RBC New eSavings Client Interest Rate Offer
Terms and Conditions

Interest Rate Definitions:

“Regular Interest Rate” means the interest rate for the RBC High Interest eSavings Account posted on our Personal Accounts Interest Rates webpage, which may be viewed at https://www.rbcroyalbank.com/rates/persacct.html. On April 24, 2020 the Regular Interest Rate was 0.05% per annum and is subject to change without notice;

“Initial Bonus Interest Rate” means the increment over the Regular Interest Rate applicable to the Eligible eSavings Account effective as of the first day of the Promotional Period, until 89 days following that date. At the start of the Qualifying Period (April 24, 2020), the annual Initial Bonus Interest Rate was 2.20%;

“Subsequent Bonus Interest Rate” means the increment over the Regular Interest Rate applicable to the Eligible eSavings Account effective as of the ninety-first day following the start of the Promotional Period until 89 days following that date (ie, effective between 91 and 180 days (inclusive) from the start of the Promotional Period). At the start of the Qualifying Period (April 24, 2020), the annual Subsequent Bonus Interest Rate was 0.95%;

“Promotional Interest Rate” means the Initial Bonus Interest Rate plus the Regular Interest Rate for the first 90 days following the start of the Promotional Period, and the Subsequent Bonus Interest Rate plus the Regular Interest Rate for the next 90 days thereafter. For example, if on April 24, 2020, the Regular Interest Rate was 0.05% per annum and the Initial Bonus Interest Rate was 2.20% per annum, the Promotional Interest Rate was 2.25% per annum (note: a change in the Regular Interest Rate may result in a change to the Initial Bonus Interest Rate);

Other Definitions:

“Eligible Client(s)” means a client who:

• Is a resident of Canada and of the age of majority in the province or territory in which they reside as of the date the Eligible eSavings Account is opened. Residence is determined by the jurisdiction (province or territory) where a client has their primary tax filing obligation based on their regular place of residence; and
• Has not been the Primary Owner of an RBC High Interest eSavings Account at any time before the beginning of the Qualifying Period;

“Eligible eSavings Account” means the first RBC High Interest eSavings account opened by an Eligible Client as a Primary Owner during the Qualifying Period;

“RBC New eSavings Client Interest Rate Offer” means the promotional offer we make for the Eligible eSavings Account in these Terms and Conditions;

“Primary Owner” means the person we designate to be the primary owner of the Eligible eSavings Account;

“Promotional Period” means the period starting on the date that an Eligible Client opens their Eligible eSavings Account, and ending 179 days thereafter* (The Promotional Period is comprised of the 90 days during which the Initial Bonus Interest Rate applies and the 90 days during which the Subsequent Bonus Interest Rate applies);

“Qualifying Criteria” means the conditions set out in section A below;

“Qualifying Period” means the period starting on April 24, 2020 and ending at 3PM EST on July 31, 2020;

“Terms” mean these terms and conditions that govern this offer;

“you” and “your” mean the Eligible Client;

“we”, “us”, “our” and “Royal Bank” mean Royal Bank of Canada or any of its deposit taking subsidiaries.

A. Qualifying Criteria

To qualify for the RBC New eSavings Client Interest Rate Offer you must:

• Be an Eligible Client; and
• Open an Eligible eSavings Account as the Primary Owner during the Qualifying Period. (For clarity, even if you are an Eligible Client but you are not the Primary Owner on the date an Eligible eSavings Account is opened, you will not qualify for this RBC New eSavings Client Interest Rate Offer.)

B. The Offer and Conditions:

• Provided you fulfill the Qualifying Criteria and meet all other conditions of these Terms, you may earn the Promotional Interest Rate on balances up to $1,000,000 in the Eligible eSavings Account during the Promotional Period. During the Promotional Period, interest in your Eligible eSavings Account will be paid through two separate interest payments, one based on the Regular Interest Rate and a second based on the Initial Bonus Interest Rate for the first 90 days of the Promotional Period and then the Subsequent Bonus Interest Rate for the next 90 days of the Promotional Period. Any change to the Regular Interest Rate may result in a corresponding change to the Promotional Interest Rate. The Initial Bonus Interest Rate, Subsequent Bonus Interest Rate and/or the Regular Interest Rate may change at any time without prior notice.
• Subject to Section 5 of these Terms, interest at the Initial Bonus Interest Rate and Subsequent Bonus Interest Rate will be calculated daily on balances up to $1,000,000, and paid monthly during the Promotional Period to the Eligible eSavings Account opened to qualify for this RBC New eSavings Client Interest Rate Offer.
• At the end of the Promotional Period, all balances will earn interest only at the Regular Interest Rate applicable to the Eligible eSavings Account.
• Interest at the Initial Bonus Interest Rate and Subsequent Bonus Interest Rate, as applicable, will be paid on a maximum total of $1,000,000 of the Eligible eSavings Account’s balance during the Promotional Period. Any portion of the Eligible eSavings Account’s total balance greater than $1,000,000 will earn interest only at the Regular Interest Rate, including during the Promotional Period.
• Interest is calculated daily and paid monthly for the Regular Interest Rate interest payments, Initial Bonus Interest Rate interest payments, and Subsequent Bonus Interest Rate interest payments. Interest at the Initial Bonus Interest Rate and the Subsequent Bonus Interest Rate will not be paid and will not be payable until the start of the month following the month in which it was calculated. If the period during which interest at the Initial Bonus Interest Rate and/or the period during which interest at the Subsequent Bonus Interest Rate applies ends before the last day of the last calendar month of that period, interest at the applicable rate for that period (or those periods, as relevant) will be paid two business days after the last day of the applicable period(s). Any Eligible eSavings Account that, prior to the payment of interest at the Initial Bonus Interest Rate or Subsequent Bonus Interest Rate (as applicable), 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 Eligible eSavings Account is closed or switched.
• If any account is switched from another RBC bank account to an Eligible eSavings Account, neither the original account nor the Eligible eSavings Account to which it was switched will be eligible for this offer.
• This RBC New eSavings Client Interest Rate Offer is available to only one Eligible eSavings Account per Eligible Client, no matter how many Eligible eSavings Account you may open during the Qualifying Period. Only the first Eligible eSavings Account opened by you as a Primary Owner during the Qualifying Period will receive the RBC New eSavings Client Interest Rate Offer.

C. Limitations

• This RBC New eSavings Client Interest Rate Offer cannot be combined with other promotional rate offers applicable to an RBC High Interest eSavings Account. Where an Eligible Client qualifies for more than one promotional rate offer for an Eligible eSavings Account, this RBC New eSavings Client Interest Rate Offer will be applied to the Eligible Client’s Eligible eSavings Account first, to the exclusion of any other promotional rate offer.
• We may change this RBC New eSavings Client Interest Rate Offer and/or these Terms at any time without notice. The posting of the current Terms at www.rbc.com/esavingsoffer shall be deemed sufficient notice to you of any such changes, if required.
• In the event of a conflict between these Terms and the content of any document, brochure or promotional material advertising the RBC New eSavings Client Interest Rate Offer, these Terms shall prevail. You may always view the current Terms by visiting www.rbc.com/esavingsoffer or you may call 1-800 ROYAL® 1-1 to request a current copy.
• We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke the RBC New eSavings Client Interest Rate Offer to any person or account holder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the RBC New eSavings Client Interest Rate Offer.
• If we are unable to execute the offer as planned for any valid reason including but not limited to infection by computer/system virus, 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 RBC New eSavings Client Interest Rate Offer, we reserve the right at our sole discretion to, without advance notice, terminate or suspend the RBC New eSavings Client Interest Rate Offer, in whole or in part, or modify it as we deem necessary.
• You have 31 days from the end of the Promotional Period to notify us if you believe you have completed all Qualifying Criteria but have not earned bonus interest, at the Initial Bonus Interest Rate or Subsequent Bonus Interest rate (as applicable), due under these Terms. Any notice received after this date, will not be accepted and we will only be required to ensure your Eligible Account was paid applicable interest at the Regular Interest Rate from the date you opened that account, even if you had completed the Qualifying Criteria during the Qualifying Period.
• If you have any other personal deposit account(s) with, it or they must be in good standing and not overdrawn in order for you to participate in the RBC New eSavings Client Interest Rate Offer.

* Total of 90 days or 180 days: For the purpose of this RBC New eSavings Client Interest Rate Offer and any related marketing, any reference to a period of 3 months means a period of 90 calendar days and any reference to a period of 6 months means a period of 180 calendar days, regardless of how many calendar days may fall within any given calendar 3-month period.

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