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2.25% for 3 months in a new savings account
April 30, 2020
11:28 pm
miro
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RBC High Interest eSavings New account:
2.25% for 3 months:
link

July 13, 2020
11:08 pm
Loonie
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This offer is still on, and it looks like I may have need of an RBC savings account for a while (not my choice, but a set of circumstances are making it look convenient for anywhere from several months to several years). Does anyone have one of these accounts?

I was looking at the terms and was not clear about any charges for transfers-out. It says you can have one ATM withdrawal per month free but doesn't say anything about pulling from linked accounts.

Can anyone enlighten me, from their experience?

Thanks for posting, miro.

July 14, 2020
7:26 am
Londonguy
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Loonie said
This offer is still on, and it looks like I may have need of an RBC savings account for a while (not my choice, but a set of circumstances are making it look convenient for anywhere from several months to several years). Does anyone have one of these accounts?

I was looking at the terms and was not clear about any charges for transfers-out. It says you can have one ATM withdrawal per month free but doesn't say anything about pulling from linked accounts.

Can anyone enlighten me, from their experience?

Thanks for posting, miro.  

Not from direct experience, but if you want a second opinion, I'm fairly certain those T&C mean that you can pull/push as much money as you want by EFT into your RBC account for free, but any outgoing EFT that doesn't go to another RBC account will cost you $5 a pop.

In past promos like this, IIRC people minimized their friction to a single $5 fee by leaving their balance alone during the promo period and then pushing/pulling their entire balance out in one shot at the end of it

July 14, 2020
8:26 am
Norman1
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A pre-authorized debit, like a pull from another financial institution, against the RBC High Interest eSavings account would be considered one of those "Debits Exceeding Monthly Limit" and cost $5.

The only debit included for free, that is not a transfer to another RBC Royal Bank personal deposit account under the same name, is the one free ATM cash withdrawal each month.

The RBC High Interest eSavings account is really for those who have another RBC Royal Bank deposit account. Otherwise, that $5 per debit really adds up.

There's also no facility to push funds out electronically from the account.

July 14, 2020
10:01 am
Norman1
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The RBC Day to Day Banking chequing account is one account that the eSavings account could be paired with.

Debits are $1.25 each. 12 free debits per month are included with the $4 monthly fee. For clients age 65 or older, a seniors fee rebate reduces the monthly fee to $0. sf-smile

July 14, 2020
9:04 pm
Loonie
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Thanks, guys.
I'd prefer not to have to open a companion account.
The reason I will open this account is not for any of our usual reasons. It would be used to receive a deposit that RBC owes me, and then I would transfer it out by EFT at end of 3 months or when needed. Given that i have it open, I might also put some more money into it for the high rate period.

I was in an RBC branch today negotiating another matter with an RBC advisor. When I asked her about initiating a pull from an external account on this RBC account and whether there was a fee, she was baffled. She had trouble grasping the idea of pulling from outside. I assured her that I do it regularly at CIBC and TD, that the only question was about fees (which I am not charged at the other two banks).
At last report she was going to go ask someone else and get back to me. Geez. (and she is one of the nicer ones, and has actually managed to resolve another unrelated problem for me).

Heads up: she said this offer will be over at end of July for new sign-ups.

July 14, 2020
9:56 pm
Norman1
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Loonie said

I was in an RBC branch today negotiating another matter with an RBC advisor. When I asked her about initiating a pull from an external account on this RBC account and whether there was a fee, she was baffled. She had trouble grasping the idea of pulling from outside. I assured her that I do it regularly at CIBC and TD, that the only question was about fees (which I am not charged at the other two banks).
At last report she was going to go ask someone else and get back to me. Geez. (and she is one of the nicer ones, and has actually managed to resolve another unrelated problem for me).

She would not know what a "push" or a "pull" from another financial institution is unless she also frequents this site. sf-laugh

I think she would understand what a pre-authorized debit (PAD) is. Ask her if there would be a charge for a pre-authorized debit made against the eSavings account. More specifically, a funds transfer pre-authorized debit:

Funds Transfer PADs are used by an individual to transfer funds from an account at one financial institution to an account at another financial institution. For example, this could be used to contribute to a registered savings plan.

July 14, 2020
10:08 pm
Loonie
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You're probably right, Norman, about my limited vocabulary! I knew I didn't quite have the right jargon and was reduced to using my hands to assist.

July 22, 2020
6:45 pm
Loonie
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This offer appears to be over. It now says 0.05%

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