PC Financial ties your banking to PC Optimum points — is it worth it? Full review of fees, accounts, and PC points banking.
KOHO gives you free banking + cash back. Use code 45ET55JSYA to get a $20 bonus.
Try KOHO Free — Code 45ET55JSYAPC Financial (President's Choice Financial) is the banking arm of Loblaw Companies Limited, Canada's largest retailer. It operates through a partnership with CIBC and offers no-fee banking products tied to the PC Optimum loyalty program. If you shop at Loblaws, No Frills, Real Canadian Superstore, Shoppers Drug Mart, or other Loblaw-owned stores, PC Financial can amplify your PC Optimum points earnings significantly.
PC Financial is not a bank itself — it's a brand that offers banking services through CIBC's banking infrastructure, meaning deposits are CDIC-insured through CIBC.
| Product | Monthly Fee | Key Feature |
|---|---|---|
| No-Fee Bank Account | $0 | Unlimited transactions + PC points on banking |
| PC Money Account | $0 | Prepaid Mastercard + PC points on all spending |
| PC World Elite Mastercard | $0/year | 45 PC points per $1 at Loblaw stores |
| PC World Mastercard | $0/year | 25 PC points per $1 at Loblaw stores |
The PC Money Account is PC Financial's answer to apps like KOHO. It's a prepaid Mastercard account with no monthly fees that earns PC Optimum points on every dollar spent — typically 10 points per dollar everywhere, with elevated rates at Loblaw-affiliated stores. Points can be redeemed for free groceries at Loblaw stores at a rate of 10,000 points = $10.
For frequent Loblaw shoppers, the PC Money Account can generate hundreds of dollars in free groceries per year. However, the rewards are locked to Loblaw's ecosystem, which limits their flexibility compared to cash back from KOHO.
PC Optimum points are worth 0.1 cent each when redeemed at Loblaw stores (10,000 points = $10 in groceries). The PC World Elite Mastercard earns 45 points per dollar at Loblaw stores — effectively 4.5% back at participating retailers. This is one of the best grocery rewards rates available in Canada, but the value is tied entirely to Loblaw spending.
| Feature | PC Financial | KOHO (Free) |
|---|---|---|
| Monthly Fee | $0 | $0 |
| Rewards Type | PC Optimum points | Cash back (real dollars) |
| Rewards Flexibility | Loblaw stores only | Any use |
| Best Rewards Rate | 4.5% at Loblaw (credit card) | 1% groceries/transit |
| Savings Rate | Low (CIBC rates) | Up to 5% |
| Welcome Bonus | PC points bonus offers | $20 cash (code 45ET55JSYA) |
PC Financial makes most sense for Canadians who do a significant portion of their grocery shopping at Loblaw-owned stores and want to maximize PC Optimum points. If you spend $500/month at No Frills or Real Canadian Superstore, the PC World Elite Mastercard can generate real value.
For Canadians who want cash rewards they can use anywhere, KOHO provides more flexibility. Cash back from KOHO doesn't require shopping at any specific store. Use code 45ET55JSYA to earn a $20 welcome bonus.
Yes. PC Financial operates through CIBC's banking infrastructure, and deposits are CDIC-insured through CIBC. The PC Money Account (prepaid) is backed by CIBC and subject to Canadian financial regulations.
Join KOHO — no monthly fees, cash back on purchases, save automatically. Code 45ET55JSYA = $20 bonus.
Open KOHO Account Free