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[Royal Bank] RBC iPad Offer (Net benefit of $240+)

  • Last Updated:
  • Nov 23rd, 2020 5:41 pm
Sr. Member
Jun 13, 2019
579 posts
592 upvotes
Toronto
jeeva86 wrote: The “smart” banks have caught on....
What's different? This seems similar to past and similar other bank's offers..
Newbie
Sep 13, 2019
79 posts
150 upvotes
DrDoomsday wrote: EDIT: Dang, just missed it. This was where my OP post was but it doesn't make sense now, lol


New deal from RBC for opening an account

https://www.rbcroyalbank.com/dms/pba/op ... -n-or.html

You are supposed to get the latest iPad so I'm assuming that means the iPad 8 but maybe someone can confirm.

If you want to have anything added to this OP, @ me in the thread.

Not sure whether to post in banking or electronics.
If you look at the Terms and Conditions. They quoted the following model which are the newest iPad
MYLA2VC/A,
MYLC2VC/A,
MYL92VC/A,
Sr. Member
User avatar
Mar 20, 2013
638 posts
692 upvotes
Winnipeg
demanche wrote: So don’t sign up until Dec...

I did this in 2018, got offer/order link exactly 2 months after meeting the requirements.
I hate the idea of fairly large monthly service fees. Like, you could have $25,000 sitting in this account , and at $15/month in service fees, you would be losing money.

But, I could stand to pay that for a couple of months if it meant a free iPad.

Do see any reason why this wouldn't work this year?

edit: you have to keep it active until Dec 2021. still a decent discount, but probably too much of a hassle for me to follow through on.
Last edited by CheapWinnipeger on Sep 21st, 2020 11:05 pm, edited 1 time in total.
Deal Fanatic
Jul 22, 2007
6341 posts
5719 upvotes
Calgary
CheapWinnipeger wrote: I hate the idea of fairly large monthly service fees. Like, you could have $25,000 sitting in this account , and at $15/month in service fees, you would be losing money.

But, I could stand to pay that for a couple of months if it meant a free iPad.

Do see any reason why this wouldn't work this year?
Dec 31 2021
Newbie
Sep 13, 2019
79 posts
150 upvotes
CheapWinnipeger wrote: I hate the idea of fairly large monthly service fees. Like, you could have $25,000 sitting in this account , and at $15/month in service fees, you would be losing money.

But, I could stand to pay that for a couple of months if it meant a free iPad.

Do see any reason why this wouldn't work this year?
I thought most banks waived the monthly fees if you have $6,000 more in the account. But you do lose the opportunities to put in an account with higher interest rates.
Sr. Member
User avatar
Mar 20, 2013
638 posts
692 upvotes
Winnipeg
iVel004 wrote: I thought most banks waived the monthly fees if you have $6,000 more in the account. But you do lose the opportunities to put in an account with higher interest rates.
Some used to do that for as little as $1000 or $2000, I looked around and didn't see that mentioned. It's possible that I missed it.
Newbie
Sep 13, 2019
79 posts
150 upvotes
CheapWinnipeger wrote: Some used to do that for as little as $1000 or $2000, I looked around and didn't see that mentioned. It's possible that I missed it.
Actually you're right. I assumed that RBC will do like TD, BMO and Scotia, but I forgot they use a multiproduct rebates program and the lowest you can go is $9.95 if you have a mortgage with them.
Sr. Member
Aug 30, 2015
616 posts
851 upvotes
BC
So coincidentally on my to-do list is to open an RBC bank account - I have a mortgage with them but no account; and having one allows me to modify my payment amounts, do lump sums and adjust frequency online. I do not intend for it to be my main bank account - just a special purpose one for the mortgage, so I was just going to do the simple "Day to day Saving" account since there's no monthly fee.

This deal is nudging me towards going with RBC Signature + a RBC credit card + an active investment account + I already have a mortgage. Through the multiproduct rebate program (http://www.rbcroyalbank.com/products/de ... ebate.html) my monthly would be $9.95 instead of $15.95. So the "net benefit" would the $240 the OP mentioned plus an extra $72. (assuming 12 months with the premium account).

So the big question is - how long do we actually have to maintain this premium account? 12 months is fine with me , but it seems it's just an assumption - not the actual terms. If it's 2 years the value of it is mostly gone.
[OP]
Newbie
Mar 6, 2019
27 posts
54 upvotes
Vancouver
setlist wrote: So coincidentally on my to-do list is to open an RBC bank account - I have a mortgage with them but no account; and having one allows me to modify my payment amounts, do lump sums and adjust frequency online. I do not intend for it to be my main bank account - just a special purpose one for the mortgage, so I was just going to do the simple "Day to day Saving" account since there's no monthly fee.

This deal is nudging me towards going with RBC Signature + a RBC credit card + an active investment account + I already have a mortgage. Through the multiproduct rebate program (http://www.rbcroyalbank.com/products/de ... ebate.html) my monthly would be $9.95 instead of $15.95. So the "net benefit" would the $240 the OP mentioned plus an extra $72. (assuming 12 months with the premium account).

So the big question is - how long do we actually have to maintain this premium account? 12 months is fine with me , but it seems it's just an assumption - not the actual terms. If it's 2 years the value of it is mostly gone.
Updated the original post. As other have pointed out, would be best to open the account in Dec 2020 and close it by Jan 2022. 13 monthly fee deductions in total just to be on the safe side. This would ensure the welcome bonus isn't clawback :)
patel21 wrote: Is it possible to convert this to 128gb model by paying extra or by other means ?
Bro this isn't best buy :p Pretty sure 32 GB is the only model eligible for this promo.
[OP]
Newbie
Mar 6, 2019
27 posts
54 upvotes
Vancouver
iVel004 wrote: I thought most banks waived the monthly fees if you have $6,000 more in the account. But you do lose the opportunities to put in an account with higher interest rates.
What do you mean by high interest rates? Whenever I hear this, I think of high interest savings accounts. Please let me know if you meant something else.

The highest rate I currently see on Ratehub is 1.7% for EQ Bank. I don't really venture outside the top 5 banks and their interest rates for savings accounts are pretty far behind.$5000 parked in a chequing account to waive off the annual fee on credit cards is better value than earning $85 on the same amount imo.
Newbie
Sep 13, 2019
79 posts
150 upvotes
EliGold wrote: What do you mean by high interest rates? Whenever I hear this, I think of high interest savings accounts. Please let me know if you meant something else.

The highest rate I currently see on Ratehub is 1.7% for EQ Bank. I don't really venture outside the top 5 banks and their interest rates for savings accounts are pretty far behind.$5000 parked in a chequing account to waive off the annual fee on credit cards is better value than earning $85 on the same amount imo.
My bad I wasn't clear, but yes I meant high interest saving account when EQ bank used to give more.
Newbie
Jul 4, 2020
7 posts
7 upvotes
pongster wrote: iPad is really only 399 plus tax since everyone knows to go through education store.
How do I go about getting this? I'm in uni and brother is in hs, so we have both segments covered
Sr. Member
Aug 7, 2019
818 posts
281 upvotes
Is there a minimum balance to avoid the monthly fee (like TD)
Newbie
Nov 9, 2017
69 posts
28 upvotes
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

That above is a scary part. If, for some reason,during the 12-month period, a preauthorized payment or payroll deposit is missed, you'll be on the hook for the cost of the iPad plus taxes. Plus the iPad itself is only 32GB. Not worth $429 plus taxes.
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Deal Addict
Nov 15, 2006
1742 posts
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YMMV but I got this like 2-3yrs ago and I paid much less monthly fees with the multi product rebate (I also have a mortgage with them, I believe sr rebates work as well) and also I was able to downgrade the account to a "free" one (after multiprod rebate) when they upped the price of the monthly account fee.

I went into a branch specifically and told them that I did not agree to paying a higher monthly fee during my 12 mths term and that I wanted to either get the difference credited or downgrade and the bank person downgraded the account for me and I didn't get any money clawed back for the ipad. I think I had spent like 60$ on the ipad overall at the time.

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