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[Royal Bank] Open Student Banking Account ...Free $60

  • Last Updated:
  • Aug 18th, 2017 10:20 pm
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Oct 21, 2015
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shannn wrote:
Aug 7th, 2017 2:32 pm
Nice

Free email transfers with RBC personal accounts too!!
Free E-transfer to any banks? I get $1.50 charge at my local Coast Capital Union Bank.

Coast Capital Union offers $200 credits if you signed up with them.
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Oct 12, 2008
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Thatdealguy wrote:
Aug 7th, 2017 4:06 pm
how can you deny a check? I thought they have to do it no matter what. Like getting a new phone from Rogers or Telus.

FYI: If you signed up with this, you will not be eligible to get their "Annual Free Items" Promotion.

This year was the Iphone Se and the old apple watch. Last year was a mini Ipad tablet.
They do it for getting a new phone because they're effectively offering you a loan (for the phone) which you pay back through using their service.

Banks do it because they want to upsell you credit products (like overdraft protection, credit cards, mortgages and etc.), but there's no obligation for you to take their hard credit check (unless you apply to open an account online, in which case a hard check is done automatically). Banks are required, by law, to let you open bank accounts as long as you don't fit a very narrow list of valid refusal reasons (which have absolutely nothing to do with your credit).

If you're going to apply for credit cards or any type of loan, always open the account in branch and ask them explicitly to not run a hard inquiry on you.
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Dave510 wrote:
Aug 7th, 2017 4:59 pm
They do it for getting a new phone because they're effectively offering you a loan (for the phone) which you pay back through using their service.

Banks do it because they want to upsell you credit products (like overdraft protection, credit cards, mortgages and etc.), but there's no obligation for you to take their hard credit check (unless you apply to open an account online, in which case a hard check is done automatically). Banks are required, by law, to let you open bank accounts as long as you don't fit a very narrow list of valid refusal reasons (which have absolutely nothing to do with your credit).

If you're going to apply for credit cards or any type of loan, always open the account in branch and ask them explicitly to not run a hard inquiry on you.
Thanks for your detailed information! I never knew about that. The overdraft seems like a good product. They always said it is free and I always add it because I got charged several times for withdrawing more than what I have.
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Jan 16, 2016
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Hamilton, ON
Thatdealguy wrote:
Aug 7th, 2017 4:06 pm
how can you deny a check? I thought they have to do it no matter what. Like getting a new phone from Rogers or Telus.
*while account rep is inputting your personal information into their system* "... and I don't want any credit check when you open this account"
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I wished my mom and dad taught me how to save and spend money when I was young. It would save me a lot of money if I know how to spend.

When I first joined RFD, I learned how to save some money. After a while, I got a disease called RFD Effect. Spent too much money on things that I don't need.
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Sep 22, 2012
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crispwolf wrote:
Aug 8th, 2017 11:01 pm
mind share what's $20 for 20 min promo?
Click the link.
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Feb 20, 2006
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Thatdealguy wrote:
Aug 7th, 2017 4:07 pm
Free E-transfer to any banks? I get $1.50 charge at my local Coast Capital Union Bank.

Coast Capital Union offers $200 credits if you signed up with them.
Yup! Free interac e-transfers (not like the bank to bank transfers like tangerine).
He died for me, I live for him
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Oct 15, 2015
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Montreal, QC
For full time students only but it's a decent deal, no fee bank account and $60
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Apr 29, 2016
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Alekxqin wrote:
Aug 9th, 2017 12:07 am
For full time students only but it's a decent deal, no fee bank account and $60
Then if you're college or university student,
  1. Open a free TFSA
  2. Get an RBC visa credit card
  3. Setup the TFSA to transfer $25 every month
  4. Switch your student account to the RBC No Limit Banking for Students

Result: No annual credit card fee and unlimited free banking.

Bonus: You can transfer the $25 back every month along as you keep $5 in your TFSA so they don't close it.
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Mar 1, 2010
691 posts
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what's the minimal balance should I keep to avoid monthly fee if I am not a student in the future? For this promotion, how long should I keep with RBC?

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