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RBC High Interest eSavings account 1% interest

  • Last Updated:
  • Aug 20th, 2021 1:01 am
[OP]
Sr. Member
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Oct 17, 2004
720 posts
395 upvotes
Toronto

RBC High Interest eSavings account 1% interest

Deal Link:
Expiry:
August 31, 2021
Retailer:
RBC
Got an email from RBC with the below offer

For a limited time, you can get up to 1.5% interest when you open a secure, flexible RBC High Interest eSavings account and access MyAdvisor—a free digital platform, exclusively for RBC clients, that provides you with access to personalized advice, along with interactive tools to help you save and plan for tomorrow.

Here’s how you can get up to 1.5% interest1:

Earn 1% interest for the first 3 months1 (on balances up to $1,000,000) when you open your first RBC High Interest eSavings account. No minimum balance required.

Earn 1.5% interest for the next 3 months2 (on balances up to $1,000,000) when you also sign up for MyAdvisor (or sign in, if you’re already enrolled) within 60 days of opening your first RBC High Interest eSavings account.
I'm too poor to buy crap
32 replies
Member
Nov 25, 2009
257 posts
214 upvotes
Edmonton
I mean if you're the type to just bank at one institution and not anywhere else...might as well take advantage of this.

BUT, at this point everyone should have an account with EQBank and Tangerine

The RBC offer is basically equal to the EQbank rate of 1.25% and every month beyond the initial 6 months, you'll be making less at RBC

I'd check this thread as well for the best HISA
Deal Guru
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Jan 10, 2008
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Poor banks , I feel for them ….. pandemic was rough …….Face With Rolling Eyes
Member
Dec 13, 2016
208 posts
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Only for new customers or customers who don't already have an High Interest eSavings account?

Assuming so, **** you RBC.
[OP]
Sr. Member
User avatar
Oct 17, 2004
720 posts
395 upvotes
Toronto
1k3 wrote: I mean if you're the type to just bank at one institution and not anywhere else...might as well take advantage of this.

BUT, at this point everyone should have an account with EQBank and Tangerine

The RBC offer is basically equal to the EQbank rate of 1.25% and every month beyond the initial 6 months, you'll be making less at RBC

I'd check this thread as well for the best HISA
Isn't EQ bank a yearly rate paid monthly? This is 1% for 3 months as far as I can tell so RBC is superior short term.
I'm too poor to buy crap
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Oct 7, 2007
2567 posts
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Edmonton
mk316 wrote: Isn't EQ bank a yearly rate paid monthly? This is 1% for 3 months as far as I can tell so RBC is superior short term.
This offer sucks. Forcing you at 1% for first 3 months then get 1.50% next 3 months then in all likelihood go to typical .25%. and only new accounts. PASS!
Sr. Member
Mar 16, 2018
864 posts
954 upvotes
Hamilton
mk316 wrote: Isn't EQ bank a yearly rate paid monthly? This is 1% for 3 months as far as I can tell so RBC is superior short term.
EQ Bank pays a competitive daily market savings rate without any gimmicks, maybe you're thinking of a GIC?

As has been said above, anyone using a "savings" account through a big bank is essentially a sucker throwing money away through inflation. If you're savvy enough to use this forum and read this post, you should have a competitive savings account and not waste time with RBC etc. Tangerine is also popular, but they are the Queen of gimmicks as they're constantly offering promotional savings rates randomly. The only time I'd park money at a place like RBC is in a chequing account for the minimum required to wave a credit card fee, but I churn sign-ups, so that's not really a concern of mine.
Last edited by ownthesky on Aug 6th, 2021 1:59 pm, edited 1 time in total.
Member
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Mar 22, 2018
484 posts
826 upvotes
Canada
Instead of "laughing all the way to the bank" this is more like "crying all the way to the bank".

Honestly though, never support companies or offers like this - do the opposite, withdraw your money from RBC and bring it to a local credit union or other financial institution offering a better promo.
Jr. Member
User avatar
Dec 13, 2020
100 posts
98 upvotes
Toronto, ON
1k3 wrote: I mean if you're the type to just bank at one institution and not anywhere else...might as well take advantage of this.

BUT, at this point everyone should have an account with EQBank and Tangerine

The RBC offer is basically equal to the EQbank rate of 1.25% and every month beyond the initial 6 months, you'll be making less at RBC

I'd check this thread as well for the best HISA
ownthesky wrote: EQ Bank pays a competitive daily market savings rate without any gimmicks, maybe you're thinking of a GIC?

As has been said above, anyone using a "savings" account through a big bank is essentially a sucker throwing money away through inflation. If you're savvy enough to use this forum and read this post, you should have a competitive savings account and not waste time with RBC etc. Tangerine is also popular, but they are the Queen of gimmicks as they're constantly offering promotional savings rates randomly. The only time I'd park money at a place like RBC is in a chequing account for the minimum required to wave a credit card fee, but I churn sign-ups, so that's not really a concern of mine.
Guys, how does Simplii compare to EQ / Tangerine in your opinion?
Sr. Member
Mar 16, 2018
864 posts
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Hamilton
pkamto wrote: Guys, how does Simplii compare to EQ / Tangerine in your opinion?
For savings accounts? Simplii offers somewhat similar offers as Tangerine, but form what I've seen, usually not as competitive. They also use CIBC's old web page design that I don't love, whereas Tangerine looks to built from the ground up for them. Personally I stopped jumping from promotional rate to promotional rate as I find moving large sums of money or making sure I get payed out in 3 months properly too stressful for the return. As a bank for a chequing accounts, I think they're fantastic since CIBC ATM's are everywhere!

Tl;DR I've been using EQ for a year - always pays a competitive rate, no gimmicks, nice website. They also offer very competitive 3 month GIC's fairly often. Also, referral bonuses!
Jr. Member
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Dec 13, 2020
100 posts
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Toronto, ON
ownthesky wrote: For savings accounts? Simplii offers somewhat similar offers as Tangerine, but form what I've seen, usually not as competitive. They also use CIBC's old web page design that I don't love, whereas Tangerine looks to built from the ground up for them. Personally I stopped jumping from promotional rate to promotional rate as I find moving large sums of money or making sure I get payed out in 3 months properly too stressful for the return. As a bank for a chequing accounts, I think they're fantastic since CIBC ATM's are everywhere!

Tl;DR I've been using EQ for a year - always pays a competitive rate, no gimmicks, nice website. They also offer very competitive 3 month GIC's fairly often. Also, referral bonuses!
Awesome.. thanks for those insights! I was shopping around for a new savings account and this thread basically prompted me to take the leap. I'm between EQ and Simplii at the moment. Simplii seems to have a nice opening offer at the moment
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Aug 9, 2010
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Waterloo
pkamto wrote: Awesome.. thanks for those insights! I was shopping around for a new savings account and this thread basically prompted me to take the leap. I'm between EQ and Simplii at the moment. Simplii seems to have a nice opening offer at the moment
Why not both? I’ve been using EQ for years as my main account, and I have both Simplii and Tangerine to take advantage of both CIBC and Scotiabank ATMs, all for free. Plus, EQ has a better non-promotional rate than RBC (it always has), and with free interac transfers you can quickly move money between your accounts if needed.

Take advantage of all the opening bonuses and ditch your banking fees, you can’t go wrong.
Jr. Member
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Dec 13, 2020
100 posts
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Toronto, ON
PressureBoom wrote: Why not both? I’ve been using EQ for years as my main account, and I have both Simplii and Tangerine to take advantage of both CIBC and Scotiabank ATMs, all for free. Plus, EQ has a better non-promotional rate than RBC (it always has), and with free interac transfers you can quickly move money between your accounts if needed.

Take advantage of all the opening bonuses and ditch your banking fees, you can’t go wrong.
This is the way :)
Thank you!
Last edited by pkamto on Aug 6th, 2021 3:55 pm, edited 2 times in total.
Member
Apr 5, 2006
376 posts
194 upvotes
Mississauga
Manulife bank still offers 2% until October.
Tangerine - 1.5%
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Mar 14, 2014
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mk316 wrote: Isn't EQ bank a yearly rate paid monthly? This is 1% for 3 months as far as I can tell so RBC is superior short term.
All stated interest rate offers from all banks are always expressed and stated as APR ( Annual Percentage Rate ), it never fails to surprise me how often some folks misinterpret the interest they will earn on short term offers of less than a year. For the sake of clarification and example, the interest earned on this offer at 1% for $1000 is $10 (APR) divided by 365, multiplied by the number of days of the month in question. For the full month of August ( 31 days ), that rounds up to total of 0.85 cents earned.
Deal Addict
Apr 30, 2007
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Better off buying $RY and collecting dividends.
Member
Jul 31, 2012
405 posts
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Toronto
mk316 wrote: Isn't EQ bank a yearly rate paid monthly? This is 1% for 3 months as far as I can tell so RBC is superior short term.
Interest is always yearly... you won't have 101% of what you put in at the end of 3 months
Jr. Member
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Apr 12, 2019
161 posts
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Inflation rate in canada is 3.6%
Keep your money in the bank and you will be down negative 2.6% by year end. Toss me a bigger bone Joe!
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Dec 21, 2012
454 posts
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Winnipeg
You mean people still bank at RBC ? I thought my parents were the last customers before they passed.

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