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Royal Bank new HISA promo - New accounts
September 22, 2022
10:03 am
FastJonny
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Royal Bank 3 month promo, 4% for NEW HISA. Open Sept 21 2022 to Dec 15 2022. On main webpage so does not appear targeted.

"Enjoy this limited-time interest rate to help you save more. Simply open your first RBC High Interest eSavings account by 3pm EST on December 15, 2022 to get 4% interest for 3 months (on balances up to $1,000,000)Disclaimer1,Disclaimer2".

"The 2.9% bonus interest rate offer (which is in addition to the regular interest rate) for the 3-month promotional period is only available to individuals who have never been the primary owner of an RBC High Interest eSavings account at any time before September 21, 2022 and who open an RBC High Interest eSavings account by December 15, 2022."

First glance it looks pretty straightforward - not as many hoops to jump as some...

September 22, 2022
1:34 pm
frencols
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$5 per debit? (the only free debit is one debit via ATM?).

Monthly Fee Free
Currency Canadian
Monthly Debits included 1 Free RBC ATM cash withdrawal / month
Free Transfers Electronic self-serve transfer to any RBC Royal Bank personal deposit account in your name
Debits Exceeding Monthly Limit $5.00 each
Interac and PLUS System ATM Network Access Fees
Interac: $2.00
PLUS System: $3.00 (Within Canada and U.S.)
PLUS System: $5.00 (Outside Canada and U.S.)
Interac e-transfer $1.00 each
Cross-Border Debit $1.00 each
eStatement and eNotifications Free — including cheque images viewed online less than 90 days old
Access to Online, Mobile, and Telephone Banking Free
Access to myFinance Tracker Free

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

September 22, 2022
5:39 pm
Norman1
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That's correct: $5 per debit except for one ATM cash withdrawal each month and any self-serve transfers to another RBC Royal Bank personal account in the same name.

The RBC High Interest eSavings account is for people who have another less expensive RBC personal bank account to transfer to for the debits or who don't mind paying $5 for each debit.

October 29, 2022
9:37 am
hwyc
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Looks like there was a change in base rate. While the bonus is still 2.90%, the link in #2 advertise 4.20%

December 1, 2022
10:08 am
frencols
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Anyone know what is RBC's external account linking procedure for this HISA?

Is it the micro deposits verification (you give your external bank's account # or void cheque etc and confirm the token deposits) or the "Flinks" type system (where you give your external bank's username and password?)

Thank you.

December 1, 2022
10:29 am
Norman1
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There is no procedure for linking external accounts. RBC Royal Bank does not offer external account linking to personal banking clients.

December 1, 2022
12:00 pm
Loonie
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None of the big banks offer this, but you can set up links from many external FIs to solve this problem: Motive, Peoples, Hubert etc.

December 1, 2022
4:13 pm
KamWest
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I smell desperation for the big banks as the smaller internet banks and credit unions are taking more of the deposits.

With a generous 250k deposit insurance in Ontario and unlimited in Manitoba the credit unions are looking mighty fine.

The 3-4 month rates the big banks are giving is simply playing games.
Then you go right back to no interest, why move money in, it's a fruitless endeavor.

December 1, 2022
4:58 pm
Norman1
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KamWest said
I smell desperation for the big banks as the smaller internet banks and credit unions are taking more of the deposits.


 

In the real world, the Big Banks have 75%+ market share of the high interest savings account deposits. They know that higher rates aren't needed and that the small internet banks and credit unions have not been a threat for decades.

December 2, 2022
4:43 am
frencols
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KamWest said
The 3-4 month rates the big banks are giving is simply playing games.
Then you go right back to no interest, why move money in, it's a fruitless endeavor.  

I agree! But I don't see among the smaller banks or CUs giving 4.2% to beat this one even for 3 months (this is the only one I can qualify, for not having an existing account in my case. So running out of options before my other deals expire soon.)

I wonder why none of the smaller banks and CUs are offering 4+% regular (not time limited.)

December 3, 2022
7:02 am
RetirEd
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The short-term promos are an artifact of the expectation of a rate decrease in the future. The banks want to deter flight to long-term instruments earning greater interest, and flexibility is their main selling point to depositors. Think of all our colleagues who waited at lower short-term rates for the move past 5% on long-term rates.
RetirEd

December 3, 2022
10:01 am
Norman1
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That's reading too much into the offer.

Royal Bank's 4.2% offer for three months on one's first eSavings account is just a targeted marketing promotion. The offer has no impact on those who already have an eSavings account and can't take advantage of the offer.

The banks aren't that interested in the higher cost of longer term deposits. If five-year GIC's have to yield 2% more than one-year deposits, then the bank will charge 2% more on their five-year loans. The interest paid on deposits is a cost of the lending business and is passed through to the borrowers.

December 7, 2022
10:11 pm
Pirithous
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FastJonny said
... First glance it looks pretty straightforward - not as many hoops to jump as some...  

It is pretty straightforward in that regard. No hoops. Just open the account (if you've never had one before) and collect the standard 1.3% plus the bonus 2.9% for 90 days.

The big BUT is that this RBC eSavings HISA account only really works well for someone already with RBC, because pulling money out is expensive otherwise. I've opted for this promo to buy myself some time to get a few other things lined up in the meantime.

You have to be a bit careful at RBC sometimes with fees and charges, but I've found that they are often the least complicated of the Big 5 in how they have set-up many of their products and services.

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

December 8, 2022
3:09 am
frencols
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I wanted to get this one but horrible reviews, and terrible "features" are keeping me away.

First, it appears this account needs other RBC accounts to transfer money in out of.

Then, I can't find any info anywhere about how linking from outside works. If this is like a "special" account like Scotia "Malarkey" Momentum, you don't even have a proper account number, transit or branch number associated to do a push from outside, and like Malarkey, it won't even accept incoming Interac.

Then there is $5 each debit.

Then, even if all above is resolved, if you want to close the account, there's a $20 fee and you must visit the branch for that, else you're stuck with it with no easy way to keep it alive by moving cents in and out of periodically.

Weird that Canada's largest bank can get away with such a predatory, trappy thing!

Or may be I'm just an idiot, and finding it too difficult. In that case please disregard the rant above.

December 8, 2022
6:18 pm
Pirithous
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Im just on the RBC eSavings HISA page now, and it appears that the promo is no longer there/being shown. It was supposed to be available a few more days, but it would appear that as of this moment, it was pulled early by RBC. They've upped the base rate by 10bps to 1.4% though, so perhaps that is why the promo died early.

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

December 8, 2022
6:47 pm
Loonie
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If they've terminated the offer early it wouldn't be the first time they've done that.

Six years ago I was told by an RBC employee, in person (one of those people who gets a real office), that a similar offer would be good until a certain date, but when I went to try to get it, it was gone. Also, when I asked if she could reactivate it for me, she did not return my calls.

December 9, 2022
4:23 am
frencols
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Yes they have quietly removed it. It was supposed to be available until 15th of December. There must be quite a few folks waiting to apply until that day to get the maximum of 3 months.

Sums up the state of Canadian banking IMHO. We often criticize smaller FIs for sneaky practices, dishonourable conduct, etc. But this is the single most behemoth biggest Bank in Canada. Pure abuse of sheer power, done so brazenly. And they know nothing can touch them. sf-cool

December 9, 2022
9:03 pm
Pirithous
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frencols said
Yes they have quietly removed it. It was supposed to be available until 15th of December. There must be quite a few folks waiting to apply until that day to get the maximum of 3 months.  

I'm not sure I understand your comment about waiting to the last day of the promo to get the maximum 3 months of the promo rate. The promo rate is active for 3 months/90 days from the day the account is opened, at any point within the promotional period. Am I misreading your comment?

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

December 9, 2022
10:09 pm
Norman1
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The page for the offer of 2.9% bonus interest is still up:

Special Rate on an RBC High Interest eSavings Account

If one is interested, contact RBC to confirm the status of the offer.

December 10, 2022
9:18 am
frencols
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Norman1 said
The page for the offer of 2.9% bonus interest is still up:

Special Rate on an RBC High Interest eSavings Account

If one is interested, contact RBC to confirm the status of the offer.  

Yes, it's back again! Thanks.

I also remember seeing the offer on its original page https://www.rbcroyalbank.com/accounts/e-savings.html (the bonus panel appears to be taken away.)

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