RBC High Interest eSavings: Now 2.15% until Dec. 1, 2017 on new deposits before August | Page 2 | General comparisons | Discussion forum

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RBC High Interest eSavings: Now 2.15% until Dec. 1, 2017 on new deposits before August
July 27, 2017
5:02 pm
Loonie
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rqs said
Re. "He is the scoop. ..... Any funds you withdraw prior to dec 1 will receive only 0.65% to the date of withdrawal. "

What makes you think your Bank branch employees are any more knowledgeable than mine? What is obvious is that the branch employees don't know any more than we do...very probably less!

Is there any way of getting through to a senior official who will put the definitive answer in writing?  

You could, I suppose, write to the bank's ombudsman, but unlikely you would get a timely response. If I were doing that, I would be sure to refer them to this thread!

Norman1 should be getting an answer within the next day. I think their window for response is 2 days.

July 27, 2017
6:21 pm
Norman1
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I received the response to my message I sent to RBC. It concurs with what rqs received by chat and received from speaking with a branch manager.

This is part of the response from a RBC banking advisor:

…On each day during the post deposit window (Aug 2 Dec 1), you will earn interest on the Post Deposit Window Balance at the bonus rate.

This means that if funds are partially withdrawn, then you will get the bonus rate for the period of time that the funds were in the account up to the time the funds are withdrawn. As a example, if you deposit funds on July 20th and take them out on November 20th, you will get bonus interest for that period.

Bonus interest is calculated daily and paid out at the end of the campaign period.

I guess when the bonus interest is calculated daily, the term "lowest End of Day eSavings Balance recorded during the Post Deposit Window" with the qualification "with respect to any day during the Post Deposit Window" cannot include any eSavings closing balances of days in the future which cannot possibly be recorded yet! sf-laugh

“Post Deposit Window Balance”, with respect to any day during the Post Deposit Window, is the least of the following amounts:

a. the lowest End of Day eSavings Balance recorded during the Post Deposit Window minus the End of Day eSavings Balance on May 31, 2017;

b. the lowest End of Day Net Balance recorded during the Post Deposit Window minus the End of Day Net Balance on May 31, 2017; or

c. $1,000,000.00;

July 27, 2017
6:44 pm
Bill
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Norman1, for what it's worth that was my understanding from the first time I closely read the T&C - thanks for getting confirmation.

July 27, 2017
8:14 pm
Loonie
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If the person who answered Norman1 had it wrong, the interpretation that he has received will only be reliable for him, as he has the record of the email - and he would have to argue about it. Unlike the person moneyman spoke with, this person does not offer any rationale or explanation. Norman has supplied his own. The new answer is clearer, but does that make it any more accurate than the other? Who knows?

July 27, 2017
8:20 pm
Loonie
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I visited the RBC Ombudsman page,
http://www.rbc.com/ombudsman .

Curiously, there is a specific exemption for dealing with issues regarding interest rates, so it seems you're on your own in arguing for what you may think you are owed. I find this bizarre.

"Note: The Ombudsman does not investigate complaints about credit decisions, service fees, interest rates, and other matters of general policy, issues that are in litigation, or transactions for which RBC records no longer exist (usually after six or seven years)."

July 27, 2017
9:43 pm
Norman1
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Loonie said
I visited the RBC Ombudsman page,
http://www.rbc.com/ombudsman .

Curiously, there is a specific exemption for dealing with issues regarding interest rates, so it seems you're on your own in arguing for what you may think you are owed. I find this bizarre. …  

I don't think this discussion is about the bonus interest rate. It is more over how the bonus interest is calculated with the rate.

July 27, 2017
10:02 pm
Norman1
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moneyman said

1 … To fully benefit from this offer and earn the 2.15% 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. ….

I spoke with the bank manager and they pointed out the line "to fully benefit from this offer and earn 2.15% annual interest, you must make ..... and maintain them in that account until December 1.
That's why they pay the interest (bonus) at the end and not monthly.
Given that's it's RBC how could we expect them to be any more generous than that.  

That's one possible interpretation of that "to fully benefit" statement.

I think it is also possible for it to mean withdrawing funds will cause the funds to no longer earn 2.15% in the Post Deposit Window, even if subsequently replaced. May not mean withdrawals will cause the withdrawn funds to never earn 2.15% in the Post Deposit Window.

July 28, 2017
7:04 am
Bill
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Norman1, again, to me it's pretty clear that "interest rate" has nothing to do with "interest calculation" and that "fully benefit" does not mean withdrawing funds means those funds didn't earn the bonus rate while they were there.

This is a clear example of some people's pre-existing bias and/or propensity to complain causing them to read things that aren't there into a situation and thus impairing their ability to understand: "T&C and their ambiguity" - uh, no ambiguity to me; "weasel wording" - uh, no, actually it's legalese, and it's for a reason; "given that it's RBC how could we expect them to be any more generous than that", "which is what we have to expect from RBC" - uh, speak for yourself, "we" do not all see the need to use this forum to cast random aspersions on RBC and some of its staff in the course of sorting out an issue that a few folks don't understand. For the record, in my experience, RBC overall has been a fine institution - plus I've made a ton of dough on its stock over the last 45-odd years!sf-smile

July 28, 2017
7:13 am
Top It Up
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Bill said

This is a clear example of some people's pre-existing bias and/or propensity to complain causing them to read things that aren't there into a situation and thus impairing their ability to understand:  

EXCELLENT POST, Bill.

July 28, 2017
7:10 pm
Norman1
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Bill said
… This is a clear example of some people's pre-existing bias and/or propensity to complain causing them to read things that aren't there into a situation and thus impairing their ability to understand: "T&C and their ambiguity" - uh, no ambiguity to me; …

It is more than people's bias. RBC is usually quite precise in their language. The material for this offer is uncharacteristically sloppy for them.

Two of their branch managers looked at the offer and came to slightly different, but reasonable, understandings of how the bonus interest would work in the Post Deposit Window.

As well, I can't imagine, for example, how one could read both

1 Applies to funds from non-RBC sources introduced to the RBC High Interest eSavings Account between …. Funds transferred from other RBC Royal Bank accounts to the RBC High Interest eSavings Account do not qualify for this offer. …

and

…and new funds (from non-RBC sources) must be introduced to the Bank by way of deposit to your eSavings Account, during the Deposit Window. …

without wondering if RBC really requires the new funds to be deposited directly into the eSavings account. Was it really tough luck for customers who had set up direct deposit for their pay or pension into another RBC account?

I messaged them. The response was that new funds can be deposited into any account and transferred into the eSavings. cristunity inquired and was informed the new funds need to moved into the eSavings account within 48 hours.

August 9, 2017
3:29 pm
skibum
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Just saw the Scotiabank is also offering 2.15% on new money deposited in their Momentum Savings account by Aug. 31 - but with the added twist that you must enrol to get the offer (and if a joint account - each holder must enrol)

"Scotiabank® Momentum Savings Account
Bonus Interest Campaign Enrollment
When you complete the enrollment process, you’ll be eligible to receive Bonus Interest on all new money not currently with Scotiabank that's deposited into your Momentum Savings Account between July 4, 2017 and August 31, 2017 subject to the Campaign Terms & Conditions."

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