, be a new PC Financial customer and spend at least $100 on their new account within 60 days (excluding cash advances or cash-equivalent transactions).

Receive Your Bonus: If all conditions are met, 25,000 points will be credited to your PC Optimum account within 14 business days.
This referral bonus makes it easy to earn additional rewards while introducing others to the benefits of the PC Money Account.

PC Money Account reviews and ratings

Apple App Store reviews	4.7 / 5 stars based on over 293,000 reviews
Google Play reviews	4.4 / 5 stars based on over 47,000 reviews
Trustpilot reviews	1.2 / 5 stars based on over 320 reviews
Customer reviews verified as of	November 29, 2024

Customer feedback on the PC Money Account is a mix of praise and criticism just like any large institution. Many users appreciate the ability to earn PC Optimum points on everyday purchases, making it an excellent option for those who frequently shop at Loblaw stores or Shoppers Drug Mart.

The account’s no-fee structure and unlimited free transactions are also widely celebrated, offering a cost-effective way to manage daily banking. Positive reviews on the Apple App Store and Google Play highlight the app’s user-friendly interface and seamless point tracking.

However, some users have raised concerns about transfer limits, delays when setting up external accounts and occasional technical glitches with the app. Reviews on platforms like Trustpilot also mention long wait times and inconsistent customer support as ongoing issues.

While the PC Money Account is ideal for earning rewards and managing everyday spending without fees, those seeking more reputable customer service or access to physical branches might consider RBC, known for its highly rated customer support, or Simplii Financial, which is praised for its seamless digital banking experience.

What do people on Reddit say about the PC Money Account?

Feedback on the PC Money Account in the r/PersonalFinanceCanada subreddit is divided. While some users appreciate the lack of monthly fees, the ability to earn PC Optimum points, and the Mastercard functionality for online purchases, others criticize its limited features compared to traditional chequing accounts.

Common complaints include account freezes, poor customer service, and restrictions like the inability to deposit cash or write cheques. Many users feel the account is only worthwhile for dedicated PC Optimum collectors, with several suggesting that competing products offer better value.

Bottom line: Is the PC Money Account worth it?

The PC Money Account stands out as a unique blend of banking and rewards, making it a strong contender for Canadians seeking a no-fee, digital-first solution. Its ability to earn PC Optimum points on everyday purchases, combined with unlimited free transactions and an optional high-interest savings feature, offers exceptional value for users.

However, it’s not without drawbacks—limitations like the inability to deposit cheques, occasional customer service issues and reliance on online banking may not suit everyone. Overall, for those comfortable with a digital banking experience and looking to maximize rewards, the PC Money Account is a worthwhile option to consider.