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RBC eSavings Account - earn 3% for 6 months
December 4, 2018
3:11 am
Jim Sherat
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was a little annoyed that RBC didn't payout Nov interest until this morning... dated Dec 3rd, whereas two other FI's I deal with paid on Nov 30 for similar accounts. Is this normal for RBC or other FI's ?

On a positive note, seems RBC raised their reg. rate from 1.05 to 1.20, but maintained the bonus 1.95% rate despite the following disclaimer in the initial terms and conditions for this 3.0% promo

Interest is paid through two separate interest payments, one based on the Regular Interest Rate and a second based on the Bonus Interest Rate. Any change to the Regular Interest Rate may result in a corresponding change to the Promotional Interest Rate.

December 4, 2018
9:14 am
Blue
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Jim Sherat said
On a positive note, seems RBC raised their reg. rate from 1.05 to 1.20, but maintained the bonus 1.95% rate despite the following disclaimer in the initial terms and conditions for this 3.0% promo

Interest is paid through two separate interest payments, one based on the Regular Interest Rate and a second based on the Bonus Interest Rate. Any change to the Regular Interest Rate may result in a corresponding change to the Promotional Interest Rate.  

Yes, I saw that too. We got 3.15%. That's cool! Hopefully they don't reduce the bonus rate to take it back down to 3%. For now, I'm happy to be doing business with RBC again sf-smile

December 4, 2018
12:01 pm
Alexandre
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I've been long-term RBC client, since 2002 when my employer opened for me RRSP with them.

I had eSavings account with RBC, with no money on it for a while but didn't bother to close it few years ago - hence not eligible for the current promotion. With low interest rates on RBC RRSP and RBC RRSP GIC that was the last straw for me - I will be moving my business elsewhere.

Sorry, RBC, you might have gained few more clients for as long as this promo lasts, but you've lost long term client who had credit card with you, was willing to move $100K to savings if offered competitive rate and who kept almost $100K in RBC RRSP account despite quite low interest rates you are offering.

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