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High Interest eSavings 5.5% for 3 months
December 6, 2023
7:19 am
SaverJunior
Toronto
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Earn 5.5% interest for 3 Months.

When you open your first RBC High Interest eSavings account.

https://www.rbcroyalbank.com/accounts/e-savings.html

February 2, 2024
1:13 am
HermanH
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Went to open an online account for this promo only to learn that accounts can only be opened during business hours 0600-2100. Holy freaking crap. The whole point of online access is supposedly for the convenience of the consumer, not the stupid bank.

The really sad thing is that I am not all that surprised at the sh**** service level from RBC; it's just so prevalent throughout the financial industry that it is the de facto standard.

February 2, 2024
4:36 am
HermanH
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Sigh, so I open the new HISA account for the 5.5% promo and immediately make 2 large transfers from my CHQ account into the new account. While trying to make a third transaction, the new online account no longer appears in my profile!

I try to call, but no one answers except some stupid bot. Even the online banks like Tang and EQ at least have someone on the other end (if you are willing to wait an eternity.) The bot tells me that it will transfer me to a human and then promptly hangs up.

So, the only thing left to do is walk into a branch tomorrow. So much for the 'convenience' of online banking. sf-yell

February 2, 2024
7:32 am
The Rock
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The big banks are all about shareholder value. Cutting costs/services and increasing fees. I will soon be closing my RBC accounts and banking solely with Tangerine. You can now do pretty much everything online. No more monthly account and other fees.

February 2, 2024
12:23 pm
savemoresaveoften
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The Rock said
The big banks are all about shareholder value. Cutting costs/services and increasing fees. I will soon be closing my RBC accounts and banking solely with Tangerine. You can now do pretty much everything online. No more monthly account and other fees.  

Tangerine is big banks too

February 11, 2024
11:38 am
HermanH
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I opened up a new HISA, to take advantage of the 3-month promo for 5.5%, on Feb 2, and transferred funds into it.

A couple of days ago, I noticed that a new HISA had been added from a different branch. I was certain that I had not seen any HISA account on my profile, when I opened the first HISA on Feb 2. I had no recollection of opening a second HISA and was worried it might cause a problem with my existing promo. i.e. What if I simply missed noticing it and the second HISA was actually my first HISA and my funds were sitting in an account earning 1.7% interest instead of the higher 5.5% promo interest. I was pretty sure that I had not opened an additional account accidentally, but with so much money at risk, I had to be certain.

The RBC portal does not offer any details on when the account was opened or how much each account earns for interest. (Tangerine, for example, will show the interest rate for each account.) I walked into an RBC branch to investigate. They told me that the 2nd unknown account had been open since 2022-10. I was very confused. I had opened an RBC USD account in 2020, or so, but nothing in 2022. I told the branch manager that I was worried that I would not receive the bonus promo, if the 2nd HISA account was older than my new HISA, since that would make my 2nd HISA account into my first HISA account at RBC and thus disqualify me from the promo offer. She agreed that it seemed likely that I would be ineligible for the offer.

I pressed her for details on this mysterious 2nd HISA. I had tried to find the branch address from the transit number, but could not. She told me the address and I immediately recognized it as an HSBC location, because I had just filled out some forms with that address. We both came to the conclusion that it might be due to the migration of HSBC accounts to RBC, after their acquisition by RBC. (I had received e-mail warning about some HSBC changes.) She said that she would send e-mail to confirm the situation with her back-office. I asked that she send me a copy of the e-mail so that I would have written confirmation of rate, in case of any future problems.

I am currently awaiting their response and just thought I'd let any others know of what might be happening to their RBC and HSBC accounts.

February 11, 2024
5:26 pm
mordko
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Thats interesting, thanks. I was considering taking them up on this HISA offer, given that my chequing account will be moved to RBC anyway.

Not if they already opened a fathom HISA account in my name and the 5.5% offer no longer an option.

February 12, 2024
5:41 pm
HermanH
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Update: received written response from the branch manager confirming my +3.8% bonus offer for my new eHISA for three months. The standard rate of 1.7% for eHISA accounts may change, meanwhile.

February 13, 2024
7:49 am
mordko
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HermanH said
Update: received written response from the branch manager confirming my +3.8% bonus offer for my new eHISA for three months. The standard rate of 1.7% for eHISA accounts may change, meanwhile.  

Thanks

February 13, 2024
9:38 am
RetirEd
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mordko: What's a "fathom" account? Did your phone auto-mistake "phantom"?

RetirEd

February 13, 2024
11:39 am
mordko
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RetirEd said
mordko: What's a "fathom" account? Did your phone auto-mistake "phantom"?  

I’d like to blame my phone but it was me.

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