Terms of Use for the Tier Benefits Pilot

The Tier Benefits Pilot (“Pilot”) is available by invitation to randomly selected clients of RBC. It provides Monthly Fee waivers, credit card annual fee rebates, RBC High Interest eSavings^® bonus interest rate improvements, financial planning benefits and Avion^® Points (“Points”), (collectively, “Benefits”), subject to these Terms and Conditions (“Terms”).

When these Terms refer to “you” or “your”, they mean each Pilot participant who has accepted the Pilot invitation and agreed to the Terms. When these Terms refer to “we”, “our”, “us” and “RBC”, they mean Royal Bank of Canada.

In addition to these Terms, the terms of the “RBC Royal Bank Personal Deposit Accounts Disclosures and Agreements” booklet ( “Disclosures”), which contains the terms and conditions governing all of our Personal Deposit Accounts (which includes both chequing and savings accounts), and the “Avion Rewards Terms and Conditions” (“Rewards Terms”), which govern the Avion Rewards™ Program (“Rewards Program”), apply to the Pilot. A copy of the Disclosures and the Rewards Terms are available:

in our branches
online at rbcroyalbank.com/onlinebanking/servicech.html
by contacting us as indicated in the “How to Contact RBC” section of these Terms

Additional terms and conditions may apply to the opening of, and any deposit or contribution to, an account with Royal Mutual Funds Inc. (“RMFI”), RBC Direct Investing Inc. (“RBC DI”), RBC Dominion Securities Inc. (“RBC DS”), and the operation of such accounts are subject to the terms and conditions of their respective account agreements.

Capitalized terms have the corresponding meanings defined throughout this document, and if no definition is shown herein for a capitalized term, the term has the meaning given to it in the Disclosures or the Rewards Terms, as applicable.

Pilot Eligibility, Enrolment, and Cost

The Pilot is available by invitation to randomly selected clients only. Invitations are non-transferable and cannot be requested or re-assigned. Your invitation is valid only until the expiry date provided in your communication. If you do not enroll by that date, your invitation will expire, and you will no longer be able to enroll.

To participate, you must accept the Pilot’s Terms before you can receive Benefits. There are no fees or charges to participate in the Pilot and participation does not change existing account terms or introduce additional account fees or charges.

Participation in the Pilot does not affect your eligibility for other RBC programs such as, without limitation, the RBC Value Program, the MultiProduct Rebate, or the Seniors Rebate. You will receive the better of the overlapping benefits, if applicable.
Pilot Benefits Determination

Tier-Based Benefits

“Tier” means the level assigned to you under the Pilot based on your “Combined Balance”.

Benefits are calculated and applied monthly based on your Tier, as follows:
- Tier 1: $50,000 to less than $100,000 in Combined Balance
- Tier 2: $100,000 to less than $250,000 in Combined Balance
- Tier 3: $250,000 or more in Combined Balance

Combined Balance Calculation Method

“Combined Balance” represents the sum of the balances (in CAD) in your deposit and investment accounts held at participating RBC entities in this Pilot.

The value is calculated each month, as follows:

Average monthly end-of-day balances for RBC Personal Chequing and Savings Accounts, RBC Royal Bank Investment Accounts, RMFI investment accounts and RBC Direct Investing^®.
Month-end balance for RBC InvestEase and RBC Dominion Securities Inc.
Foreign currency balances in RBC Personal Chequing and Savings Accounts, RBC Royal Bank Investment Accounts, RMFI investment accounts and RBC Direct Investing^® are converted to CAD using the end-of-day rate.
Foreign currency balances in RBC InvestEase and RBC Dominion Securities Inc. are summed at par (no conversion).

The following are excluded:

Balances held at Phillips, Hagar & North Investment Counsel Inc., and Phillips, Hagar & North Investment Services.
Balances held in RBC Bank (U.S.) or other non-Canadian RBC entities.
Balances in Group Savings Plans.
Loans, credit cards, and other borrowing products.
Any product, service, or investment held at RBC Insurance Services Inc.

Tier Requalification

During the Pilot:

Tiers are assessed monthly.
In any month, you may move to a higher Tier if your Combined Balance meets the applicable Combined Balance threshold
Once you reach a Tier, you remain in that Tier even if your Combined Balance falls below the Combined Balance threshold, until your Tier is re-assessed during annual requalification.

Your Tier is reviewed once per year as part of an annual requalification process. During this annual requalification:

Your Combined Balance for November of the prior year is used to reassess your Tier
Any change resulting from the annual requalification takes effect in January
Your Tier may decrease based on this review

You may view your Combined Balance and Tier through RBC Online Banking and the RBC Mobile App.

Timing of Combined Balance Adjustments

Your Combined Balance is assessed on a monthly basis. Your Combined Balance from the previous month will be used to determine benefits starting the first of the month following the current month. For example, in July we review your Combined Balance for June, and this will be used to determine your August Tier.

For clients who have been with the bank fewer than 30 days at the time of the calculation, the days prior to account opening within the averaging window are treated as having a balance of zero.

Joint Accounts

Your Combined Balance is calculated separately for each Pilot member and includes both the balances held solely and jointly with any other person. Funds held in joint accounts will count in full toward each account holder’s Combined Balance.

For a Personal Deposit Account or RBC High Interest eSavings^® to qualify for Benefits, it must be held in sole ownership (i.e., held by a single owner) or “Joint OR” ownership (as more particularly described in the Disclosures). “Joint AND” accounts (as more particularly described in the Disclosures) do not qualify for Benefits. This means that your Personal Deposit Account or RBC High Interest eSavings^® will become ineligible to receive the Benefits under the Pilot in the event that you change your account ownership to “Joint AND”.

Benefits are applied to Joint Accounts. By consenting to participate in the Pilot, you acknowledge and accept that any Joint Account owner may be able to infer that you hold qualifying balances with RBC as a result of the benefits incurred under the Pilot with the Joint Account.

Consent

If you have not opted into information sharing with RMFI, RBC DI, or RBC DS, your balances will not be provided to RBC personal banking to calculate your Combined Balance. Should you not opt-in to information sharing, only balances held with RBC Personal Banking will be considered for the Combined Balance calculation.

To opt-in or opt-out of information sharing with:

RMFI, RBC DI or InvestEase, please contact us by calling toll-free at 1-866-826-2880 or visiting an RBC Royal Bank branch.
RBC DS, please contact your account representative.

Pilot Benefits

Pilot benefits are determined by the Tier you qualify for and are subject to change. Once you have enrolled in the Pilot you will automatically be eligible to receive the Benefits applicable to your Tier as described below.

a) Bank account fee waivers and credit card annual fee rebates

You may be entitled to receive a waiver on your Personal Deposit Account’s Monthly Fee, based on your Tier:

Responsive Table Example
Tier 1	Tier 2 and Tier 3
Monthly Fee waiver for all Personal Deposit Accounts except RBC VIP Banking Account Clients who hold a Signature No Limit Banking account will also receive $48 annual credit card fee rebate as a benefit of that account.	Monthly Fee waiver for all Personal Deposit Accounts Clients who hold an RBC VIP Banking account will also receive $120 annual credit card fee rebate as a benefit of that account.

If you enroll in the Pilot on or before the 15^th calendar day of the month by 11:59pm EST, your Monthly Fee waiver will begin the following month. If you enroll after the 15^th calendar day of the month, your Monthly Fee Waiver will begin the month after the following month. For example, if you enroll on June 15 by 11:59pm EST, your Monthly Fee Waiver will begin in July, whereas if you enroll on June 16, your Monthly Fee waiver will begin in August.

If you open a new Personal Deposit Account on or before the 19^th calendar day of the month, your Monthly Fee waiver will begin the following month. If you open a new Personal Deposit Account after the 19^th calendar day of the month, your Monthly Fee Waiver will begin the month after the following month. For example, if you open a new account on June 19, your Monthly Fee Waiver will begin in July, whereas if you open a new account on June 20 or later, your Monthly Fee waiver will begin in August.

b) Bonus rate on the RBC High Interest eSavings^® offer

If you hold an RBC High Interest eSavings^®, you will receive a bonus rate based on your Tier, in addition to the standard interest rate offered on that account. The bonus rate applies to all balances in the account while you remain enrolled in the Pilot, depending on your Tier.

Responsive Table Example
Tier 1	Tier 2	Tier 3
0.95% bonus rate on all RBC High Interest eSavings^® balances	1.45% bonus rate on all RBC High Interest eSavings^® balances	1.95% bonus rate on all RBC High Interest eSavings^® balances

Interest on the RBC High Interest eSavings^® is calculated daily and paid monthly in the following month. The bonus interest amount will appear as a separate line item on your monthly account statement.

If you enroll in the Pilot on or before the 15^th calendar day of the month by 11:59pm EST, bonus interest will begin accruing on the first day of the following month and will be paid in the subsequent month. If you enroll in the Pilot after the 15^th calendar day of the month, the bonus interest will begin accruing the month after the following month. For example, if you enroll on June 15th by 11:59pm EST, your bonus interest will begin accruing on July 1 and will be paid in August, whereas if you enroll on June 16, your bonus interest will begin accruing on August 1 and will be paid in September.

If you open a new RBC High Interest eSavings^® on or before the 19^th calendar day of the month, bonus interest will begin accruing on the first day of the following month and will be paid in the subsequent month. If you open the account after the 19^th calendar day of the month, the bonus interest will begin accruing the month after the following month. For example, if you open an account on June 19^th, your bonus interest will begin accruing on July 1 and will be paid in August, whereas if you open your account on June 20 or later, your bonus interest will begin accruing on August 1 and will be paid in September. Any eSavings Account that, prior to the payment of interest at the bonus interest rate, is closed or switched to another product type which is not an RBC High Interest eSavings Account will forfeit any such interest calculated during the month in which the eSavings Account is closed or switched.

This offer applies only to Canadian dollar (CAD) eSavings accounts and does not apply to U.S. dollar (USD) eSavings accounts. If you change your account to any account type other than an RBC High Interest eSavings^®, you will no longer qualify for bonus interest as of the date of the account type change.

This offer can be combined with the eSavings New Money Offer.

This offer cannot be combined with the RBC New eSavings Client Bonus Interest Rate Offer. Where a client is eligible for and receiving a promotional interest rate under the RBC New eSavings Client Bonus Interest Rate Offer, the tier-based interest rate boost under this Pilot will apply following the conclusion of the promotional interest rate period and will not apply concurrently. It may take a month or more after the conclusion of New eSavings Client Bonus Interest Rate Offer for the tier-based interest rate boost to apply.

c) Avion Points on Pre-Authorized Contributions (PACs) offer

If you are in Tier 1, 2, or 3, you will earn 625 Avion Points for each calendar month that you maintain one or more pre-authorized contributions (PACs), collectively totaling at least $300, into an Eligible Investment Account.

“PAC” means Pre-authorized Contributions to Eligible Investment Accounts at a weekly, bi-weekly, semi-monthly, monthly or quarterly basis (where available through RBC, RMFI, RBC Direct Investing, and RBC InvestEase).

“Eligible Investment Account” means any of the following personal investment accounts offered by Royal Bank of Canada (RBC), Royal Mutual Funds Inc. (RMFI), RBC Direct Investing Inc. (RBC Direct Investing):

Responsive Table Example
For Royal Bank of Canada or Royal Mutual Fund Inc.	For RBC Direct Investing Inc.	For RBC InvestEase Inc.
Tax Free Savings Account (TFSA)	Tax Free Savings Account (TFSA)	Tax-Free Savings Account (TFSA)
Registered Retirement Savings Plan (RRSP)	Registered Retirement Savings Plan (RRSP)	Registered Retirement Savings Plan (RRSP)
Non-Registered Investment Account	Registered Education Savings Plan (RESP)	First Home Savings Account (FHSA)
Registered Education Savings Plan (RESP)	First Home Savings Account (FHSA)	Non-Registered Account
Investment Advantage Account	Non-Registered Investment Account
Registered Disability Savings Plan (RDSP)

Avion Points earned for qualifying PACs into an Eligible Investment Account will accrue for each month in which the qualifying PAC is completed, provided you continue to be enrolled in the Pilot. Avion Points are calculated monthly as of the month which you enroll (including contributions made before the enrollment date in that same month), and awarded at minimum twice per year, up to a maximum of 7,500 Points per year per client. Avion Points will be granted per client, not per the number of Eligible Investment Accounts held or per individual PAC.
To receive Points, you must be enrolled in the Avion Rewards program, and be an active member as defined in the Avion Rewards Terms and Conditions, at the time of fulfillment. For information on how to join and eligible RBC products, please visit: How to join Avion Rewards - Avion Rewards
Provided all terms and conditions of this Pilot have been met, if at least one of your Personal Deposit Accounts is enrolled in the Value Program, the Avion Points will be awarded to your Banking Rewards Account. If you do not have a Personal Deposit that is enrolled in the Value Program, the Avion Points will be awarded to your Avion Rewards Core Account. In order to receive the Reward, your Avion Rewards Core Account must be in good standing, up to and including the date the Avion Points are awarded. If you have other Avion Points earning accounts, you may move your Points to another account of your choice once deposited. Complete terms and conditions that apply to the Avion Rewards Program, please visit https://www.avionrewards.com/terms-and-conditions/index.html or call 1-866-826-2880.
Where an eligible investment account has multiple owners and more than one owner is enrolled in the Pilot, PACs made to that account will be considered to be made by the investment account’s primary owner.
Any Avion Rewards Account that is closed prior to the deposit of the Points, will forfeit these Points.
RBC reserves the right to withhold, reverse, or cancel Points if a qualifying PAC is reversed or if the associated account activity (including excessive withdrawals or transfers), is conducted in a manner that RBC determines, at its discretion, is intended to manipulate Points accumulation.
All investments in the above RMFI accounts are subject to standard suitability assessments.
d) Access to Financial Planning

While enrolled in the Pilot, you may receive access to RBC Financial Planning services depending on your Combined Balances tier.

Financial Planners are employees of RBC and licensed mutual fund representatives with RMFI who provide financial planning services at no additional cost to you.

Responsive Table Example
Tier 2	Tier 3
A complimentary Financial Plan with a Financial Planner	Access to a dedicated Financial Planner

General

We reserve the right, in our sole discretion, to suspend, disqualify, limit, or revoke the Pilot to any person or account holder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Pilot, without further explanation or advance notice to such person or account holder. By participating in the Pilot, you acknowledge and agree that we will not be held liable for any direct or indirect losses, damages, or opportunity costs suffered or incurred by you or any third party as a result of us suspending, disqualifying, limiting or revoking your participation in this Pilot in the event that we find or believe you to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Pilot.
If we are unable to execute the Pilot as planned for any reason, including but not limited to infection of our computers/systems by viruses, bugs, tampering, unauthorized intervention, fraud, technical failures, force majeure, pandemic, or any other cause beyond our reasonable control which corrupts, interferes with, or otherwise impacts the administration, security or proper conduct of this Pilot, we reserve the right at our sole discretion to, without advance notice, terminate or suspend the Pilot, in whole or in part, or modify it as we deem necessary.
You are responsible for reviewing your contribution room available in registered plan accounts (i.e., TFSA, FHSA, RESP, and RRSP) you hold before effecting any transfer, contribution or PAC into your Eligible Investment Account(s). You are solely responsible for any excess contribution penalty or other tax consequence that may arise from a contribution or transfer of assets into your Eligible Investment Account(s). Please consult your personal tax advisor for advice.
There may be tax implications associated with this Pilot. You will be solely responsible for any tax consequences associated with the Pilot and/or the transfer of any assets into the Eligible Investment Account(s). Please consult your personal tax advisor for more information.
RBC, RBC DI and RMFI are separate corporate entities which are affiliated. RBC DI and RMFI are wholly owned subsidiaries of RBC. Other products and services may be offered by one or more separate corporate entities that are affiliated to RBC, including without limitation: RBC Direct Investing, RBC InvestEase, RMFI, RBC Dominion Securities, RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company.
Financial planning services and investment advice are provided, and mutual funds sold by RMFI. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the Fund Facts/prospectus before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. RMFI is licensed as a financial services firm in the province of Quebec.
RBC DI, RBC DS and RMFI are Members of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund. RBC and certain of its issuers are related to RBC Direct Investing, RBC DS and RMFI. RBC Direct Investing does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc.
The most current version of these Terms will be accessible online at https://www.rbcroyalbank.com/dms/campaign/tbp/terms/index.html. We may change the Pilot and these Terms at any time. For material changes, we will provide at least 30 days' prior notice by posting the updated terms at the above URL.

Pilot changes may include, but are not limited to, the following:
- The rules relating to Pilot eligibility, enrolment, and cost;
- The rules relating to Pilot benefits determinations (including but not limited to balance calculation methods, minimum thresholds, and frequency of application);
- The rules relating to the timing or application of Pilot benefits (including but not limited to monthly account fee waivers, bonus interest, or any other benefits associated with the offer);
- The addition, removal, or modification of offers made available under the Pilot, including any associated eligibility criteria, benefit amounts, or redemption methods.
- The rules relating to the suspension or termination of the Pilot, and the rules relating to your suspension or removal from the Pilot;
- The rules relating to the circumstances in which we will not be held liable or responsible;
- The rules relating to the collection and use of your personal information and your right to access that information; and
- The rules related to the modification of any or all of these Terms
You may opt-out of the Pilot at any time by contacting us at 1-866-826-2880. It may take up to 60 days for your opt out request to take effect. You may still continue to receive benefits and program communication until such time.
Suspension and Termination of the Pilot; Removal from the Pilot; Liability

RBC may terminate the Pilot and its Terms at any time with at least 30 days’ prior notice. RBC may restrict or suspend the Pilot at any time without notice. Additionally, we may restrict or suspend your enrolment in the Pilot at any time without notice, and we describe non-exhaustively below some of the circumstances in which we may do so. The Rewards Terms additionally govern your restriction, suspension or termination in respect of the Rewards Program and your Points.

We may close or freeze any Account you hold with us in accordance with the terms and conditions set out in the Disclosures. Additionally, we may close your Rewards Account and suspend or terminate your participation in the Pilot and/or in the Rewards Program if we have reasonable grounds to believe that you (i) did or may commit fraud, (ii) used or will use any of your Accounts for any unlawful purpose, or caused or will cause us a loss, (iii) operate your Accounts in an unsatisfactory manner or contrary to our policies.

We will not be liable for any loss, damage or inconvenience suffered by you, except in a case where there has been negligence on our part, even if we have been advised of the possibility of such damages. We will not, under any circumstances (even if we are negligent), be liable for any indirect, consequential, special, aggravated, punitive or exemplary damages whatsoever caused to you directly or indirectly arising out of or related to the Pilot, RBC’s administration of the Pilot (including any amendment of these Terms) or your participation in the Pilot.
Collection and Use of Personal Information

You consent to the collection, use and sharing of your personal information from time to time as provided in RBC’s privacy policy. You may obtain more information about our privacy policy by asking for a copy of our “Financial fraud prevention and privacy protection” brochure, also available at rbc.com/financial-fraud-prevention, by calling us at the number indicated in the “How to Contact RBC” section of these Terms or by visiting our website at rbc.com/privacysecurity. Our privacy policy in relation to Eligible Accounts is also found in the Disclosures. In addition, RBC’s privacy policy in relation to the collection and use of Points is found in the Rewards Terms.

Our Privacy Notices: All collection, use, and disclosure of your personal information will be in accordance with our Global Privacy Notice and Digital Channel Privacy (available at www.rbc.com/privacysecurity), which form part of these terms.
Your Right to Access Your Personal Information

You may obtain access to the information we hold about you at any time and review its content and accuracy, and have it amended as appropriate; however, access may be restricted as permitted or required by law. To request access to such information, to ask questions about our privacy policies or to request that the information not be used for any or all of the purposes outlined in “Other Uses of Your Personal Information”, you may do so now or at any time in the future by contacting your branch or calling us at the number indicated in the “How to Contact RBC” section of these Terms.
How to Contact RBC

If you have any questions, comments or concerns about the Pilot, contact us by calling toll-free at 1-866-826-2880 or visiting an RBC Royal Bank branch.

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