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RBC eSavings Account - earn 3% for 6 months
September 13, 2018
11:37 am
dentgal
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I went to RBC today to open up an eaccount. I've only once dealt with RBC when I purchased some GICs. The CSR now has to get special permission from "downtown" to confirm that I am eligible for this offer, even though the restriction is that you must never have had an e-account. I'm supposed to find out tomorrow. But just wanted to give everyone a "heads up". It doesn't seem to be a slam dunk.

September 13, 2018
1:34 pm
dentgal
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Thank you so much, taxpayer, and Loonie for the calculations and suggestions. It is still definitely worth it for me to transfer for 0.5% increase in rates X 6months.

September 17, 2018
6:46 pm
rfdm4g4g9
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Scotia bank also has come up with a 3 % rate now, but its a bit more complicated.

https://www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/momentum-plus-savings-account.html

New money will earn bonus interest until March 10, 2019 if you have enrolled by 11:59pm EST on that date. Bonus interest earned prior to and during the month of enrollment will be paid within 7 days after the end of that latter month. Bonus interest earned in subsequent months will be paid within 7 days after each such month. Where an enrollment takes place on the last day of a month, Bonus Interest will be paid within 7 days after the end of the month following. A ScotiaCard® is required for enrollment.

2
“new money” is money transferred from a non-Scotiabank account
3
Regular Interest is calculated by applying the Regular Interest Rate to your daily closing balance and is paid monthly. Refer to Current Rates Page for current Regular Interest Rates, which are subject to change.

4
A maximum of five Premium Periods at any one time, each of which can have a length of 90 days, 180 days, 270 days, or 360 days. For each Premium Period, Premium Interest is calculated daily by applying the Premium Interest Rate to each deposit, including any accumulated Regular Interest, until the end of the Premium Period. Premium Interest is paid at the end of each Premium Period, so long as NO DEBIT TRANSACTION HAS OCCURRED within that Premium Period. When a debit transaction occurs, no Premium Interest is payable for that Premium Period and a new Premium Period of the same length will commence the same day. Refer to Current Rates Page for current Regular Interest Rates, which are subject to change.

5
Self-Service Transfer means a transfer to your other Scotiabank account without the help of a Teller, including through Scotia OnLine®, Scotiabank, Mobile Banking and Contact Centre. The MomentumPLUS Savings Account does not have ABM or Point of Sale access or automated direct bill payment functionality.

6
Deposits are eligible to be insured under the CDIC Act only if they are in Canadian Currency, have a term of 5 years or less and are payable in Canada. Please see CDIC Deposit Insurance Information for further details.

September 17, 2018
6:54 pm
rfdm4g4g9
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Jim Sherat said
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.  

If you have no previous connection to RBC - then in addition to opening the e savings account, you might as well open their FREE Ipad promotion account.

There will be a $ 15/month fee for that account ( $ 11 for seniors) , but you can close it after a year & receive a new Ipad valued at $ 429 + Tax.

You will come out ahead by $ 250 at the end of it. If you need a new Ipad.

September 18, 2018
8:34 am
JenE
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If you’re a senior you still pay $14.95 per month, unless you open two other products, then you pay $10.95. Still worth itsf-smile

September 19, 2018
8:26 am
rfdm4g4g9
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Is this rate & promo, officially there on their website with a link?

Also those who have opened this account, when you guys log into your account, can you see this 3% rate mentioned anywhere for your records & confirmation?

I was told when you log into your account, you can't see this 3% rate mentioned anywhere and you just have to trust them & take their word for it & at the end of the month, you will get 3 %. Is that true?

September 19, 2018
10:40 am
Jowett
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The 3% is made up of the regular interest rate for this account ie. 1.05% plus a bonus of 1.95%. Although the regular part of the interest rate could change during the next 6 months I doubt that it would decrease. As for the bonus part their small print again indicates this could change, however I think it very unlikely. When I opened the account yesterday the rep gave me a hard copy of the rules and regs for the account. The poor publicity that would result if they reneged on the promo would defeat the purpose of offering it in the first place.
A previous poster voiced concern re going above the CDIC limit of $100,000 per deposit. Personally I wouldn't have a problem with this at RBC, it's Canada's largest bank and even if another financial crisis hit you would have ample time to withdraw your money at any time, it's not locked in.
If I was considering something like a 5 year GIC though I would certianly stick to the CDIC limit.

October 2, 2018
1:30 pm
Jim Sherat
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well I took the plunge last week (Sept 28th), went to a nearby RBC branch, opened up the HI Savings and a Day-to-Day chequing account, then moved all my non-GIC cash in there by presenting a cheque made out to myself, from each of 2 other banks, where I had accounts.

Started earning 3% instantly, without even having to wait the typical 4 days for the cheques to clear. So 3 days interest already paid into the promo account, as of Oct 1st.

I haven't quite got my head around the Scotia Bank promo outlined above, but this RBC promo for 6 full months at 3% without locking in a single dollar is pretty hard to beat, is it not ?

The only thing I found, buried near the end of the long disclosure statement, was some verbiage that appears to say that 'if the reg. rate [1.05%] increased, during the promo period, that rate [1.95%] would be decreased by a corresponding amount', IF I read it right. So, you still get your 3%, just not more than that.

Edit: What I'm referring to is under 'B. The Offer and Conditions' item 1.
via following link:
https://www.rbcroyalbank.com/dms/investments/olb/e-savings/_assets-custom/includes/terms.html

October 3, 2018
7:02 am
Londonguy
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Jim Sherat said
The only thing I found, buried near the end of the long disclosure statement, was some verbiage that appears to say that 'if the reg. rate [1.05%] increased, during the promo period, that rate [1.95%] would be decreased by a corresponding amount', IF I read it right. So, you still get your 3%, just not more than that.

Yeah, that's how almost all bonus interest deals work these days. Simplii, Tang, etc, they all had/have the same language/capping mechanism. Nothing wrong with it so long as you understand the deal, which you do

October 3, 2018
12:36 pm
toto
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Does anyone know if the bonus interest will be calculate each month and deposited in your account or do you have to wait until the end of promo to get the bonus interest?
Thank you

October 3, 2018
12:42 pm
richandafraid
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toto said
Does anyone know if the bonus interest will be calculate each month and deposited in your account or do you have to wait until the end of promo to get the bonus interest?
Thank you  

Yes, it gets paid monthly. Got my regular and bonus interest yesterday for Sept.

October 3, 2018
12:53 pm
JenE
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I received an email today to say that my iPad will be delivered in 6-8 days. I only opened my chequing account on September 12, so I’m quite impressed with RBC’s efficiencysf-laugh

October 16, 2018
4:11 pm
rfdm4g4g9
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October 17, 2018
8:29 am
moneyhelp
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Is that 3% annual interest? I realize its for 6 months, but bare with me, I'm really sick and doped up right now and having a major brain fart as they say.

For example, if I have $60,000 at 3% is $1,800 for annual interest, so for 6 months it would be $900, yes?

October 17, 2018
11:20 am
Righand
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moneyhelp said
Is that 3% annual interest? I realize its for 6 months, but bare with me, I'm really sick and doped up right now and having a major brain fart as they say.

For example, if I have $60,000 at 3% is $1,800 for annual interest, so for 6 months it would be $900, yes?  

Yes, their fine print states 182 days so in your case it would be $897.53
If they pay each month and it's compounded you'll receive a little more.

October 31, 2018
5:27 pm
HISAhopper
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Can anyone confirm whether or not there is hard/soft credit check to open esavings account if one already has day-to-day savings and Visa accounts with RBC?

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