2.25% for 3 months in a new savings account | RBC Royal Bank | Discussion forum

Loonie said
This offer is still on, and it looks like I may have need of an RBC savings account for a while (not my choice, but a set of circumstances are making it look convenient for anywhere from several months to several years). Does anyone have one of these accounts?

I was looking at the terms and was not clear about any charges for transfers-out. It says you can have one ATM withdrawal per month free but doesn't say anything about pulling from linked accounts.

Can anyone enlighten me, from their experience?

Thanks for posting, miro.  

Not from direct experience, but if you want a second opinion, I'm fairly certain those T&C mean that you can pull/push as much money as you want by EFT into your RBC account for free, but any outgoing EFT that doesn't go to another RBC account will cost you $5 a pop.

In past promos like this, IIRC people minimized their friction to a single $5 fee by leaving their balance alone during the promo period and then pushing/pulling their entire balance out in one shot at the end of it

The RBC Day to Day Banking chequing account is one account that the eSavings account could be paired with.

Debits are $1.25 each. 12 free debits per month are included with the $4 monthly fee. For clients age 65 or older, a seniors fee rebate reduces the monthly fee to $0.

Loonie said
…
I was in an RBC branch today negotiating another matter with an RBC advisor. When I asked her about initiating a pull from an external account on this RBC account and whether there was a fee, she was baffled. She had trouble grasping the idea of pulling from outside. I assured her that I do it regularly at CIBC and TD, that the only question was about fees (which I am not charged at the other two banks).
At last report she was going to go ask someone else and get back to me. Geez. (and she is one of the nicer ones, and has actually managed to resolve another unrelated problem for me).
…

She would not know what a "push" or a "pull" from another financial institution is unless she also frequents this site.

I think she would understand what a pre-authorized debit (PAD) is. Ask her if there would be a charge for a pre-authorized debit made against the eSavings account. More specifically, a funds transfer pre-authorized debit:

Funds Transfer PADs are used by an individual to transfer funds from an account at one financial institution to an account at another financial institution. For example, this could be used to contribute to a registered savings plan.

This offer appears to be over. It now says 0.05%

Norman1 said

Loonie said
…
I was in an RBC branch today negotiating another matter with an RBC advisor. When I asked her about initiating a pull from an external account on this RBC account and whether there was a fee, she was baffled. She had trouble grasping the idea of pulling from outside. I assured her that I do it regularly at CIBC and TD, that the only question was about fees (which I am not charged at the other two banks).
At last report she was going to go ask someone else and get back to me. Geez. (and she is one of the nicer ones, and has actually managed to resolve another unrelated problem for me).
…

She would not know what a "push" or a "pull" from another financial institution is unless she also frequents this site.

I think she would understand what a pre-authorized debit (PAD) is. Ask her if there would be a charge for a pre-authorized debit made against the eSavings account. More specifically, a funds transfer pre-authorized debit:

Funds Transfer PADs are used by an individual to transfer funds from an account at one financial institution to an account at another financial institution. For example, this could be used to contribute to a registered savings plan.

  

Is it going to be pre-authorized credit in the case of "push" from an external institution?
or is PADs used for both "pull" and "push"?

I appreciate your following up on this Norman. I never heard back from her on this subject. The RBC promo rate of 2.25 on this account was discontinued a while ago.
I did write to her asking her to extend the sign-up deadline for the promo because she had told me it would expire at the end of the month (July) but in fact it ended before that. I told her I expected her to honour her word. She did not respond to my email.

I opened the then-2.4% account at CIBC instead.

I may still need this RBC account, though, for reasons beyond my control. At least they are beyond my control at the moment. In due course I expect to be able to rid myself of RBC completely.

I will make a note of the required vocabulary. Hopefully I'll be able to find my notes when I need them!

No, I'm sure she doesn't frequent this forum! Her confidence in RBC is absolute. It was actually kind of eerie talking to her because she is such a True Believer. There was a cultish quality to the way she spoke which alarmed me. Even if my experience of RBC were more positive, I would not want to work with her as I think anyone who has such absolute confidence in anything is not to be trusted.

Is this promotion even still valid / applicable ???

It does not look still effective from RBC website...

Perhaps we should remove from "promotion" page … could be a source of confusion.