Accounts offer enhanced access to ATMs, free banking for students & seniors
More ways to earn higher interest, pay lower fees and even bank for free are some of the options included in RBC Royal Bank’s new line-up of personal accounts available May 1. These new accounts, which are the result of the most extensive review RBC has ever undertaken of its chequing and savings accounts and packages, are designed to reward existing client relationships in addition to building new ones.
“Our strategy is two-fold - we want to reward existing clients for their loyalty, and give new clients more reasons to bank with us,” explained James Westlake, head of Canadian Banking. “We are providing greater value to clients by rewarding them with savings and rebates for the breadth of their relationship with us. We’re also making it easier for people to choose accounts that best suit their needs and saves them the most money.”
The enhanced RBC Signature No Limit Banking account (previously known as Royal Certified Service) is one example of this new strategy. The cost for this account will remain at $12 per month, but it will no longer have a cap of 65 transactions a month, making it an unlimited transaction account. This account will now refund the RBC fee for three non RBC Interac ATM withdrawal fees per month instead of the current one per month and give clients a $35 annual rebate toward an eligible RBC Rewards Visa or an RBC Partner Rewards Visa card of their choice. Account holders will also have access to travel-related features such as promotional discounts on flights, as well as year-round savings on vacation packages, car rentals, hotels, and cruises. No other major financial institution in Canada offers these types of benefits with their bank accounts, and until now they were only available on one account at RBC — our RBC VIP Banking package.
“The rebate feature we are introducing is another example of our unique approach to rewarding client loyalty,” noted Westlake. “Our new RBC MultiProduct rebate will give clients the ability to reduce or eliminate their monthly account fee based on the combination of RBC products and services they have with us. In particular, we believe this feature will benefit students and seniors who will have additional ways to bank for free or save on fees.”
Other highlights of RBC’s new May 1 line-up include:
-Free basic RBC Student Banking account, including free Visa card, and a new option for students to enjoy unlimited debit transactions for free.
-The addition of another option for seniors to bank for free, along with the free RBC Day to Day Banking account or rebates on other accounts.
-The offer of a gift card worth $150 at HBC, Future Shop or Esso, to qualifying individuals who open a new RBC Signature No Limit Banking or RBC VIP Banking account between May 1 and August 31, 2007.
-The ability for clients to assess how they are managing their bank accounts and to evaluate other banking package options through RBC’s Online Account Selector, at www.rbcroyalbank.com/selector
RBC continues to offer one of the lowest-cost basic banking packages in the industry, through its RBC Day to Day Banking account - a service which offers up to 15 transactions for a $4 monthly fee.
The evolution of this client-first approach to developing banking accounts started in May 2006 with the introduction of the RBC No Limit account, in direct response to clients who wanted unrestricted monthly debit transactions for a low monthly package fee. With its introductory interest rate on its new RBC High Interest eSavings Account - four per cent until July 31, 2007 - RBC now offers one of the most competitive interest rates in Canada. This new account, designed for people who are comfortable operating a savings account online, has no monthly fee, no minimum balance requirement and includes the ability to make free unlimited real-time online transfers to other RBC accounts.
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