[Royal Bank] RBC iPad Offer (Net benefit of $240+)
- Deal Link:
- Royal Bank
https://www.rbcroyalbank.com/dms/pba/op ... -n-or.html
All you need to do is meet the following conditions:
1) Open an eligible RBC bank account by December 18, 2020:
i) RBC Signature
ii) RBC VIP
2) Set up and complete two of the following by February 15, 2021:
i) Your payroll as a direct deposit
ii) Two pre-authorized monthly payments (PAPs)
iii) Two bill payments to a service provider
If you are only going to open an account solely for this iPad, I'd suggest opening the Signature account as it has a lower monthly fee of $15.95.
$430 (without tax) iPad - $192 ($16 a month)* = $238 net benefit.
*Assuming they won't let you close your account for the next 12 months.
So fair to say a value of 240+ is guaranteed with this offer. it would be best to open the account in early Dec 2020 and close it in Jan 2022 to pay the least monthly fees and ensure the reward isn't clawed back.
Q) Is there a way to avoid the monthly fee by maintaining a certain balance similar to TD, Scotia, etc?
No way to waive off the monthly fee by keeping $4000 to $6000 in your chequing account with RBC. The closest thing I could find was that RBC offers multi product rebate. If you have an investment account, mortgage, etc with them, they offer some bundle discount.
Q) Can I close this account once I get the iPad? How long do I have to keep this premium account open for?
As pointed below by demanche & trigger0, it would be best to to open the account in Dec 2020 and close it in Jan 2022. This way you'd pay the least monthly fees possible and ensure the reward isn't clawed back.
Terms & Conditions:If you received the Reward and then downgraded, changed or closed your Eligible Personal Banking Account or undid any of the Qualifying Criteria you performed to get the Reward, such as cancelled any payroll/pension deposit, pre-authorized payment, at any time before December 31, 2021, we reserve the right to debit your Eligible Personal Banking Account or any of your accounts with RBC for the value of the Reward you selected as described in the table below, plus applicable taxes, even if this places you into overdraft. If your Eligible Personal Banking Account is closed and you do not have any other account with us at that time, we will send you an invoice for the value of the Reward you selected, as described in the table below plus applicable taxes, which invoice you agree to pay within 30 days of its postmark date;
https://www.rbcroyalbank.com/dms/pba/op ... tions.html
BB 8th Generation iPad Reference: https://www.bestbuy.ca/en-ca/product/ap ... y/14961795
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