PC Money Account Review For 2024

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This is a PC Money Account review that takes a look at the offering of the digital bank account that is designed for Canadians that want competitive rewards on their spending.

Prepaid cards have proved to be one of the reliable spending tools in Canada that not only help you control your spending but reward you for doing so. The PC Money Account is one of the best prepaid cards in Canada that’s unique for its range of features and benefits.

But is it right for you? How does it work? And what are the benefits and drawbacks of the account from PC Financial?

If you’re looking to open this account, this PC Money Account review covers everything you need to know in order to make an informed decision.

Overview of PC Money Account

The following are the key features of the PC Money Account as of the time of writing this review.

Monthly feeNone
Interac e-Transfers fee$0
Debit transactions limitUnlimited
Rewards10 PC points on every purchase
Account typePrepaid card
Operating networkMastercard
InsuranceMastercard Zero Liability Policy and CDIC coverage
AvailabilityAll provinces and territories of Canada

What is a PC Money Account?

PC Money Account is a digital banking account that operates as a prepaid card on the Mastercard network. The account works like a regular bank account but rewards with every purchases.

As a prepaid Mastercard, you can use the PC Money Account to make online and in-store purchases anywhere Mastercard is accepted and earn 10 PC Optimum points on every purchase.

Besides making purchases, you can also use the PC Money Account to pay your bills (plus pre-authorized withdrawals) and make transactions between bank accounts without fees.

With CDIC protection and Mastercard Zero Liability policy, you can use the PC Money Account without worrying about losing your money.

How Does the PC Money Account Work?

The PC Money Account works like a regular prepaid card. That is, you can use it to make purchases, pay bills, make transfers and ATM withdrawals.

To get the PC Money Account up and running, you need to fund it with any amount after signing up. You can then start shopping online or in-store with it as you would with a regular credit card.

how the PC Money account works

For every $1 purchase you make with the card, you will earn 10 PC Optimum points which you can redeem at any of the PC Financial’s 4,500+  supported locations in Canada. 

Currently, PC Financial offers 20,000 points welcome bonus to new PC Money Account users that make their first deposit with a minimum of $150. This offer is worth $200 in value.  

PC Money Account Key Features

Let’s go over the key features of the PC Money Account for a better understanding of how it works.

  • No monthly fees: Unlike other prepaid cards, the PC Money Account does not have monthly fees, helping you keep more of your money.
  • No minimum balance requirement: You can start using a PC Money Account with as little as $1 as there’s no minimum balance required.
  • Competitive rewards: PC Money Account offers some of the most competitive rewards you can get with a prepaid card in Canada. 
  • Early payday: If you want to avoid short-term high-interest loans, such as payday loans, you can rely on the PC Money Account to get your paycheque 2 days ahead of the payday. 
  • Free Interac e-Transfers: Say goodbye to Interac e-Transfer fees and hello to money management on PC Money Account. 
  • Unlimited everyday transactions: Enjoy the flexibility of making unlimited online and in-store debit transactions with a PC Money Account.
  • Budget & track spending: Stay on top of your finances by budgeting and tracking your spending on one dashboard.
  • Overdraft protection: Avoid late payment fees and get overdraft protection against non-sufficient funds. 
  • Insurance: Get peace of mind knowing that your deposits are protected by the CDIC and your account is protected against unauthorized purchases with the Mastercard Zero Liability policy. 

PC Money Account Points

The PC Money Account sets itself apart from debit cards and traditional prepaid cards by rewarding you with competitive points.

You can earn up to 130,000 points through the PC Money Account by performing the following activities.

  • Make a minimum of $50 bill payment monthly = 10,000 points up to 80,000 points on eight bill payments
  • Make eligible payroll deposits for up to 4 months = up to 50,000 points

Is PC Money Account Safe?

Short answer, Yes! The PC Money Account is safe due to a number of reasons.

First, your deposits on the account are covered by the  Canada Deposit Insurance Corporation (CDIC) for up to $100,000.

Secondly, your PC Financial Account is protected against unauthorized purchases with the Mastercard Zero Liability policy. 

Besides these, your personal information on PC Financial is protected against unauthorized access with 256-bit encryption, firewalls and site protection technologies.

With Secure Sockets Layer (SSL), two-factor authentication (2FA), and 24/7 fraud detection and support, you can be rest assured of the safety of the PC Money Account.

PC Money Account Fees 

PC Money Account doesn’t have monthly fees, Interac e-Transfer fees, bill payment fees, and ATM withdrawal fees at PC Financial ATMs.

However, there are a handful of fees you should be aware of. The following are the fees associated with the PC Money Account as of the time of writing this review.

Non-PC Financial domestic ATM withdrawal$1.50
International ATM withdrawal at Mastercard Network$3
FX fee2.5%
Interac e-Transfer cancelling$3.50
Copy of previous account statement (printed)$5
Overdraft protection (optional)$5
Non-Sufficient Funds (NSF)$40
Card replacement feeFree for the first card in a year. $5 for a second replacement per year.
Inactivity fee$20 per year

What are the Benefits of a PC Money Account?

The PC Money Account has a number of obvious benefits for Canadians looking for a spending-focused bank account. Here are some of the best benefits of the PC Money Account to help you decide:

  • No monthly account fees 
  • No minimum balance required
  • Unlimited everyday transactions
  • Free Interac e-Transfers
  • Competitive rewards on purchases
  • Early payday
  • CDIC protection and Mastercard Zero Liability policy
  • Budget and spending tracking tool

What are the Drawbacks of a PC Money Account?

While the PC Money Account is great for spending, it has a few cons that you should consider before concluding it is right for you.

The following are the drawbacks of a PC Money Account:

  • Doesn’t improve credit scores
  • No interest on the balance
  • Doesn’t support cheques
  • High fees compared to other prepaid cards

How to Open A PC Money Account

You can open a PC Money Account within a few minutes online or through the PC Financial Mobile App available on Google Playstore and Apple Store.

But before you do that, you must be a Canadian resident and be up to the age of majority in your province or territory

If you meet the requirements, here are the steps on how to open a PC Money Account as a new user.

  • Click here to visit the application page 
  • Click the “No, I’m brand new” button (assuming you don’t already have a PC Money Account or a PC Financial Mastercard)
  • Click “Get started” to consent to your eligibility
  • Select your preferred language (English/French)
  • Enter your referral code (optional)
  • Provide your personal details (including your full name, primary address, phone number, email address, etc.)
  • Enter your SIN (optional)
  • Provide your existing credit card number (optional)
  • Click “Next” and follow the prompts to complete your application. 

About PC Financial

President’s Choice Financial, popularly known as PC Financial is a Canadian digital financial institution that has been around since 1996.

As a division of Loblaw Companies Limited, PC Financial started as a joint institution in 1996 when it offered savings accounts, chequing accounts, mortgages and loans jointly with the Canadian Imperial Bank of Commerce (CIBC).

However, the joint operations of PC Financial and CIBC ended in 2017 following the termination of the joint venture between the Loblaw Companies and CIBC in the same year. 

Since then, PC Financial has introduced its own digital banking account and credit cards that come with competitive features such as:

  • PC Money Account
  • PC Mastercard
  • PC World Mastercard
  • PC World Elite Mastercard

As of today, PC Financial has over 3 million customers across Canada, making it one of the most reliable digital financial institutions in the country. 

PC Money Account vs KOHO Prepaid MasterCard 

The KOHO Prepaid Card shares many similarities with the PC Money Account as you can use them to earn rewards on your online and in-store purchases.

Both cards have no monthly fees and offer free ATM access, deposit protection and a zero liability policy.

While PC Money Account doesn’t provide interest on balance, you will earn up to 2% interest on your balance with the KOHO Prepaid Card.

Also, you will earn up to 5% cashback on all purchases with the KOHO Prepaid Card at partner stores. You will also earn 1% on your grocery purchases and bill payments and services.

And if you don’t mind paying a $9 monthly fee, you can boost the cashback to 5% when you subscribe to the KOHO Premium Prepaid Card.

Unlike PC Money Account, your purchases with a KOHO Prepaid Card can be rounded up to the nearest dollar and saved to your account automatically. With real-time data on your spending habits, the KOHO Prepaid Card helps you take more control of your finances.

In addition, the PC Money Account has relatively higher fees than KOHO Prepaid Card as it charges 2.5% for foreign currency conversion and a $20 inactivity fee (per year). KOHO Prepaid card has a relatively low inactivity fee of $1 and a 1.5% FX fee which is even waivable with the KOHO Premium Prepaid Card.

Learn more: KOHO Prepaid Card Review

PC Money Account vs Stack Prepaid Mastercard

Stack Prepaid Mastercard is another alternative to the PC Money Account.

Both PC Money Account operates on the Mastercard Card network and are protected with the Mastercard Zero Liability policy alongside the CDIC coverage.

Like PC Money Account, the Stack Prepaid Mastercard doesn’t also have monthly fees, transaction fees, interest on balance, and ATM withdrawal fees.

But with the Stack Prepaid Mastercard, you will earn cashback (not points) on your online or in-store purchases. The Stack Prepaid card also gives you cashback on International ATM withdrawals and FX transactions. 

Unlike PC Money Account, your purchases with the Stack card can be automatically rounded up to the nearest dollar and deposited into a savings account.

In addition, Stack has a Financial IQ feature that helps you control your finances with real-time data about your spending habits. With Stack, you can split your bills with your partner, family member, friend or room rate.

While both PC Money Account and Stack Prepaid Mastercard have the same FX fee of 2.5%, you can have the fee waived on Stack by maintaining a monthly balance of $350.

Update: The Stack Prepaid Mastercard is no longer available.


Some FAQs on PC Money Account Review

Is the PC Money Account worth it?

If you are looking to take control of your spending while earning rewards on your purchases, the PC Money Account is worth it. However, if you’re looking to build your credit score, earn interest on your balance, and access cheques, you may want to consider the PC Money alternatives.

Is PC Money a credit card?

No. PC Money is a prepaid card. That means it can’t improve your credit score as it doesn’t report to credit bureaus. However, you can use it to make purchases and everyday transactions just like with a credit card. 

Can you withdraw cash from PC Money Account?

Sure! The interesting part is that you can withdraw cash from your PC Money Account at any PC Financial ATMs without fees.

What is the difference between PC Money Account and PC Mastercard?

The difference between the PC Money Account and the PC Mastercard lies in card type. The PC Money Account is a prepaid card while the PC Mastercard is a credit card. While the PC Money Account doesn’t report to credit bureaus, the PC Mastercard does. 

Is PC Money Account a bank account?

Yes. PC Money Account is a bank account with no minimum balance requirement or monthly fees. The account has the features of a prepaid Mastercard and a chequing account.

PC Money Account Review: Final Thoughts

The bottom line is my PC Money Account review is positive. If you’re looking for a no-monthly account that prioritizes rewards for spending, the PC Money account is hard to beat in Canada.

Though it has some transaction charges that are a little too high compared to its competitors, the fees can be avoided. You get to use the account and the accompanying prepaid card with no-fee on everyday transactions and spending.

While you can’t make the wrong choice with this card, I recommend you first assess your needs and compare the PC Money with similar cards before making a final decision.

Hopefully, I have answered all your questions about the PC Money Account. If you have more questions, please drop them in the comment below. 

PC Money Account Review


PC Money Account is a digital banking account that operates as a prepaid card. The account works like a regular bank account but rewards you for every purchases.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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