Canadians looking to ditch fees and earn points on banking
A year into the pandemic, Canadians are re-evaluating their priorities for banking and money management
TORONTO, March 30, 2021 /CNW/ - A new study from PC Financial® shows that Canadians are worried about monthly banking fees and want to start earning loyalty points on spending.
"Four-in-five Canadians are planning or taking steps to better manage their finances since the pandemic began," says Barry Columb, President, PC Financial. "With interest rates at all-time lows, the first thing they should do is stop paying hundreds of dollars annually on banking fees and upgrade to a no-fee account that also rewards them with points on purchases."
According to the study:
- More Canadians (43 per cent) would rather earn points on the money they spend than interest on the money in their spending account (30 per cent)
- Smart spending is the top financial accomplishment of the last year (37 per cent) – more than paying-down debt, sticking to a budget, and increasing contributions to savings
- Nearly a quarter of respondents (23 per cent) are looking for more opportunities to earn loyalty points on purchases to better manage their finances during the pandemic
The latest innovation from PC Financial, the no-monthly-fee PC MoneyTM Account, zeroes in on Canadians' needs by awarding customers with 10 PC OptimumTM points per dollar on purchases everywhere Mastercard® is accepted, and up to 5,000 points per month for qualifying bill payments. The account provides a digital-first experience, has no minimum deposit requirements, comes with free Interac e-transfer® services, unlimited everyday transactions, free cash withdrawals at PC Financial ATMs across the country, mobile wallet integration, and tap for purchases up to $250. Customers who make payroll direct deposits to the account could also receive them up to two days before payday.*
"We were the first to offer Canadians no-fee daily banking. Now we're making their money go further when they make purchases and pay bills by awarding them with points that retain their value, even in a pandemic," continues Columb. "Some people worry about switching banks because they don't want to pay fees or they don't want to setup their bill payments. We have no monthly fees and we give people points for setting up their bill payments."
Paying monthly fees (52 per cent) and setting up bill payments (40 per cent) were cited as the two things that worry people the most about switching to a new bank.
Canadians who want more from their spending account can open a PC Money Account today or get more information at https://www.pcfinancial.ca/en/.
About President's Choice Financial
President's Choice Financial® services are a unique financial service offering designed by Loblaw Companies Limited. For more information, visit www.pcfinancial.ca or follow us on Facebook, Twitter @pcfinancial and YouTube.
About this survey
These are the findings of a study/survey conducted by PC Financial and the PC Money Account from March 3 to March 5, 2021 with a representative sample of 1,525 online Canadians who are members of the Angus Reid Forum. The sample was balanced and weighted on age, gender, region and education according to the latest Census data. The survey was conducted in English and French.
* Early access to direct deposit funds depends on the payer's support of the feature and the timing of the payer's submission of their payroll file. We generally make payroll funds available on the day that the payroll file is received, which may be up to 2 days earlier than the employer's scheduled payment date. |
SOURCE President's Choice Financial
Ben Wylie via [email protected] or 647-534-6042
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