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RBC eSavings Account - earn 3% for 6 months
September 7, 2018
8:15 am
Blue
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The offer says:

"With an RBC High Interest eSavings account, your money goes further, faster! Open your account before November 30, 2018 and earn 3.00% interest for six months."

The maximum is $500,000 and you can't already have a RBC eSavings Account where you are the primary owner. Seems fairly straightforward promotion. Call 1-800-769-2561 (long wait time, but I opened mine via phone.) You have to go into a branch with ID to finish the a/c opening process and from that day the 3% starts. I was told the 3% is automatic and system-generated, so all new e-Savings customers who open an account by Nov 30 will get it automatically.

The link to open is below, but I had a problem with it so therefore I had to call in :

https://www.rbcroyalbank.com/dms/investments/e-savings/bonus-d-or.html?dclid=CMad5omJqd0CFc4GDAoddwcL1A

September 7, 2018
10:33 am
hotmony
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is this deal also for existing rbc esavings accounts?

September 7, 2018
10:58 am
Blue
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hotmony said
is this deal also for existing rbc esavings accounts?  

Only if you didn't have an account before the qualifying period which started on Sep 04, 2018. Might be worth calling in to see if you can get an exception. I had closed down all my RBC accounts a few years ago, so had to open an a/c today and provide ID to get this deal.

Clicking a bit further on the offer link gets you to all the Terms & Conditions here:

https://www.rbcroyalbank.com/dms/investments/olb/e-savings/_assets-custom/includes/terms.html

September 7, 2018
4:37 pm
Loonie
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I have not read the fine print but this could be a good option for those whose Tang offer of 2.5 expires Nov 30 - if they don't get a competitive retention offer before end of Nov. Some may wish to move their money much earlier, but others will want to retain their possible good graces with Tang as long as possible. You'll get six months at RBC either way, it seems.

September 7, 2018
8:10 pm
Kidd
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RBC and their banking practices have been mentioned in this forum many times in the past. There will be, without doubt a service charge each and every time you want to access your funds. RBC have NEVER been known to give exceptional savings rates, they must want something? Hmm... my first born they can have. My soul... i would require at least a 3.5% return on my money for that.

September 8, 2018
8:12 am
GR
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My understanding is that deposited funds in the e-savings account can not be withdrawn without incurring fees. Withdrawals in branch by bank draft are $5 each time! Setting up a basic chequing account to move money on-line out of the e-savings account will cost minimum $4 per month (rebated for seniors) for the chequing account, and all clients, including seniors, must pay minimum about $20 to print blank cheques!

September 8, 2018
8:25 am
SG
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The esavings account allows one free transaction per month in the form of an ATM withdrawal

September 8, 2018
9:24 am
GR
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SG said
The esavings account allows one free transaction per month in the form of an ATM withdrawal  

That's ok for small amounts, but you wouldn't want to withdraw large amounts in cash.

September 8, 2018
9:34 am
AltaRed
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SG said
The esavings account allows one free transaction per month in the form of an ATM withdrawal  

It would seem to also include unlimited online free transfers to other RBC accounts. https://www.rbcroyalbank.com/accounts/e-savings.html

Not that these kinds of accounts are really useful to anyone other than those who already bank with RBC. Same logic would apply to BNS, BMO, etc My ex takes advantage of Scotia's Momentum Savings account because she banks there. I also take advantage of BMO's Savings Builder account for slush cash from my BMO Investorline account. It's not where one would keep long term money.

September 9, 2018
6:14 am
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GR said

That's ok for small amounts, but you wouldn't want to withdraw large amounts in cash.  

You could open an RBC Day to Day Savings account as well... Transfer from RBC Esavings to the Day to Day Savings and that account includes 1 tranasction (any type) per month... This saving your $5 fee and being able to use the teller.. Or do a preauthorizated debit

September 9, 2018
7:50 am
GR
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If a client wants to withdraw a LARGE balance when the promo ends (or during the promo time, if a better deal elsewhere), transferring the funds to any other RBC savings or chequing account, I believe, would not allow client to access funds without paying for monthly account fees, bank drafts or printed cheques. Or, does the day-to-day savings account have no account monthly fee and no charge for 1 bank draft per month? Although the promo is for an e-savings account, clients are unable to initiate on-line EFTs out of the e-savings account to a linked non-RBC account, in common with other major banks.

September 9, 2018
7:42 pm
HISAhopper
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I linked the Tang account with RBC day-2-day savings and was able to pull and push fund on the Tang side. It appears that the same can be done with the RBC Esavings or worst case transferring from Esavings to day-2-day savings then pull out onTang side.
Looks like this is where my money will go after my Meridian high interest rate ends Sep 30. I don't need the money monthly so will keep it at RBC for 6 months and worst case spend a $5 bank draft to get the money out in one shot on to the next promo.

September 10, 2018
10:41 am
kage
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Just going through RBC's terms and conditions
( https://www.rbcroyalbank.com/dms/investments/olb/e-savings/_assets-custom/includes/terms.html ),
I noticed a couple of points to be aware of:

1)
"Any Eligible eSavings Account closed prior to the payment of the interest at the Bonus Interest Rate will forfeit any such interest calculated during the month in which the Eligible eSavings Account is closed."

2)
"Bonus Interest and/or Regular Interest Rates may change at any time without prior notice."

"We may change the RBC New eSavings Client Interest Rate Offer and these Terms and Conditions at any time without giving you notice. The posting of the current Terms and Conditions at http://www.rbc.com/esavings shall be deemed sufficient notice of them to you, if required."

"In the event of a conflict between these Terms and Conditions and the content of any document, brochure or promotional material advertising the RBC New eSavings Client Interest Rate Offer, these Terms and Conditions shall prevail."

September 10, 2018
5:11 pm
HISAhopper
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kage said
Just going through RBC's terms and conditions
( https://www.rbcroyalbank.com/dms/investments/olb/e-savings/_assets-custom/includes/terms.html ),
I noticed a couple of points to be aware of:

1)
"Any Eligible eSavings Account closed prior to the payment of the interest at the Bonus Interest Rate will forfeit any such interest calculated during the month in which the Eligible eSavings Account is closed."
..............................
Terms and Conditions shall prevail."  

Good catch.
Interest is posted normally at the end of a month, if I understand it correctly I would have to wait till the 1st or 2nd date of the month after to close the Esavings account.
Thanks

September 10, 2018
6:43 pm
Loonie
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...but you could take your money out when you want, and then just wait for a suitable day to close the account.
Realisttically, if you've closed the account, there is no place for them to deposit the interest.

September 12, 2018
5:18 am
Jim Sherat
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I'm new to this 'get the promo rate' game ... considering this one, and have read the concerns / comments above.
Presently, we have no RBC accounts; I'm hoping its as simple as setting up the new HI eSavings acct. by phone, setting it up as a new Transfer target, on my Simplii Acount and then simply electronically transferring the funds, which are currently earning a measly 1.25%.
There should not be any admin charges for this, and I presume at the end of the promo period, I could just transfer the money [+3% earned interest], online, back to Simplii, or do something else with it?
I don't see any downside to this. Am I missing something ?

I may first contact Simplii Accounts Mgr, to give them the opportunity of matching this promo to retain my funds; I doubt they'd go for it, but might as well ask.

September 13, 2018
5:26 am
anitavirginia
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Is the most you are cdic insured, $100,000. with this offer and entity? Do they have sister companies, that offer this promo also?

September 13, 2018
5:34 am
dentgal
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Thank you so much, BLUE and everyone else who contributed to this thread! I love you guys and gals!!
Has anyone done the math vis a vis, if you are getting 0.5% more than say Tangarine, how much does one need to invest to cover the $4 per month account fees? (unless I can transfer online to Tanga, as someone else mentioned).

September 13, 2018
10:41 am
Taxpayer717
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dentgal said
(...)
Has anyone done the math vis a vis, if you are getting 0.5% more than say Tangarine, how much does one need to invest to cover the $4 per month account fees? (unless I can transfer online to Tanga, as someone else mentioned).  

I have not, but seeing your question I did the calculation.

You would need $1600.00 to earn $48.00 with the 3% interest in a year (12 months). Then, dividing $48.00 by 12 months gives you the $4.00 needed to cover just one fee. With the 6 months though, you will earn $24.00 from the same amount of $1600.00, which also gives you $4.00/month. If you incur more than one fee in a month, then you need more money to deposit to cover them. Does that make sense to you?

September 13, 2018
11:27 am
Loonie
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anitavirginia said
Is the most you are cdic insured, $100,000. with this offer and entity? Do they have sister companies, that offer this promo also?  

Yes, 100K max for an individual account. you can double it if you also have a joint account.
RBC does have other companies but you would need to ask them if this product is available through the others. I doubt it.

As a general caveat when looking at new offers, you should always find out in advance how you will get the money out again and whether it will cost you anything to do so.

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