Personal Finance

Getting 2 "multi-product rebates" at RBC?

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  • Dec 4th, 2020 9:12 am
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[OP]
Deal Fanatic
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Mar 19, 2010
6359 posts
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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.
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Member
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Jan 7, 2019
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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.
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Member
Apr 16, 2020
302 posts
384 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
1573 posts
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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]
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Mar 19, 2010
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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.
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[OP]
Deal Fanatic
User avatar
Mar 19, 2010
6359 posts
4555 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.
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Dec 17, 2008
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You can have more than 1 multi product rebate if you have the additional services and sounds like you do
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Deal Addict
Jul 28, 2012
1024 posts
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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)
Penalty Box
Jun 24, 2015
4726 posts
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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.
Hi
Moderator
May 28, 2012
11227 posts
3429 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).
Penalty Box
Jun 24, 2015
4726 posts
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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
Hi

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