April 6, 2013
… Have not gone in to enquire about how to get money out quickly once their promo rate, (which was bumped up to 2.15%) expires. I don't want to have to open a chequing account with them, nor link accounts with other banks. Guess I would have to get a bank draft for $7.50? Anyone take advantage of this promo?
I did. I was already an RBC Royal Bank client and opened a new eSavings account through their online banking web site.
The RBC eSavings account actually looks like a chequing account. Cheques are allowed. Direct deposits and pre-authorized debits are allowed. Just that each debit is $5.
As George reported, there's nothing like Me-2-Me transfers, like the rest of RBC Royal Bank accounts. RBC Royal Bank is really still a bricks-and-mortar bank and not an online bank.
I think a bank draft will be $7.50 plus $5 for the debit. Pre-authorized debits are supported. So, one could pull money out of the eSavings account from another FI. Again, $5 charge for the debit.
There's also mention of over-the-counter cheques. $2 charge for the over-the-counter cheque plus $5 for the debit.
October 21, 2013
Saver-Mom didn't want to link the account, so pulling the money would not work, although it might work for others.
For the extra fifty cents, I'd take the bank draft and be done with it. I don't think closing an account ought to count as a debit. Surely they can't charge you for the privilege of taking your money back. Ought not to anyway.
If you do the counter cheque, you are going to have to make another trip back there after it clears to close the account, which, accoding to Norman's logic, will incur another five dollar fee because there will likely be a small residue in the account.
Bank draft ought to clear faster but I don't know if it will. If so, you will make back the costs in time saved to collect intrest elsewhere. At the very least, you're done with them.
I would, however, chose a branch which was very close to a branch of another bank that I use regularly. I would leave lots of time so that I could go immediately to the other bank and deposit the draft. I don't like carrying these things around in case of loss or forgetfulness.
Locking this thread so the discussion can be consolidated in this new thread regarding the higher 2.15% rate.