Personal Finance

Getting 2 "multi-product rebates" at RBC?

  • Last Updated:
  • Dec 4th, 2020 9:12 am
Tags:
None
[OP]
Deal Fanatic
User avatar
Mar 19, 2010
7026 posts
6022 upvotes
Ottawa

Getting 2 "multi-product rebates" at RBC?

With RBC in Ontario & I have 2 CCs, TFSA (auto-deposit every month), personal line of credit, & one joint Day-to-Day banking account with spouse.

I want to have my own savings/chequings account. Mainly for e-transfers, transfers between accounts, payroll auto-deposit (currently using joint). Will I be charged the $4 monthly fee?

I was told to "do it online" but they're unclear about it and I don't want to give them $48.
With Fido Mobile!
10 replies
Member
User avatar
Jan 7, 2019
368 posts
372 upvotes
First off, $48/year.....$48.....

Second, you are allowed to have your own multiproduct rebate as long as you satisfy the requirements on your own. You will need to open your own day to day banking account. The joint day to day can have your spouse designated as the primary user and she will then qualify for MPR from her end.
Remember to always Thumbs Up good responses! Spread positively.
Member
Apr 16, 2020
337 posts
444 upvotes
BrokeMillennial wrote: First off, $48/year.....$48.....

Second, you are allowed to have your own multiproduct rebate as long as you satisfy the requirements on your own. You will need to open your own day to day banking account. The joint day to day can have your spouse designated as the primary user and she will then qualify for MPR from her end.
You're fine with giving away $48/year for an additional account, not everyone is.

I'd recommend OP just sign up for a free chequing or savings account and avoid having to qualify for the MPR.
Deal Addict
Sep 2, 2009
2160 posts
2155 upvotes
Ottawa
I think you can do all that with the e-savings as long as you do not use an ATM ($5/transaction last time I looked) - worth confirming
[OP]
Deal Fanatic
User avatar
Mar 19, 2010
7026 posts
6022 upvotes
Ottawa
cloak wrote: I think you can do all that with the e-savings as long as you do not use an ATM ($5/transaction last time I looked) - worth confirming
Good to know thanks.
With Fido Mobile!
[OP]
Deal Fanatic
User avatar
Mar 19, 2010
7026 posts
6022 upvotes
Ottawa
BrokeMillennial wrote: First off, $48/year.....$48.....

Second, you are allowed to have your own multiproduct rebate as long as you satisfy the requirements on your own. You will need to open your own day to day banking account. The joint day to day can have your spouse designated as the primary user and she will then qualify for MPR from her end.
Fair enough! I'll look into that. It's not a big amount by any means but considering my limited use, I'd rather not.
With Fido Mobile!
Deal Addict
User avatar
Dec 17, 2008
2764 posts
2193 upvotes
Winnipeg
You can have more than 1 multi product rebate if you have the additional services and sounds like you do
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
Deal Addict
Jul 28, 2012
1041 posts
475 upvotes
Trois-Rivières, QC
Shawguy wrote: You can have more than 1 multi product rebate if you have the additional services and sounds like you do
Actually, an additional investment plan (TFSA, RRSP, etc.) is missing. OP only mentioned a TFSA, which is already used to provide the joint account with a rebate.
http://www.rbcroyalbank.com/products/de ... ebate.html

But for the number and type of transactions mentioned earlier, the eSavings account might be enough.
https://www.rbcroyalbank.com/onlinebank ... ooklet.pdf (see page 3, footnote 4)
Deal Fanatic
Jun 24, 2015
6432 posts
2016 upvotes
0 downvotes
Here is how it works

chequing account #1 (myself) and a RRSP so I am getting multi product rebate of $4 per month.
chequing account #2 (joint) and I am about to open a TFSA so I will get the second multi product rebate of $4 per month waived for that account.
Hello and Welcome to Red Flag Deals!
This is my signature line, nothing special to see here now go away, lol!
Moderator
May 28, 2012
11696 posts
4238 upvotes
Saskatoon
I made the mistake of paying university tuitions via an RBC e-savings account...I think there was a charge of $5 for each transaction. It's better to use it as a savings account and transfer funds to a regular chequing/savings to pay bills (as far as I know, there is no fee for transfers unless your package has a limit).
Deal Fanatic
Jun 24, 2015
6432 posts
2016 upvotes
0 downvotes
yes i got rid of my high interest e-savings account, for that sole reason. and the amount of interest i made on it was so miniscule it was not worth it, i would rather use a day to day chequing and move on with life
Hello and Welcome to Red Flag Deals!
This is my signature line, nothing special to see here now go away, lol!

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)