While watching T.V. I saw an interesting commercial for RBC, which stated a bunch of different things they were offering, two of them stuck in my head at the end of the commercial.
The first was the fact that you can earn up to $300 in gift cards when you switch to RBC, and the second (probably most important one to me) one being you can have non RBC ARM fees refunded to you.
I had to take the opportunity to look up what was being offered and share.
What does the deal consist of?
Well to start things off, when you switch from your current bank, you have to switch to either RBC VIP Banking, or RBC Signature No Limit Banking, and using RBC’s CustomSwitch service sign up for the complete package.
At that point, you stand to earn up to $37,500 RBC Reward points, which is enough to points to redeem $300 in gift cards.
Both accounts are pretty great and offer plenty of features making it worth getting.
The RBC VIP Banking is the top of the line chequing account, offering unlimited transaction, unlimited non-RBC ATM debits, choice of up to two additional Canaidan and one U.S. personal account with monthly fees waive, and much more.. With everything, a price is attached, and this one is particularly high, sitting at a monthly fee of $30 (or $22.50 with the multiproduct rebate).
The Signature No Limit Banking is pretty good too, offering similar features, but only 3 non RBC ATM withdrawals refunded per month. The cost to maintain this account is a lot less, sitting at $13.95 (or $9.95 with the multiproduct rebate).
Honestly both accounts are great and it offers exactly what caught my eye, the fact that you can have non RBC ATM withdrawals refunded.
Realistically, the RBC VIP Banking monthly fee is quite high, regardless of the rebate, however if you are the type of person to waste money by withdrawing at ATMs that are not with your branch, then it is definitely a good idea to consider switching accounts. If you are contemplating switching, then remember to look at the features that interest you, and determine whether they are worth paying for them.
Personally, I do not find myself using ATMs that do not belong to my branch that often, so if I was switching I would only consider doing so to the RBC Signature No Limit Banking account.
Is the deal worth it?
I love the idea of non RBC ATM fees being refunded, however the idea of getting $300 in gift cards is pretty misleading seeing as you have to sign up for the complete package, which involves a lot more than you realize.
To get the points needed to make up the $300 in gift cards, you have to:
- Open an RBC Signature No Limit Banking Account (worth 10,000 points) or an RBC VIP Banking account (worth 15,000 points)
- Open an RBC Visa Infinite Avion card, or RBC Platinum Avion Visa Card (worth 15,000 points)
- Open an RBC High Interest eSavings account (worth 2,500 points)
- Switch to RBC using CustomSwitch (worth $5,000 points)
By doing everything, you stand to earn anywhere from 32,500 to 37,500 RBC Reward Points. If you refer friends to open one of the account listed above, you can earn 5,000 reward points for up to 15,000 reward points (maximum of 3 friends; account must be opened before August 31st, 2011), giving you the chance to earn even more money in gift cards.
There is a high reward involved for those who take the time to get everything done, not to mention who can get friends into the bank as well. This deal can definitely be worth the hassle involved, but remember it involves you switching to a completely new bank, where new relationships have to be forged at new branches and much more. You have to ask yourself whether it is really worth giving up the current relationship you share with your current bank to start fresh with RBC.
Do not get me wrong, RBC has plenty to offer people, such as their Mobile App, or myFinanceTracker. Both are great products and can easily help people manage their finances better. RBC is a great bank and they definitely have a lot to offer, so if you are considering switching to a new bank, they should definitely be on your list.
Would you consider switching to RBC?
image source: oknidius