Hot Deals

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

  • Last Updated:
  • Aug 18th, 2017 10:20 pm
[OP]
Sr. Member
User avatar
Dec 16, 2011
778 posts
560 upvotes
Pointe Claire
gaogao wrote:
Aug 9th, 2017 8:28 am
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?
Doesn't go by maintaining a minimum balance to avoid monthly fees. To avoid them after no longer being a student (and depending on type of account you change to) you would need to have an active credit card with them (use it once every three months) and active investments (maintaining a minimum balance of $500 in investments). They call it a multiproduct rebate.
They are investing $60 in you expecting/ hoping that you will remain a customer. $60 is peanuts for them to own your soul. However, you can walk away anytime after you get your $60 deposited in your account. But will you? They are banking on that you won't.

Link to types of accounts: http://www.rbcroyalbank.com/products/de ... ounts.html
Link to multiproduct rebate: http://www.rbcroyalbank.com/products/de ... ebate.html
Deal Addict
Jul 20, 2010
1200 posts
216 upvotes
Vancouver
What is required to prove student status?
Deal Addict
User avatar
Sep 22, 2012
1722 posts
1006 upvotes
Richmond Hill
john.canad wrote:
Aug 10th, 2017 12:15 pm
What is required to prove student status?
Our Student Banking Accounts (RBC Student Banking and RBC No Limit Banking for Students) are available to you if you are enrolled full-time as a student. We do not require students under the age of 25 to provide proof of full-time enrollment, unless you are enrolled in the "National Program for Medical and Dental Students", in which case proof of student status will be required.
Deal Expert
User avatar
Apr 21, 2004
38781 posts
8519 upvotes
If I jointly opened with my daughter and I have the $4 monthly rebate on my own chequing account, will that joint account also accrue the rebate benefits once she is out of school?
Newbie
Aug 11, 2011
73 posts
31 upvotes
RICHMOND
Have a savings account and a Direct investing account with them. The financial advisor that opened my direct investing account mentioned that I should be eligible for future promotions.

The fine print does say "must be a new client to RBC and open between July 17 and September 29, 2017." Hopefully it will work.
Deal Addict
Jul 20, 2010
1200 posts
216 upvotes
Vancouver
Are you eligible if you just own a credit card from them?
Jr. Member
Mar 13, 2017
107 posts
51 upvotes
Just signed up for this account and found out that they did a credit check. Wtf? Hopefully this isn't a hard credit check.. I'm trying to build back my score from 680
Member
May 27, 2007
215 posts
14 upvotes
New Westminster
dogdayafter12 wrote:
Aug 7th, 2017 2:01 pm
Just came back from local RBC. My kids are 13 and 15. Had to show them medicare cards only and tell them school they are enrolled at. (Although they did have their student ids with them). To get the $60 they opened a no fee student chequing account. They have to sign up for online banking and apparently download the rbc app (although I didn't read this anywhere). They are to make a transaction by Oct. 31. $60 will be deposited in 6 to 8 weeks in their accounts. There was no minimum to start account off. In fact accounts were opened without making a deposit in front of anyone. They did it later at the bank machine. I will make them do another deposit and a withdrawal in next few weeks to be on safe side to meet the requirements. Simple process but still took about 45 minutes total for the two of them.
did they get their own bank card?
Sr. Member
Jan 16, 2016
581 posts
222 upvotes
Hamilton, ON
bluefall wrote:
Aug 18th, 2017 9:13 pm
did they get their own bank card?
They will probably get it in the mail, RBC doesn't (to my knowledge) hand out bank cards in-branch.
Sr. Member
Jan 16, 2016
581 posts
222 upvotes
Hamilton, ON
RoyDavisG wrote:
Aug 16th, 2017 8:25 am
Just signed up for this account and found out that they did a credit check. Wtf? Hopefully this isn't a hard credit check.. I'm trying to build back my score from 680
Did you tell them not to run a credit check? If no, any other FI you could have gone to, to open an account would have done the same.
[OP]
Sr. Member
User avatar
Dec 16, 2011
778 posts
560 upvotes
Pointe Claire
bluefall wrote:
Aug 18th, 2017 9:13 pm
did they get their own bank card?
Temporary ones in the branch and then the real ones in the mail 6 business days later.
Newbie
Dec 15, 2015
87 posts
94 upvotes
Hamilton, ON
Here's $60 for all your soul err i mean troubles (secretly laughs mwajajajaja!).

Top