Getting 2 "multi-product rebates" at RBC?

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Dec 4th, 2020 9:12 am

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Dec 1st, 2020 11:24 am

Auditore212 [OP]: Deal Fanatic; Mar 19, 2010; 7333 posts; 6616 upvotes; Toronto

Dec 1st, 2020 11:24 am

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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Dec 1st, 2020 1:23 pm

BrokeMillennial: Member; Jan 7, 2019; 368 posts; 375 upvotes

Dec 1st, 2020 1:23 pm

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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+1

Dec 1st, 2020 1:33 pm

Kneader: Member; Apr 16, 2020; 372 posts; 480 upvotes

Dec 1st, 2020 1:33 pm

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.

+3

Dec 1st, 2020 1:37 pm

cloak: Deal Addict; Sep 2, 2009; 2885 posts; 2902 upvotes; Ottawa

Dec 1st, 2020 1:37 pm

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

+2

Dec 1st, 2020 3:24 pm

Auditore212 [OP]: Deal Fanatic; Mar 19, 2010; 7333 posts; 6616 upvotes; Toronto

Dec 1st, 2020 3:24 pm

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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Dec 1st, 2020 3:25 pm

Auditore212 [OP]: Deal Fanatic; Mar 19, 2010; 7333 posts; 6616 upvotes; Toronto

Dec 1st, 2020 3:25 pm

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 1st, 2020 7:29 pm

Shawguy: Deal Addict; Dec 17, 2008; 2781 posts; 2295 upvotes; Winnipeg

Dec 1st, 2020 7:29 pm

You can have more than 1 multi product rebate if you have the additional services and sounds like you do

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Dec 2nd, 2020 9:44 am

airodyssey: Deal Addict; Jul 28, 2012; 1047 posts; 488 upvotes; Trois-Rivières, QC

Dec 2nd, 2020 9:44 am

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)

+1

Dec 2nd, 2020 9:01 pm

GoodFellaz: Temp. Banned; Jun 24, 2015; 8354 posts; 2842 upvotes; 0 downvotes

Dec 2nd, 2020 9:01 pm

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.

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Dec 4th, 2020 8:51 am

Mars2012: Moderator; May 28, 2012; 12370 posts; 5121 upvotes; Saskatoon

Dec 4th, 2020 8:51 am

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).

+1

Dec 4th, 2020 9:12 am

GoodFellaz: Temp. Banned; Jun 24, 2015; 8354 posts; 2842 upvotes; 0 downvotes

Dec 4th, 2020 9:12 am

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

Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade

+2

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