If you’re looking for a simple, straightforward bank account that happens to earn you PC Optimum points, look no further than the PC Money Account. It shares some similarities with a chequing account, but avoids all monthly fees and includes unlimited transactions.
We like this account in combination with the PC World Elite Mastercard for earning the most PC Optimum points, but there are a few unique features of the PC Money Account worth noting.
PC Money Account features
Here's an overview of the PC Money Account's list of features:
Why You Want It
Earn 5 PC Optimum points per $1 spent everywhere + No monthly fees.
Special Features
- Earns at least 5 PC Optimum points per $1 spent
- Access to PC Financial ATMs
- Earn up to 5,000 monthly bonus points when you deposit your payroll
- Earn up to 5,000 bonus points for making monthly bill payments
Eligibility
- Resident of Canada
- At least 16 years old
Provinces
ALL
Interest Rates
3.5%
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
See Issuer for Details
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
2.2%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
PC Money Account product rating: 3.4 stars
While the PC Money Account deftly avoids the categorization of "chequing account" in its marketing, it does essentially everything you need an online bank account to do – and it does it for free. It’s particularly appealing for fans of the PC Optimum points program.
This account doesn't cover all the bases you need a chequing account to cover, however. You can’t deposit cash or cheques at an ATM. At the moment, you can only load the account online, though you can withdraw funds from ATMs.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of PC Money Account
Here are the details we think you'll most enjoy about the PC Money Account:
Pros
No fees for transactions or e-Transfers
Whether using your PC Money Account to place a PC Express order, purchase shampoo at the drugstore, or pay the babysitter with an Interac e-Transfer, you won't pay a cent for the transaction. There aren't any minimum balance requirements for this feature either, just simple, free transactions, whether you're paying online or in person.
Unlimited transactions
Not only are they free, but PC Money Account transactions are also unlimited. That’s complete peace of mind for people who prefer not to use cash or who use a credit card to pay for everything.
Earns tons of extra PC Optimum points
A PC Money Account will earn you 10 PC Optimum points per $1 in Loblaws grocery stores, up to 25 points per $1 at Shoppers Drug Mart (including what you'd earn normally), and 10 points per $1 spent at participating stores, and 5 points per $1 spent everywhere else – all higher numbers than the usual PC Optimum points offers. Plus, you can earn bonus points in welcome offers.
Works like a prepaid Mastercard
You’ll get a Mastercard-branded card with your PC Money Account, but it isn't actually a credit card. It's more like a prepaid credit card, since it's linked to your PC Money Account rather than a line of credit. While it won't help build your credit, you can use it anywhere Mastercard is accepted, both online and in-person, and the Mastercard Zero Liability Promise still provides peace of mind.
Optional savings feature with interest
Earn 2.9% interest for a limited time if you opt into the savings feature with the PC Money Account, which is an excellent rate that rivals what other online banks offer. However, this feature isn't available for Quebec residents.
The cons of PC Money Account
On the other hand, there are still a few areas where we think the PC Money Account can improve. Take a look:
Cons
No option to use cheques
There are no options to order cheques with your PC Money Account. You can’t write or deposit cheques, either. If you have to pay rent with a cheque, for instance, a PC Money Account isn't going to work for you.
Can't deposit cash or cheques at ATMs
If you like to deposit cash or cheques directly into your PC Money Account, don’t get this account. At the time, deposits can only be made electronically, either as a bill payment, Interac e-Transfer, or by linking the bank directly to your account.
Annoying $20 inactivity fee
The PC Money Account has some sneaky fees, including a $20 inactivity fee if you haven't made any transactions within 12 months. It isn't a huge sum of money, but it's frustrating, easy to forget about, and difficult to find information on – you really have to dig for the info.
PC Money Account alternatives
Wondering how the PC Money Account stacks up? Take a look at how it compares with its top competitors:
 |  |  | |
|---|---|---|---|
| Account | Coast Capital Elevate Chequing Account | BMO Performance Chequing Account | Scotiabank Preferred Package |
| Genius Rating | |||
| Why You Want It | New members can get $400** when they open and use an Elevate Chequing Account. | Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. |
| Minimum Balance To Waive Fee | N/A | $4,000 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $17.95 | $16.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| Open an account See more Coast Capital Savings products Compare | Open an account See more BMO products Compare | I Want This Deal See more Scotiabank products Compare |
FAQ
What are the benefits of a PC Money Account?
If you’re a PC Optimum fan, you’ll earn lots of points for your everyday purchases. Plus, you’ll get unlimited transactions without paying fees. And, you can opt into a savings feature to earn interest on your deposits.
What are the downsides of PC Financial?
If you love the ability to walk into a branch location, you’re out of luck since PC Financial is an online-only bank. PC Financial also has steep fees for withdrawing funds from non-network ATMS.
Is a PC Money Account reliable?
Yes, the PC Money Account is backed by a legitimate bank and your deposits are CDIC-insured up to $100,000 per issuer. Keep in mind you can insure more than that amount if you have separate account types, like personal and joint accounts.
Which bank is behind the PC Money Account?
PC Money Accounts are issued by President’s Choice Bank, and the card associated with the account is part of the Mastercard network. President’s Choice has been the bank for PC Money since 2020.
Who is eligible for a PC Money Account?
To open an account, you must be a resident of Canada and at least 16 years old. If you want the savings feature, you’ll need to provide your Social Insurance Number along with your occupation and income details.
How is a PC Money Account different from a bank account?
Unlike a traditional chequing account that earns interest on your deposits, the PC Money Account earns you PC Optimum points and doesn’t charge account fees or limit the number of transactions you make.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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