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RBC Winter 2019 High Interest eSavings Account 3% offer till April 30
January 29, 2019
12:15 pm
Alexandre
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Received this in email today:

At RBC, we’re always looking for ways to help you grow your savings faster. Here's your chance to earn a great rate! Move your money from another financial institution to your RBC High Interest eSavings Account and earn 3.00% interest* on all new eligible deposits until April 30, 2019.

The quicker you act, the more interest you'll earn, so don't miss this opportunity.
Act now, offer ends April 30, 2019.

*The Winter 2019 3.00% RBC High Interest eSavings Bonus offer (the “Offer”) is only available to existing clients of Royal Bank of Canada (the “Bank”) who have an RBC High Interest eSavings account on January 21, 2019 and who receive the Offer by email directly from the Bank and/or receive a notification that you are eligible to participate in the Offer when you log into RBC Online Banking (“Eligible Clients”). The Offer is only applicable to new funds of up to $500,000 (from non-RBC sources) deposited into eligible RBC High Interest eSavings Accounts from January 22, 2019 to April 30, 2019. The Promotional Interest Rate of 3.00% is calculated by adding the Bank's Regular Interest Rate (on January 22, 2019 the Regular Interest Rate was 1.20%) with the Bonus Interest Rate (on January 22, 2019 the Bonus Interest Rate was 1.80%).

January 29, 2019
3:28 pm
Jim Sherat
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Interesting ...
I'm now 4 months into the 6 month [182 day actually] Sept/18 promo with same rate; maybe that's why I've not received an email or online invitation yet, or at all?

We've actually been getting 3.15%, due to a B of Canada interest hike shortly after this promo started, and RBC raised their eSavings rate accordingly a few days later.

IF I got 'invited' between now and when my current promo ends March 28th, I wonder if they would extend it to April 30th, rather than risk me moving my balance to another FI ?

February 12, 2019
5:14 pm
dentgal
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Jim Sherat, I'm in the same sinking boat! Let me know what you decide to do. I doubt that RBC will extend the rate. I also didn't get the 3.25% promo from BMO--but I might call them. It is a pain moving money every few months 🙁

March 4, 2019
6:36 pm
Jim Sherat
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dentgal said
Jim Sherat, I'm in the same sinking boat! Let me know what you decide to do. I doubt that RBC will extend the rate. I also didn't get the 3.25% promo from BMO--but I might call them. It is a pain moving money every few months 🙁  

Sorry, just seeing your comment now ... when my wife and I went to the closest RBC branch to sign up for their unusual promo back in Sept. we made it clear why we were there, and would most likely be moving funds out again after the 182 day period. The rep. asked us to be in contact before doing so, and we left it at that. My take was that they may have something to offer (beyond their posted rates), so I will definitely give them an opportunity to do so. Being a 'Big 5', I'm not holding my breath, but we'll see

If it's the ol 3.15% to the current 1.05%, we're outta there ! May be time to explore out-of-province (Ont) online options ?

March 14, 2019
11:05 am
dentgal
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My 3% promotion ends tomorrow at RBC high interest savings.
I got a call from the branch investment advisor and told her that I'm thinking of moving the money to Meridian 3.25% 18 mo GIC. It took a couple of days, but she got back to me and matched the rate. They are hoping that I will move my whole portfolio to them, but I told them that I am not.
I will be getting semi-annual interest, compounded, 3.25% for 18 months. I thought that this was a good rate.

March 14, 2019
8:08 pm
Loonie
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RBC wouldn't make you this offer if Meridian weren't breathing down their necks.
I would have moved the money to Meridian anyway, personally, as I want Meridian to remain strong to give them competition. Without that kind of competition, we won't get the rates in either place in future.

March 15, 2019
3:06 am
dentgal
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Good point, Loonie. I've never dealt with Meridian and was a bit nervous.

March 15, 2019
6:58 am
Loonie
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I have accounts with Meridian and have no concerns, but that's a personal decision of course.

March 15, 2019
12:21 pm
Londonguy
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FWIW I've moved over $700K into Meridian over the past several weeks and couldn't be happier about it, although to be honest that's got as much to do with their currently superior 18-month and 3-year rates than it has to do with their service (although that's been great). I'd nearly forgotten what it feels like to have a bank appreciate my business.

However, since Meridian's other term rates are not that competitive, what I really need right now is to find the best RRIF deal out there as an overall combination of (a) consistently good savings & GIC rates, (b) low service fees and (c) the ability to take out as much as I want each year above the minimum without going to a lot of hassle or paying though the nose for the privilege. I thinking either Hubert or Accelerate but I'm still schooling myself

March 15, 2019
1:43 pm
Loonie
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Londonguy, I'm trying to make the same decision as you. I have to make it within the next six weeks or so.

I have ruled out Hubert, regrettably, because they refuse to offer a one-year RIF GIC. I checked with them very recently and they have no plans to do so. Having a one-year GIC is important for me in managing withdrawals.

I'm down to Accelerate vs Achieva. Accelerate has the unique advantage of allowing 20% extra withdrawals annually, but they have a transfer out fee if I'm not happy with them. Achieva doesn't have the 20% thing, but no transfer fees. Historically, I think Achieva has tended to have better rates, although that does not seem to be the case right now.

Will be interested in your observations/conclusions, although should probably be a different thread.

In either case, for me it will mean opening up a membership at a new FI, which I am not very happy about, but I don't see any reasonable alternative. I had been intending to move it to Hubert and had even opened up an RIF account there (no money in it), but had to close it when I noticed this problem.

I'm also waiting to see if Meridian's new bank has a good arrangement and opening offers, but am not too hopeful.

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