PC Financial alternatives in Canada (2026): 4 honest picks

What are the best PC Financial alternatives in Canada?

The best PC Financial alternative depends on what you want instead. For the highest plain savings rate, EQ Bank. For cash back you can spend anywhere rather than points, KOHO. For banking and investing in one app, Wealthsimple. And for a chance to win cash every week just by saving, Lodavo. There’s a twist this year, though. On July 1, 2026, EQB completed its purchase of President’s Choice Bank, so the company behind EQ Bank now owns PC Financial (opens in a new tab). Nothing on your account changes today. The table above lines up the rates, fees and CDIC status. Below, what each option actually gives you, who it suits, and when staying put beats switching.

Why look for a PC Financial alternative?

Most people asking this question aren’t unhappy, and it’s worth saying that plainly. The PC Money Account is good at its job. It charges no monthly fee, gives you unlimited transactions and free Interac e-Transfers, pays 2.2% on savings (opens in a new tab) (as of 2026), and earns PC Optimum points on everyday spending, with deposits covered by CDIC through President’s Choice Bank. If you shop at Loblaw-owned stores, those points are real money off a real grocery bill.

The reasons to look around are about fit, not failure. PC Financial’s lineup is narrow: an everyday account, credit cards and insurance. There’s no investing, no GICs, no TFSA or RRSP. The 2.2% is solid but it isn’t the top of the market. And the points only reward you where Loblaw operates, which is either perfect or useless depending on where you buy your groceries.

Then there’s the transition, which is new. EQB has said there will be no immediate changes to the banking experience, and that PC Optimum stays with Loblaw at the same point value. It has also said that in the coming months it will begin planning conversion activities, including transitioning PC Bank clients onto the EQ Bank platform. So the app in your pocket will change at some point. That isn’t cause for alarm and it isn’t a reason to rush anywhere. It’s a fair prompt to check that your money is sitting where you’d actually choose to put it today.

The best PC Financial alternatives in Canada, at a glance

Behind that table, these four answer four different questions. Where do I earn the most on my savings? What do I collect instead of points? Can one app handle everything? And how do I make saving feel less like a chore? Take them in that order.

EQ Bank, best for the highest rate

EQ Bank is the obvious first stop, and not only because it may end up being your bank anyway. It’s the digital arm of Equitable Bank, a CDIC member, with no monthly fee. The Personal Account pays a 1.00% base rate that climbs to 2.75% once you add a qualifying recurring direct deposit (opens in a new tab) of at least $2,000 a month (as of 2026). You also get notice accounts and GICs, so you can lock in a higher rate on money you won’t touch for a while, which PC Financial has no answer to.

The catch matters more than usual here, so read it before you move anything. Without that direct deposit, EQ Bank’s base rate is 1.00%, and PC Money’s flat 2.2% comfortably beats it. EQ Bank only wins on rate if you can route your pay into it. If you can’t, or won’t, staying exactly where you are pays you more than switching would.

KOHO, best for cash back instead of points

If the thing you like about PC Financial is being rewarded for spending, KOHO is the closest swap that isn’t tied to one grocery chain. It’s a spending and savings app built on a reloadable prepaid Mastercard, paying up to 2% cash back and up to 3.5% interest on its top plan (opens in a new tab) (as of 2026). The entry tier is free and still pays cash back and interest, just at lower rates.

Two honest limits. The best rates and perks sit behind paid plans, roughly $18 to $22 a month, or $12 to $14.75 a month when billed annually (as of 2026), so you’re paying a subscription to earn a return. And KOHO isn’t a bank: eligible balances are held in trust at CDIC-member banks. What you get in exchange is cash back you can spend anywhere, instead of points that are worth most in one company’s stores. For plenty of people who don’t live near a Loblaw banner, that’s the whole argument.

Wealthsimple, best for banking and investing together

Wealthsimple is the pick when you want your everyday money and your investments in one place. Its Chequing account has no monthly fee and no minimum balance, and pays 1.25% to 2.25% interest depending on your tier (opens in a new tab) (as of 2026). The same app handles trading and registered accounts like a TFSA or an RRSP, which is the gap in PC Financial’s lineup rather than a small upgrade to it.

Two things to know. Wealthsimple isn’t a bank, and Chequing balances are held in trust with CDIC-member partner banks. And the top of that interest range is for higher asset tiers, so a modest balance earns closer to 1.25%, which is below the 2.2% you’re getting now. Wealthsimple also runs a monthly prize draw on Chequing balances, though entering it means keeping your money with Wealthsimple. If your real goal is to start investing rather than to chase a rate, none of the others here come close.

Lodavo, free draw tickets for saving

Lodavo is the odd one out on this list, deliberately. It’s Canada’s first prize-linked savings app: it rewards you for saving with free tickets in a weekly cash draw, and it runs on top of the bank you already use instead of replacing it. Put more away one week, collect more tickets. The draw pays up to $10,000, and at least $100 goes to a user every single week. You can see who has won on the winning numbers page.

It links to your bank through Plaid (opens in a new tab), which reaches over 99% of Canadian deposit accounts (opens in a new tab), so you can track your savings each week and earn tickets without switching anything. You can check how your bank connects before you sign up. For a PC Financial customer that’s the useful bit: you don’t actually have to choose. Keep the PC Money Account, keep the points, and let a good week of saving put you in the draw as well.

Lodavo won’t replace any of the three above. There’s no card, no points, no investing, and it pays no interest of its own, so if a higher guaranteed rate is what you’re after, EQ Bank is your answer. What it adds is a reason to keep saving in the first place, and a chance at real money for doing it. If you’re wondering how a prize draw on savings differs from gambling, we cover the no purchase necessary and skill-testing rules here.

How to choose the right PC Financial alternative for you

Match the goal to the pick:

That last row isn’t a throwaway. If you weren’t going to set up a direct deposit somewhere new, PC Money’s unconditional 2.2% beats the base rate at most of its rivals, and the honest advice is to leave it alone until the EQ Bank conversion actually arrives.

The most common ending, though, is a pair rather than a switch: one account chosen for the rate, and Lodavo on top so that saving comes with a chance at a prize. Our guide to prize-linked savings in Canada explains how the category works, and the best savings apps in Canada roundup widens the field if none of these four fits.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.