RBC New Account Promotions For January 2023

Looking to switch your financial institution, or open your first bank account? RBC is currently running some great promotions for new accounts. 

The bank has got a bunch of great deals and tempting promotions that could help you get started on the right foot with your banking adventures.

Whether you’re looking for a personal account with no monthly fees, or an interest-bearing account to help grow your savings, RBC has an offer tailored specifically for you. 

This article will walk you through everything you need to know about the RBC new account promotions.

So continue reading to learn more about these great promotions!

About RBC 

Royal Bank of Canada is one of the largest banks in Canada, serving more than 17 million clients around the world. 

The bank offers a full range of personal banking products and services such as chequing and savings accounts, credit cards, mortgages, loans, investment products and more.

RBC also offers a wide range of business banking products and services to help you start, grow and manage your business. 

The bank has over 89,000 workers worldwide and is dedicated to providing outstanding customer service. 

RBC is committed to helping you meet your financial goals and providing the resources you need to make informed decisions about your finances. 

Whether you’re looking for a savings account, personal loan or investment product, RBC can help you find the right solution for your needs.

RBC New Account Promotions

RBC has released a series of promotions for its new account holders. These promotions include a high-interest rate, a fee waiver for switching your mortgage, a welcome bonus just for opening a new account and more.

One of the greatest RBC promotions is a free iPad. The bank is currently offering free ipads to its new customers.

The best part is that getting the free iPad is very simple. To get the offer, all you have to do is open a qualified RBC account.

However, the offer is only for a limited time so you have to open the account when the offer is still on to benefit.

So how and when can you get the RBC free iPad? Let’s get into the details below.

How to Get RBC New Account Promotions

As mentioned earlier, the process of getting the RBC free iPad is very simple. To get the offer, you have to open one of the two eligible RBC accounts.

The two qualified RBC accounts are the RBC VIP Banking account and RBC Signature No Limit Banking.

You have to choose and open one of the above accounts on January 31, 2023, and complete two of the following tasks on April 11, 2023:

• Make two qualified bill payments
• Set a direct deposit on your account. This should be either a pension or payroll
• Make a minimum of two pre-authorized payments per month

Once you have completed the required tasks, RBC will send you an email with instructions on how to receive your iPad.

RBC VIP Banking Overview

The RBC VIP Banking is an exclusive account that was created to simplify banking and provide reasonable rates.

This RBC account offers several unique perks. There is a monthly fee of $30 on the account.

However, there is a way you can reduce the monthly fee. If you want to get a reduction in your monthly fees, all you have to do is join the RBC Value Program.

After you join the program, you will be asked to meet certain requirements. Once you are able to meet the requirements, your monthly fees will be reduced to $24 or $18.05.

Whether you’re looking for a simple way to manage your finances or want to take advantage of exclusive benefits, VIP Banking from RBC is a great choice.

Features of RBC VIP Banking 

The RBC VIP Banking account offers several unique features to make your banking experience simple.

Let’s look at some of the features of the RBC VIP Banking account:

• You can make unlimited free debits transactions anywhere in the world
• The account has an annual fee rebate on certain eligible credit cards (up to $120)
• You can use any ATM around the world without any fees
• The account has no minimum balance requirement
• There are no fees for Interac e-Transfers
• You have the option of adding up to a maximum of two Canadian accounts and 1 US dollars account
• If you are a senior and you join the RBC Value Program, your monthly fees on the account will be reduced to $22.50 or even less.

RBC Signature No Limit Banking Overview

The RBC Signature No Limit Banking account is a great choice for people looking to save money and have unlimited access to their money.

There is a monthly fee of $16.95 on the account. But just like the RBC VIP Banking account, your monthly fees will be reduced to $10.95 or $5 if you sign up for the Value Program.

Features of RBC Signature No Limit Banking

The RBC Signature No Limit Banking account also has some unique features that you need to know.

Here are some of the key features of the RBC Signature No Limit Banking account:

• The account has no minimum balance
• You can make free Interac e-Transfers
• The account offers an annual fee rebate on certain eligible credit cards (up to $48)
• You can make three ATM transactions at non-RBC ATMs without paying any fees. After the three transactions, you will be charged $2 for any transaction
• Also, you can make 5 cross-border debit transactions at no cost. After you exceed the 5 free transactions, you will be charged $1 per transaction
• You can make unlimited debits transactions in Canada without paying any fees
• If you are a senior and you join the RBC Value Program, your monthly fees will be reduced to $12.95

RBC VIP Banking vs RBC Signature No Limit Banking

Now that you have an overview of both the RBC VIP Banking and the RBC Signature No Limit Banking, how do you choose the best one for your needs?

Let’s compare the key features of the two accounts so that you choose the account that best suits your banking needs:

The RBC VIP Banking has a monthly fee of $30 while the RBC Signature No Limit Banking has a monthly fee of $16.95.

However, you can get a reduction in your monthly fees on both accounts if you sign up for the RBC Value Program.

When it comes to ATM fees, RBC VIP Banking doesn’t charge any fees when you withdraw at non-RBC ATMs.

The Signature No Limit Banking,  on the other hand, only allows you to make 3 free withdrawals per month and pay $2 per withdrawal afterwards.

In terms of free debit transactions, RBC VIP Banking allows you to make unlimited debit transactions in any country while Signature No Limit Banking only allows you to make unlimited debit transactions in Canada.

Now that we have compared some of the key features of both accounts, which one is the better choice? It depends on what you’re looking for in a bank account. 

If you’re looking for lower monthly fees and free transactions within Canada, RBC Signature No Limit Banking is the better choice. 

However, if you’re willing to pay a higher monthly fee for extra benefits and preferential treatment, RBC VIP Banking might be the better choice for you.

Other RBC Promotions

Apart from the free iPad, RBC also offers other great promotions that are worth looking at. Let’s look at the additional promotions that are offered by RBC:

RBC Newcomer Advantage

Starting a new life in a new country can be both exciting and overwhelming. There are so many things to think about, from finding a place to live to getting a job and making new friends. 

As a result, it can be hard to know where to start, or even where to turn for help. That’s where the RBC Newcomer Advantage comes in. 

The program is designed to help new immigrants settle into Canada and start saving money as soon as possible.

Whether you’re looking to save on interest charges, earn rewards, or reduce your monthly payments, the RBC Newcomer Advantage can help you reach your financial goals. 

Now let’s look at the perks you can get with the RBC Newcomer Advantage below:

Benefits of the RBC Newcomer Advantage

• When you open a qualified RBC account through the Newcomer Advantage program, you won’t pay any monthly fees for the first year
• Through the program, you can qualify for a credit card that has a credit limit of up to $15,000. The best part is that there is no credit history required to qualify for the credit card
• When you get a new RBC Cash Back Mastercard, you can enjoy up to 6% cash back on your purchases for your first three months of using the card. You should note, however, that the offer will expire on February 28, 2023
• The program includes one free chequebook that contains up to 50 slips
• You have the option of making 2 free international money transfers every month
• For 2 years, you will get one free small safe box. The offer expired on January 31, 2023

RBC High-Interest eSavings Account Offer

RBC offers one of the highest interest rates on its High-Interest eSavings account. 

When you open the account, you can enjoy a high-interest rate of up to 4.2% on your savings for three months.

To get this high-interest rate, you have to open an RBC High-Interest eSavings account on February 28, 2023, by 3 pm EST.

The best part is that you can enjoy this high-interest rate on the account up to a maximum balance of $1,000,000.

Benefits of RBC High-Interest eSavings account

• The account has no minimum balance requirement. This means you can earn a high-interest rate no matter the amount you save in the account
• When you open an RBC High-Interest eSavings account, you have access to your money instantly.
• There are no monthly fees on the RBC High-Interest eSavings account 
• With the high-interest rate that the RBC High-Interest eSavings account offer, you can save more

RBC Switch Your Mortgage Offer

RBC connects with lenders that can offer you great rates and flexible repayment options on mortgages.

Apart from connecting you with lenders, RBC covers your mortgage switching fees (processing fee and Title insurance fee) to a maximum of $1,000.

Also, if you get a qualified RBC mortgage, the bank will give you a cash bonus of up to $4,000 which is deposited directly into your account.

However, to get this $4,000 cash bonus, you must get a qualified RBC mortgage from July 1st, 2022 to February 14th, 2023.

The cash bonus you will get depends on the amount of mortgage you collect. This means the higher your mortgage, the higher your bonus. 

Here is how the bonus is being grouped according to the value of the mortgage you get:

As you can see from the table above, you can only get a cash bonus of up to $3,000 when you get an RBC mortgage that is up to the value of $1,000,000 and above.

LEARN MORE: CIBC Mortgage Cash Back

Alternatives to RBC New Account Promotions

RBC is one of the best banks to open a new account with because of the great new account promotions they offer.

However,  the RBC new account promotions are not the only options on the market. There are many other banks that offer great new account promotions too.

Here are some of the best alternatives to the RBC new account promotions:

CIBC New Account Promotions

CIBC is one of Canada’s largest banks and one of the biggest banks in the country. It offers a wide variety of financial products and services to Canadians. 

The bank offers its new account holders one of the highest welcome bonuses. You can get a welcome bonus of up to $400 as a new CIBC account holder.

To get this welcome bonus from CIBC, all you have to do is open a CIBC Smart Account.

This account must be your first chequing account with the bank. Let’s look at how you can earn a welcome bonus of up to $400 with the bank.

First, you have to open a CIBC Smart Account and provide your email address. After that, you have to complete the required tasks within 2 months of opening the account to get a bonus of $350.

You can also get an additional $50 when you use your CIBC Smart Account to transfer money into your eAdvantage Savings Account. 

You must make this transfer within two months of opening your CIBC Smart Account to get the $50.

However, you should note that this bonus of $400 on the CIBC Smart Account can only be enjoyed by customers who are up to the age of 25.

In case you are not up to the age of 25, you can be eligible for the $150 bonus that is offered on the CIBC Smart Start account.

Scotiabank New Account Promotions

If you are looking for a way to save money or make some extra money, Scotiabank has many options available to you.

The bank also offers a welcome bonus to its new users. You can get a welcome bonus of up to $350 from Scotiabank.

To get the Scotiabank new account bonus, you have to open Preferred Package or Ultimate Package account on April 30, 2023.

After opening any of the two accounts, complete two of the requirements below within two months of opening the account:

• Set a minimum of one qualified automatic ongoing direct deposit. This direct deposit must recur for 3 months straight 
• Complete one qualified bill payment worth $50 using the Scotiabank online or mobile banking portal
• Set a minimum of 2 distinct qualified ongoing pre-authorized transactions that are worth $50. This transaction must reappear for 3 consecutive months

Once you complete the above requirements, you should expect to get your $350 welcome bonus within 6 months starting from the day you opened the account.

READ ALSO: Best CIBC Student Credit Cards

Take Away on RBC New Account Promotions

RBC offers some of the best promotional offers out there, and they might be just what you need to make banking a little bit easier.

This article has discussed everything you need to know about the RBC new account promotions.

We have also provided you with some of the best alternatives to the RBC new account promotions that are worth considering.

Now it’s up to you to decide whether to go with the RBC new account promotions or choose one of the alternatives that will work best for your financial situation.

Thanks for reading! We hope we have helped you with your decision. If you have any questions or concerns, feel free to drop a comment.