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RBC eSavings promo: 2.00% until Dec 1, 2017 on new deposits before Aug
June 21, 2017
9:47 pm
Peter
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Originally reported here: https://www.highinterestsavings.ca/forum/tangerine-bank/tangerine-winter-savings-2017-promotion/page-5/#p23977

RBC has a promo for 2.00% until December 1, 2017 on new deposits made to High Interest eSavings accounts from non-RBC sources before August 1, 2017. Terms and conditions are here: https://www.rbcroyalbank.com/onlinebanking/servicech/pdf/bonusrate-terms-conditions.pdf.

Update: Promo rate is now 2.15%. See this newer thread.

June 22, 2017
3:45 am
2of3aintbad
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I think it would be clearer if you should include in your description 'from non-RBC sources', as per the Terms and Conditions Section A.

June 22, 2017
6:51 am
Peter
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2of3aintbad said
I think it would be clearer if you should include in your description 'from non-RBC sources', as per the Terms and Conditions Section A.  

Done! Thanks.

June 22, 2017
8:27 am
AltaRed
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It is also not clear what 'non-RBC sources' means. Not that it affects me, but does this exclude ISAs sold as mutual funds, e.g. RBF2010? How about Money Market mutual funds? Does it exclude cash held in RBC Direct Investing and RBC Dominion Securities? PH&N sources?

June 22, 2017
9:15 am
Bill
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Here is info from their Legal Disclaimers. First sentence refers to "non-RBC" sources while second sentence refers only to "RBC Royal Bank" - ??

1) Applies to funds from non-RBC sources introduced to the RBC High Interest eSavings Account between June 1, 2017 and August 1, 2017 (the Deposit Window). Funds transferred from other RBC Royal Bank accounts to the RBC High Interest eSavings Account do not qualify for this offer. To fully benefit from this offer and earn the 2% annual interest, you must make all deposits to the RBC High Interest eSavings Account by Aug 1, 2017 and maintain them in that account until December 1, 2017.
2) No Monthly Fee includes 1 free cash withdrawal from any RBC Royal Bank ATM per Monthly Cycle. Excess Debit Transaction fee of $5 each applies thereafter.
3) Debit Transactions in Savings Accounts: RBC Virtual Visa Debits, RBC Royal Bank loan payments, RBC Royal Bank mortgage payments, pre-authorized or self-serve RBC Royal Bank credit card payments, contributions to RBC investment accounts (such as GICs, Royal Mutual Funds, Registered Savings Plans, Registered Education Savings Plans, Registered Disability Savings Plans and Tax-Free Savings Accounts) and electronic self-serve fund transfers from your savings Account to any Account in your name are free of charge. All other Debit Transactions from any Savings Account are counted as Debit Transactions in the Account and give rise to an Excess Debit Transaction Fee, if any free monthly Debit Transaction is exceeded."

June 28, 2017
4:38 pm
Saver-Mom
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Not impressed with max withdrawal of 2500$ per day. There is a chance you may be allowed to withdraw 10,000$ per day, but the CS rep I spoke to could not say how they decide who is allowed which limit, only that I would have to try it and see! I do not get it.

June 29, 2017
1:39 pm
Saver-Mom
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Does anyone here deal with them? I was eager to sign on given the relatively long promo period (till Dec)...opinions?

June 29, 2017
9:43 pm
Loonie
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Saver-Mom said
Not impressed with max withdrawal of 2500$ per day. There is a chance you may be allowed to withdraw 10,000$ per day, but the CS rep I spoke to could not say how they decide who is allowed which limit, only that I would have to try it and see! I do not get it.  

I didn't pay any attention to withdrawal limits as I wouldn't plan on withdrawing during the promo period. If CSR can't give you a straight answer, it probably depends on things like whether your deposits have cleared, whether you are trying to withdraw in cash etc - both of which would cause problems. Sometimes there are account minimums that must be maintained as well, although I don't know about this particular one. Also, any security red flags on you would be a factor, especially if they don't "know" you. Some of us, for example, have security flags because of security breach at Peoples Trust a few years ago.
However, somebody should be able to tell you what in fact it depends on. It's not a Tangerine lottery, surely!
Best to escalate the query if you need an answer, although takes up time. You may never get a complete answer, but you may get a better one. Sounds like they are reserving the right to define a "suspicious activity". They are certainly big enough to be able to tolerate large withdrawals, the largest bank in Canada. 10K is nothing to them, really.

June 30, 2017
6:14 am
Saver-Mom
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I was not even referring to cash withdrawal, just an electronic fund transfer to another bank for when the promo is over and the 2% drops to the usual low rate. I will go speak to a rep at a branch and report forthwith!

June 30, 2017
6:34 am
Norman1
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That $2,500 per day sounds like a limit for Interac e-Transfers. That's similar to EQ Bank's limit of $3,000 per day for their Interac e-Transfers.

Would Interac e-Transfer be the only way to the transfer funds out afterwards to another bank? I don't know if Royal Bank offers something like those Me-2-Me transfers we are used to from Alterna Bank and Hubert.

June 30, 2017
6:55 am
George
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Norman1 said
That $2,500 per day sounds like a limit for Interac e-Transfers. That's similar to EQ Bank's limit of $3,000 per day for their Interac e-Transfers.

Would Interac e-Transfer be the only way to the transfer funds out afterwards to another bank? I don't know if Royal Bank offers something like those Me-2-Me transfers we are used to from Alterna Bank and Hubert.  

RBC doesn't offer direct transfers. You'll have to pull from another FI that does, or transfer to an RBC chequing account and write a cheque. There is no limit for either method.

June 30, 2017
5:39 pm
Norman1
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George said

RBC doesn't offer direct transfers. You'll have to pull from another FI that does, or transfer to an RBC chequing account and write a cheque. There is no limit for either method.  

Thanks, George.

That pull from another FI, a preauthorized debit, would be $5. There's no free debit of one's choice each month with the RBC High Interest eSavings account. Only free transfers to another RBC Royal Bank personal account and one free ATM withdrawal:

RBC High Interest eSavings Details
Monthly Fee Per transaction fees
Monthly debits included 1 FREE RBC ATM cash withdrawal per monthly cycle
FREE Debit Transactions Electronic self-serve transfers to any RBC Royal Bank personal deposit account in your name
Debits Exceeding Monthly Limit $5.00 each
June 30, 2017
6:10 pm
Loonie
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You can get a bank draft for $7.50 if you don't want the complications and likely expense of a chequing account with RBC.
As far as I can tell, you should be able to get this by going into a branch. I think it's the cheapest way to close the account. Personally, I wouldn't want to go to the bother of setting up a link to an external account if I knew I was likely to close the RBC account in a few months. I think it's safe to suggest that there won't be any compelling deals from RBC after Dec 1 that will make you want to keep this account open.
To me, it's more like a term deposit than a savings account.

July 1, 2017
5:28 am
Saver-Mom
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Agreed. So I went to the branch as I was told I would have to do, to finalize the setting up of the account by "showing ID to prove that I am who I say I am" and enquire about withdrawals, only to be told that the people I would need to speak with were already busy with other clients and that I would have to make an appointment! So given this and the apparent difficulty to access my own money (would be told to call and make an appointment if I wanted to pay money to withdraw my funds via a bank draft) I am reconsidering the whole exercise...

July 1, 2017
7:03 am
Rick
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It's RBC. Don't deserve mention in this forum just because they have a special that is comparable to institutions that actually offer high interest (sic). Reading the posts in this topic, doesn't look like it's worth the trouble. If it weren't for the promos, I would put Tangerine in the big banks "rich uncle Pennybags" category as well.

July 1, 2017
9:14 am
Norman1
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Loonie said
You can get a bank draft for $7.50 if you don't want the complications and likely expense of a chequing account with RBC.
As far as I can tell, you should be able to get this by going into a branch. I think it's the cheapest way to close the account. …

Looks like a separate chequing account is not needed as the RBC High Interest eSavings account supports cheques.

According to page 18 of their Personal Deposit Accounts Disclosures and Agreements booklet, personalized cheques can be ordered for the eSavings account. Over-the-counter cheques are $2 each, plus $5 for the debit.

July 1, 2017
2:48 pm
Norman1
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Saver-Mom said
Agreed. So I went to the branch as I was told I would have to do, to finalize the setting up of the account by "showing ID to prove that I am who I say I am" and enquire about withdrawals, only to be told that the people I would need to speak with were already busy with other clients and that I would have to make an appointment! So given this and the apparent difficulty to access my own money (would be told to call and make an appointment if I wanted to pay money to withdraw my funds via a bank draft) I am reconsidering the whole exercise...  

My parents' RBC Royal Bank branch is now the same way. Appointments.

I suspect the banks are moving away from hiring enough tellers in branches to handle the peak traffic and then have nothing for them to do the rest of the time.

To reduce the wait time with less tellers, customers are given reservations/appointments!

If one is served within five minutes of one's appointment, then it may be better than the traditional dropping by and waiting in line. sf-smile

July 1, 2017
5:05 pm
Loonie
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I remember some years back, maybe 20, when TD had an offer that if you had to wait in line more than 5 minutes, they would pay you five bucks. My dad picked up a lot of spare change that way! But they discontinued it. I think it was too popular. Now, however, their focus is elsewhere - wealth management, credit cards, insurance, loans etc.

I have nothing against appointments as you get to sit down (I'm getting old!) and there is better chance that the person you sit down with can actually do what you want done, as opposed to being shifted from one person to another while standing.
It does annoy me that it is so difficult to phone any particular person at all at any bank. In most cases, you can't even call a branch, period.

However, I'm sure that the motivation for increasing use of appointments is efficiency/profits. They hope that by getting you sat down that they will be able to develop a "relationship" and ultimately sell you more product. This is counterproductive though when they waste your time by leaving the room periodically to "check" on something and when the staff are different every time you go in.

Rick, I can appreciate your feeling, but it's still useful for some people. There aren't that many CDIC-insured banks that offer 2% on savings. RBC is a low risk FI.

July 3, 2017
6:44 pm
Norman1
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Saver-Mom said
Not impressed with max withdrawal of 2500$ per day. There is a chance you may be allowed to withdraw 10,000$ per day, but the CS rep I spoke to could not say how they decide who is allowed which limit, only that I would have to try it and see! I do not get it.  

This, from the Daily Transaction Limits page in one's RBC online banking, sheds some light on the $10,000 per day limit:

You may receive the option to exceed the maximum daily limit up to $10,000 CAD per day for Interac‡ e-Transfer and RBC International Money Transfers. All you need to do is successfully complete an additional authentication process. This involves receiving a one-time password by text message from us to your mobile phone and entering it in order to complete the transaction.*

*To be eligible for this service, you must have a Canadian mobile phone number recorded with us

July 24, 2017
5:08 am
Saver-Mom
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The teller could not serve me the day I walked in. She wanted me to see someone higher up. I suspect that would be so they could probe me about my net worth and try to reel me in. Have not gone in to enquire about how to get money out quickly once their promo rate, (which was bumped up to 2.15%) expires. I don't want to have to open a chequing account with them, nor link accounts with other banks. Guess I would have to get a bank draft for $7.50? Anyone take advantage of this promo?

(Maybe merge this with the other thread?)

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