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Short-Term Promo - Savings 1.50% Up to 2%, Mainly New Clients
March 21, 2021
10:37 am
rhvic
Victoria, BC
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Just sold some property and had to find a place to park cash for four months. My partner opened an eSavings account at RBC to get the 1.5% rate for three months, and then still had TFSA room so opened a TFSA account, put in $100, and that will give us another three months at 2%.

If my promos at Tangerine and Simplii are not extended in some acceptable fashion at the end of March, then I will transfer those funds to RBC as well, until such time as their rates return to the normal pitiful 0.05%.

March 21, 2021
5:38 pm
Loonie
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Interest is calculated daily and paid monthly.

Does anyone know what RBC Bank's transfer-out fee is? Is there an account closure fee for registered accounts?

Max $1,000,000.

Thanks to GR.

Other details here:
https://www.rbcroyalbank.com/investments/psi/feb2021-hisa/terms.html?utm_source=tc&utm_medium=vanity&utm_campaign=invst_wint-hisa

April 26, 2021
2:16 am
Loonie
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$50 to transfer the TFSA out.
http://www.rbcroyalbank.com/al.....f-fees.pdf

There does not appear to be a fee for simply closing the TFSA account.

Bank draft, to close the eSavings account, would be $8.50 https://www.rbcroyalbank.com/banking-services/bank-draft.html
If you already have an RBC chequing account, it would be easier and cheaper to transfer the money there and then transfer out from chequing to external FI. But it would not be worth opening a chequing account.

April 26, 2021
3:32 am
davidgeorge
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Is there a fee for transferring fund out from non-registered eSavings account?

April 26, 2021
7:30 am
Norman1
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There's no fee to transfer funds from the RBC High Interest eSavings to any other RBC Royal Bank personal deposit account in the same name.

Otherwise, it is $5 for each debit, including any preauthorized debits or bill payments. The $5 fee is waived for one ATM cash withdrawal per month.

April 26, 2021
10:21 am
davidgeorge
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Norman1 said
There's no fee to transfer funds from the RBC High Interest eSavings to any other RBC Royal Bank personal deposit account in the same name.

Otherwise, it is $5 for each debit, including any preauthorized debits or bill payments. The $5 fee is waived for one ATM cash withdrawal per month.  

Thanks. I don't have any RBC account. Wondering what is the best way to take advantage of this offer. I am going to open an eSavings account and a TFSA or RRSP account. I can link RBC eSavings account to an external account and transfer fund in. But, when I transfer fund out to the external account, I need to pay $5 each time. I think I am going to transfer all funds out by the end of the promotion, and probably need only need 1 transfer.

April 27, 2021
5:37 am
Jim Sherat
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I opened [Joint with my wife] eSavings and Day2Day checking accts a couple years ago to take advantage of a 3% for 6mths promo.
I linked the checking a/c to Simplii, and pushed and pulled on many occasions [from Simplii]; there was never a service charge.

A future promo, again for first time account holders, required us to open another eSaving acct. with my wife named as Primary holder.

At the end of each promo, the balance, less a small amount to keep the accounts open, was transferred free to the linked [Simplii] account, with help of a phone call, due to the dollars involved.

April 28, 2021
1:51 am
Loonie
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It looks like there is a Seniors rebate on the chequing account fee which makes a basic one free. Called "Day to Day Banking".

April 28, 2021
6:26 am
Bud
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Has anyone got the promo on an existing acct?

April 29, 2021
10:31 am
Loonie
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If you are going to try to get this offer, you will need to either have an existing RBC bank account or go into a branch or get an appointment for a videoconference with a bank rep before 3 pm Friday. I would say your appointment should be by 1:30 Friday at the latest. Doing it all online from scratch will incur delays beyond Friday.

We did the videoconference.

We stated clearly at the beginning exactly what we wanted: joint eSavings account and joint day to day day banking chequing account ($4/month) with seniors fee rebate = free, and we didn't want any cheques. We'll deal with the TFSA later.

I counted at least four times when she tried to upsell us with things we didn't want or need which would have cost us money.
At least four times, we repeated that we only wanted eSavings and free chequing with no cheques.

We did not want a package "with many other conveniences". We did not want overdraft protection at $X/month. We did not want "a brand new account which just came out this week which is only $11.95/month". We did not want one of the others on the long list of chequing accounts with fees which she began to recite.

She was not unpleasant. She was just on autopilot, trying to sell things that people don't need or want. If you hadn't already done your research and known exactly what you needed and/or got distracted by all this unnecessary chatter, you would lose.

Accordingly, this process took an hour. And we're not done yet. We have to print out, sign, and email back numerous forms. She ran out of time for that. She could have easily done it all within the hour if she hadn't tried to sell us things we said we didn't want.

Interestingly, she never once tried to sell us a TFSA, the only additional thing that might have mattered to us, and which would increase the interest we receive.

Watch your step, and don't let anyone tread on your toes!

June 2, 2021
4:12 pm
Loonie
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Interest for May received on time and in full.

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