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RBC

3% Interest for 6 months for new RBC eSavings account

  • Last Updated:
  • Mar 17th, 2019 9:46 pm
Deal Addict
User avatar
Feb 9, 2012
4560 posts
918 upvotes
Toronto
Before I moved my $$ from Tangerine, I called them and asked if they could match the offer. They gave me 3% for 6 months for a cap of $1M.

Now - should I just close my RBC eSavings??
Sr. Member
Oct 31, 2006
628 posts
246 upvotes
GTA
If I deposited some funds on 25th of OCT when I should see the interest paid ? I was under the impression its like Tangerine when on the 1st day of next month interest + bonus is paid.
Public Mobile user
Sr. Member
Dec 29, 2014
629 posts
601 upvotes
Canada
I deposited funds into the RBC high interest online account on Oct 9th and I haven't received any interest. I'd also like to know if they normally credit interest on the first of the month.
Newbie
Feb 26, 2013
94 posts
51 upvotes
Striker60 wrote: I deposited funds into the RBC high interest online account on Oct 9th and I haven't received any interest. I'd also like to know if they normally credit interest on the first of the month.
I remember last month it didn't show until the second, but I just looked and it said it was deposited on the first. Maybe it's just a delay for it to be viewed online?
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
relax everyone :). Interest will be updated tomorrow though they will be dated Nov 1
Deal Addict
Sep 3, 2005
2370 posts
717 upvotes
Toronto
so is this going to be 3.20% or still going to be 3.00% promotional interest rate?

Thanks.
Newbie
Dec 19, 2012
68 posts
29 upvotes
Toronto
Stevewithalaptop wrote: I remember last month it didn't show until the second, but I just looked and it said it was deposited on the first. Maybe it's just a delay for it to be viewed online?
As per the fine prints RBC pays interest on the second business day.
Deal Addict
User avatar
Feb 9, 2012
4560 posts
918 upvotes
Toronto
cessnabmw wrote: Before I moved my $$ from Tangerine, I called them and asked if they could match the offer. They gave me 3% for 6 months for a cap of $1M.

Now - should I just close my RBC eSavings??
Should I close my account, so that if any new promos come along I could sign up again?
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
I calculated using 3% and my interest came in a few dollars less than RBC gave me. Does it mean we got more than 3% due to rate increased in the last couple of days? Can someone verify if you got more than 3% too?

Update: My wife checked her account and the same, a few dollars more than if 3% would have been, so I think we do get >3% since rate increased
Deal Addict
Nov 25, 2014
1739 posts
960 upvotes
Newton Brook, ON
mkl38s wrote: I calculated using 3% and my interest came in a few dollars less than RBC gave me. Does it mean we got more than 3% due to rate increased in the last couple of days? Can someone verify if you got more than 3% too?

Update: My wife checked her account and the same, a few dollars more than if 3% would have been, so I think we do get >3% since rate increased
Are you sure this isn't because October had 31 days? If you divided the interest rate by 12 that would be for about 30.4 days. 0.03 / 365 x 31 would be accurate.
You need someone with an umbrella not a fork
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
nmclean wrote: Are you sure this isn't because October had 31 days? If you divided the interest rate by 12 that would be for about 30.4 days. 0.03 / 365 x 31 would be accurate.
Yes, I did it using number of days. Last month my numbers matched with RBC down to a penny. This month applied the same calculation and had a few dollars less than RBC gave me
Newbie
Dec 26, 2007
88 posts
34 upvotes
RBC paying 3.15% interest effective Oct 25 on the original 3% 6 month promotion. Confirmed based on my spreadsheet calculation. Unless their system screwed up, and didn't adjust the 1.95% bonus down to 1.8%. If this stays, I would like to say thank you RBC.
Deal Fanatic
User avatar
Feb 1, 2006
6494 posts
2490 upvotes
Ontario
mkl38s wrote: I calculated using 3% and my interest came in a few dollars less than RBC gave me. Does it mean we got more than 3% due to rate increased in the last couple of days? Can someone verify if you got more than 3% too?

Update: My wife checked her account and the same, a few dollars more than if 3% would have been, so I think we do get >3% since rate increased
I also calculated my Oct. interest and it corresponded down to the penny to an increase to 3.15% on Oct. 25. Way to go RBC! You didn't cheap out like Tangerine and keep the total rate at 3% despite increasing your regular rate!
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Deal Fanatic
User avatar
Feb 1, 2006
6494 posts
2490 upvotes
Ontario
They need to update the promo rate in that link to 3.15% instead of 3%.
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Member
Mar 4, 2007
367 posts
123 upvotes
Kanata
Mine came out to about 3.14%, but I’m not sure if I calculated correctly.

I deposited my first amount on October 15. Is this the correct calculation:

(Interest rate / 365) x 16 days x balance = interest given

Or do I need to consider the 3.0% rate before Oct 25 and add the different totals together?
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
dsi wrote: Mine came out to about 3.14%, but I’m not sure if I calculated correctly.

I deposited my first amount on October 15. Is this the correct calculation:

(Interest rate / 365) x 16 days x balance = interest given

Or do I need to consider the 3.0% rate before Oct 25 and add the different totals together?
Do this, it should be close - calculate your interest at 3% for 10 days then calculate using 3.15% for 7 days. Add the 2 interests up and that should be the close to RBC gave you (both base + bonus)
Member
Mar 4, 2007
367 posts
123 upvotes
Kanata
mkl38s wrote: Do this, it should be close - calculate your interest at 3% for 10 days then calculate using 3.15% for 7 days. Add the 2 interests up and that should be the close to RBC gave you (both base + bonus)
I originally tried for 9 days @ 3.0 and then 7 days at 3.15 and got several cents less in my calculation. With 10 days @3 and 7 days @3.15 I got several cents more.

However I did transfer some money on the 19th so I guess I have to consider calculating the different amounts for all the days. Sorry, I’m a noob.
Sr. Member
Sep 14, 2009
982 posts
670 upvotes
Kingston
minimalist wrote: I also calculated my Oct. interest and it corresponded down to the penny to an increase to 3.15% on Oct. 25. Way to go RBC! You didn't cheap out like Tangerine and keep the total rate at 3% despite increasing your regular rate!
That is so awesome. Was about to transfer out back to Tangerine to put into Simplii and with the HSBC promo ending soon was hoping to find somewhere else above 3%.
Sr. Member
Jul 6, 2009
620 posts
91 upvotes
Markham
Is there a way to check online? I'm click around and not sure if my account opened is at 3%.
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
AsuranZala123 wrote: Is there a way to check online? I'm click around and not sure if my account opened is at 3%.
They are still in the promotion period so if you never had esavings account before, you will get it. You can send them a message or call

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