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RBC's "Triple The Rate" promotion
September 5, 2015
10:27 am
Ed
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Does anyone know anything about this offering from RBC? I've read the PDF explanation but find it confusing.

http://www.rbcroyalbank.com/es.....index.html

September 5, 2015
12:29 pm
semi-retired
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Hello The way I read it is any new money put into the savings account mentioned before Sept.30 gets 3x the posted rate of .65% (1.95%)till Nov 30 of this year. Charles*

September 5, 2015
12:54 pm
Loonie
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I don't know how Ed ever managed to find this page as it doesn't seem to come up when you look at the eSavings account itself.

In any event, be sure to check out all possible fees here http://www.rbcroyalbank.com/pr.....vices.html
It looks like there may be a $20 fee for closing account (unless you move it to another RBC account, but why would you do that?). I've not run into this before.

Also, it appears that you get one free withdrawal a month, but need to check on that. Additional, $5.

If anyone sees that TD is making an offer of this nature, please post. They offer the worst "high" interest rate of any of the Big Banks, at .55%.
Get with the programme, TD!
BMO, Scotia and now RBC are all offering something. And CIBC has PC Financial. TD has nothing, as far as I know.

September 5, 2015
1:09 pm
kanaka
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Interesting. $20 fee to close an account. What if the account has a zero balance?

I intend to vacate form Outlook Financial. I have been a customer for over 5 years. Here is what their website says.

Closing Accounts
On closing (includes sending draft or cheque) $10.00
Within 3 months of opening $15.00
https://www.outlookfinancial.com/products/fees

So I can move all funds out using electronic fund transfers. Write them a letter and advise to close accounts. I guess they will withhold our $5 membership fees???? That is if we paid them....don't remember if we paid or if they spotted us with the fee.

September 5, 2015
2:32 pm
Loonie
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kanaka, make sure you do the EFT right after the monthly interest is deposited. You would forfeit any interest not yet credited, I think. But you probably already thought of that.

September 5, 2015
3:20 pm
Ed
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Loonie said

I don't know how Ed ever managed to find this page as it doesn't seem to come up when you look at the eSavings account itself.

I came across this promotion while looking at rates on the RBC internet site today. If it's as good as it sounds, it's a definite departure from the other Big 5 banks, who are offering next to nothing. Indeed, TD is the worst. Scotiabank ain't bad at 1.5%, if you don't debit your account for 90 days. Clearly, RBC has taken an aggressive stance with this new promo. But will the other Big 5 laggards follow the lead?

September 6, 2015
6:34 am
file
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I did research a few months ago about savings interest rates and RBC was always at the top of the top 5 without having to go through hoops so I'm not overly surprised at this.

What caught my attention was this "Transfer it online directly from your other bank.". Does anyone know what that means? I wouldn't expect it to mean Interac e-Transfer as that is right beside it.

September 6, 2015
11:15 am
Loonie
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file said

What caught my attention was this "Transfer it online directly from your other bank.". Does anyone know what that means? I wouldn't expect it to mean Interac e-Transfer as that is right beside it.

I presume it means Electronic Funds Transfer, the same process used by Tangerine etc to move your money in and out of the Big Banks. Dos not require Interac.

May 10, 2016
1:54 pm
musicalmaestro
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Hey Guys,
IT's BACK!!! May 2 - August 2, 2016.

http://www.rbcroyalbank.com/ra.....l#esavings
https://www.rbcroyalbank.com/onlinebanking/servicech/pdf/bonusrate-terms-conditions.pdf

Still a confusing pdf, but i believe its vasically new net deposits collect triple the interest, only deposits made this month count.

May 10, 2016
6:44 pm
Loonie
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It's not very competitive though, at 1.65%.

May 11, 2016
4:40 am
xxxx
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Loonie said
It's not very competitive though, at 1.65%.

For a major bank like Royal, that is a high rate - actually is higher than Peoples, Cdn Tire and several other daily interest acct rates.

May 11, 2016
9:05 am
Loonie
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It's not competitive in the savings account marketplace. And it's very short term. We can count on it going right back down to the 0.55% range again after the promo, unlike, say, Peoples.

It is understandable, however, that anyone who owns stock in the major banks might want to defend their practices as best they can, even when they're not competitive.

May 11, 2016
3:25 pm
xxxx
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Loonie said

It's not competitive in the savings account marketplace. And it's very short term. We can count on it going right back down to the 0.55% range again after the promo, unlike, say, Peoples.

It is understandable, however, that anyone who owns stock in the major banks might want to defend their practices as best they can, even when they're not competitive.

For sure Loonie, this is a VERY low rate especially after income tax on the interest, compared to investing in the shares and receiving dividends (common or preferred) of the major Cdn banks.

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