Royal Bank of Canada
2023 RBC Leo’s Young Savers
Account Bonus Offer - Terms & Conditions
IMPORTANT INFORMATION ABOUT THIS OFFER: This 2023 RBC Leo’s Young Savers® Account Bonus Offer is made in respect of Royal Bank of Canada’s RBC Leo’s Young Savers account type. This account type is intended for clients age 13 and under, together with a joint accountholder who is above the age of majority in the Canadian province or territory in which they reside. For this account type, the child will be listed as the Primary Account Owner and the adult will be listed as the non-Primary Account Owner. When the child who is the Primary Account Owner turns 14, we will notify all account owners in writing that we will be automatically converting their account to another Personal Deposit Account that we recommend, or you may choose a different account type before the date in the notification. If you open a RBC Leo’s Young Savers Account jointly with an individual age 13 or under in order to qualify to receive the benefit of this 2023 RBC Leo’s Young Savers Account Bonus Offer, the account ownership will remain unchanged after conversion and you will remain financially responsible for all activity in the Account, including overdrawn balances, interest owing, and all fees.
This 2023 RBC Leo’s Young Savers Account Bonus Offer is intended for eligible adult individuals (as more particularly described below) who may wish to open an RBC Leo’s Young Savers Account jointly with an individual 13 and under, and not for the individual age 13 or under with whom they do so. These “2023 RBC Leo’s Young Savers Account Bonus Offer – Terms & Conditions” set out the full terms and conditions applicable to this offer.
“Bonus” means the amount of $25 credited to your Eligible Personal Banking Account, if you open an RBC Leo’s Young Savers Account as an Eligible Non-Primary Account Owner and have fulfilled all relevant conditions required to receive the Promotional Offer, as described in these Terms;
“Eligible Client” means a client who:
- Resides in Canada;
- Is of the age of majority in the province or territory in which they reside. (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);
- Does not have an existing Personal Banking Account with us;
- Never had a Personal Banking Account nor qualified for any of our offers related to opening a Personal Banking Account at any time during the Promotional Period or in the three-year period before the start of the Promotional Period; and
- Qualifies to open an Eligible Personal Banking Account as an Eligible Non-Primary Account Owner, together with an Eligible Primary Account Owner.
“Eligible Non-Primary Account Owner” means an Eligible Client who opens an Eligible Personal Banking Account with an Eligible Primary Account Owner and meets all other terms and conditions of these Terms in order to qualify for the Promotional Offer;
“Eligible Personal Banking Account” means an RBC Leo’s Young Savers Account® (no monthly fee);
“Eligible Primary Account Owner” means the person we designate as the primary owner of a jointly-held Eligible Personal Banking Account, based on the standard ownership criteria applicable to our RBC Leo’s Young Savers account type, as more particularly described above;
“Open Account By Date” means the date of January 31, 2024 by which you are required to open an Eligible Personal Banking Account in order to qualify for the Promotional Offer;
“Personal Banking Account” means any of the following accounts: RBC Day to Day Banking®, RBC No Limit Banking®, RBC Student Banking®, RBC Leo’s Young Savers Account®, RateLink Preference®, RateLink Essential®, RateLink Essential - Sixty Plus®, Sixty Plus - Signature Plus®, Sixty Plus - Royal Money Maker®, Sixty Plus - Calculator Plus®, RBC VIP Banking®; RBC Signature No Limit Banking, RBC No Limit Banking for Students account; RBC Advantage Banking
“Promotional Offer” means the offer as defined in section 1 of these Terms;
“Promotional Period” means the period starting on November 1, 2023 and ending at 9:00 PM Eastern Time on the Open Account By Date of January 31, 2024;
“RBC Employees” mean all our employees and pensioners.
“Terms” mean these terms and conditions that govern this Promotional Offer;
“we”, “us”, “our” and “Royal Bank” mean Royal Bank of Canada or any of its deposit taking subsidiaries.
“you” and “your” mean the Eligible Client selected by us to whom we extend the Promotional Offer;
- The Promotional Offer
Provided you fulfill the relevant conditions set out in Sections 2 and 3 below, you may earn the following:
a. The Bonus deposited to your Eligible Personal Banking Account
(hereinafter, the “Promotional Offer”)
- How to qualify for the Promotional Offer:
To qualify for the Promotional Offer, you must:
a. be an Eligible Client; and
b. open an Eligible Personal Banking Account as an Eligible Non-Primary Account Owner by the Open Account By Date.
- Conditions that apply to the Promotional Offer
The following conditions also apply to this Promotional Offer:
- The Promotional Offer is available to Eligible Clients only.
- RBC Employees are not eligible to participate in the Promotional Offer. However, if an RBC Employee is a co-owner on a jointly-held Eligible Personal Banking Account, the Promotional Offer may still be earned, provided all conditions noted in these Terms are fulfilled by the other co-owner(s) of the jointly-held Eligible Personal Banking Account who is/are not RBC Employees, provided that they meet the eligibility criteria described herein
- Only one Promotional Offer is available per Eligible Client, no matter how many Eligible Personal Banking Accounts you may open during the Promotional Period;
- Only one Promotional Offer is available per Eligible Personal Banking Account, even if the Eligible Personal Banking Account is opened jointly with another co-owner. In this case, only the co-owner designated as the Primary Owner at the time of opening of the jointly-held Eligible Personal Banking Account will qualify for the Promotional Offer.
- You have until March 24, 2024 to notify us if you believe you have qualified for but not received the Promotional Offer. We may examine your transactions and other account activity in our records to determine whether you have qualified to receive the Promotional Offer. However, any notice received after this date will not be accepted and you will be deemed not to have qualified for this Promotional Offer.
- If you are not satisfied with your Eligible Personal Banking Account and switch to
another account, our Right Account GuaranteeTM may apply, provided you
satisfy the underlying conditions. If you benefit from the Right Account Guarantee,
we still reserve the right to reverse the value of the Promotional Offer amount, as
more fully described in sub-section h) above. For the terms and conditions of the
Right Account Guarantee, visit http:www.rbcroyalbank.com/products/deposits/right-account-guarantee.html
No qualifying transactions or purchases are required to receive the Promotional Offer. The Promotional Offer will be deposited into your Eligible Personal Banking Account within 2 to 8 weeks provided your account remains in good standing.
- If you received the Promotional Offer and then downgraded, changed or closed your Eligible Personal Banking Account at any time prior to 365 days from the date of account open, we reserve the right to debit your Eligible Personal Banking Account or any of your accounts with us for the value of the account credit amount(s) you received, even if this places your account(s) into overdraft or causes you to exceed an applicable credit limit. If your Eligible Personal Banking Account is closed and you do not have any other account with us at that time, we may send you an invoice for the equivalent dollar value of such amount(s), which amount you agree to pay to us within 30 days of receipt of said invoice
- Additional Conditions that apply to all Promotional Offers
- The Promotional Offer and these Terms do not, in any way, affect any of the service fees or other fees related to the operation of any of our Personal Banking Accounts, credit card accounts and business banking accounts, which continue to apply.
- The Promotional Offer shall not be combined with any other offer or promotion related to our Personal Banking Accounts
- We reserve the right to change the Promotional Offer and these Terms at any time. The posting of the current Terms at rbc.com/leo25 shall be deemed sufficient notice to you of such Terms and any changes, if required.
- Limitations that apply to all Promotional Offers
- We reserve the right to cancel the Promotional Offer at any time for any reason at our complete discretion without notice.
- In the event of a conflict between these Terms and the content of any document, brochure or promotional material advertising the Promotional Offer, these Terms shall prevail. You may always view the current Terms by visiting rbc.com/leo25 or you may call 1-800-769-2511 1-800-769-2511 to request a current copy.
- We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke this Promotional 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 Promotional Offer, including any person whose overall client relationship with us is in our opinion not in good standing.
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