RBC Newcomer eSavings Cash Bonus Offer
Terms and Conditions
Interest Rate Definition:
“Regular Interest Rate” means the interest rate ordinarily applicable to the RBC High Interest eSavings Account. The Regular Interest Rate is subject to change without notice, and the most current rate is posted on our Personal Accounts Interest Rates webpage, which may be viewed at https://www.rbcroyalbank.com/rates/persacct.html(opens new window).
Other Definitions:
“Cash Bonuses” means the cash payments deposited into an Eligible Client’s Eligible RBC High Interest eSavings Account every month for the first 12 calendar months following the account open date of the Eligible RBC High Interest eSavings Account. Each cash payment will be deposited between the 15th and 31st of each month and will equal the dollar amount earned in interest in the prior month by the Eligible Client, at the Regular Interest Rate applicable to the Eligible RBC High Interest eSavings Account up to a maximum of CAD $50.00 each month. PLEASE NOTE: The Cash Bonuses are not interest.
“Eligible Client(s)” means a client who:
- Is a Newcomer to Canada who arrived within the last 5 years as confirmed with proof of entry into Canada and supporting documents such as landing papers or permanent resident card.
- 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 RBC High Interest eSavings Account is opened. Residence is determined by the jurisdiction (province or territory) where an Eligible Client has their primary tax filing obligation based on their regular place of residence; and
- Has never been the Primary Owner of an RBC High Interest eSavings account.
“Eligible RBC High Interest eSavings Account” means the first RBC High Interest eSavings Account opened by an Eligible Client as the Primary Owner
“Primary Owner” means the person we designate to be the primary owner of the Eligible RBC High Interest eSavings Account;
“Qualifying Criteria” means the conditions set out in Section B below;
“RBC Newcomer eSavings Cash Bonus Offer” or “Promotional Offer” mean the promotional offer we make with respect to an Eligible RBC High Interest eSavings Account, as described in these Terms;
“Terms” mean these terms and conditions which govern this RBC Newcomer eSavings Cash Bonus Offer;
“we”, “us”, “our” and “RBC Royal Bank” mean Royal Bank of Canada or any of its deposit taking subsidiaries.
“you” and “your” mean the Eligible Client;
A. Offer
- Provided you fulfill the applicable Qualifying Criteria (as more particularly described below) and meet all other conditions of these Terms, you will receive a Cash Bonus deposited into your Eligible RBC High Interest eSavings Account every month for the first 12 calendar months following the account open date of your Eligible RBC High Interest eSavings Account. Each cash payment will be deposited between the 15th and 31st of each month and will equal the dollar amount earned in interest in the prior month, at the Regular Interest Rate applicable to the Eligible RBC High Interest eSavings Account up to a maximum of CAD $50.00 each month.
B. Qualifying Criteria
- To qualify to receive the benefit of this Promotional Offer (i.e. the Cash Bonuses ), you must:
- Be an Eligible Client; and
- Open an Eligible RBC High Interest eSavings Account as the Primary Owner. (For added clarity, even if you are an Eligible Client but you are not the Primary Owner of the Eligible RBC High Interest eSavings Account opened to qualify for this Promotional Offer as of the date that account is opened, you will not qualify to receive the Cash Bonuses under this Promotional Offer.
D. Additional Conditions:
- Notwithstanding the terms and conditions of any separate promotion for which you may qualify, this Promotional Offer does not alter the Regular Interest Rate applicable to your Eligible RBC High Interest eSavings Account. Interest earned at the Regular Interest Rate in your Eligible RBC High Interest eSavings Account will be calculated daily and paid monthly in your Eligible RBC High Interest eSavings Account.
- The Regular Interest Rate may change at any time without prior notice.
- The Cash Bonuses will be deposited into the Eligible RBC High Interest eSavings account by way of a single, direct account credit, every month between the 15th and 31st, for the first 12 calendar months following the account open date of the Eligible RBC High Interest eSavings Account. Each Cash Bonus will be equal to the total amount of interest earned at the Regular Interest Rate in the prior month up to a maximum of CAD $50.00 each month.
- Any Eligible RBC High Interest eSavings Account that is closed or switched to a different product/account type which is not an RBC High Interest eSavings Account on the date on which the Cash Bonus is deposited shall forfeit the right to receive the Cash Bonus, even if all other Qualifying Criteria have been met.
- Any Eligible RBC High Interest eSavings Account that is closed or switched to a different/account type which is not an RBC High Interest eSavings Account will be disqualified from this offer as of the closed or switched date. All remaining cash bonuses will be forfeited, even if all other Qualifying Criteria have been met.
E. Limitations
- If any account is switched from another RBC bank account to an Eligible RBC High Interest eSavings Account, neither the original account nor the Eligible RBC High Interest eSavings Account to which it was switched will be eligible for this Promotional Offer.
- This RBC Newcomer eSavings Cash Bonus Offer is available for only one Eligible RBC High Interest eSavings Account per Eligible Client, no matter how many Eligible RBC High Interest eSavings Accounts you may open. Only the first Eligible RBC High Interest eSavings Account (as determined by us in our sole discretion) opened by you as a Primary Owner will receive the benefit(s) for which you qualify under this RBC Newcomer eSavings Cash Bonus Offer.
- This RBC Newcomer eSavings Cash Bonus Offer cannot be combined with other cash bonus offers applicable to an RBC High Interest eSavings Account. In the event that an Eligible Client qualifies for more than the cash bonus offer for an Eligible RBC High Interest eSavings Account, this RBC Newcomer eSavings Cash Bonus Offer will be applied to the Eligible Client’s Eligible RBC High Interest eSavings Account first, to the exclusion of any other cash bonus offer, unless the terms and conditions of any such other offer permit you to avail of both offers.
- We may change this RBC Newcomer eSavings Cash Bonus Offer and/or these Terms at any time without notice. The posting of the current Terms at www.rbc.com/hisanew23 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 Newcomer eSavings Client Cash Bonus Offer, these Terms shall prevail. You may always view the current Terms by visiting www.rbc.com/hisanew23 or you may call 1-800 ROYAL® 1-1.
- We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke the RBC Newcomer eSavings Cash Bonus 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 Newcomer eSavings Cash Bonus Offer, without further explanation or advance notice to such person or account holder. By participating in the RBC Newcomer eSavings Cash Bonus Offer, 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 offer in the event that we find or believe you to be manipulating or otherwise abusing the process, fairness, integrity or operation of the offer.
- If we are unable to execute the offer as planned for any reason, including but not limited to infection of our computers/systems by 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 Newcomer eSavings Cash Bonus Offer, we reserve the right at our sole discretion to, without advance notice, terminate or suspend the RBC Newcomer eSavings Cash Bonus Offer, in whole or in part, or modify it as we deem necessary.
- You have 30 days to notify us if you believe you have completed all Qualifying Criteria but have not received the Cash Bonus(es) due under these Terms. Any notice received after this date, will not be accepted and we will only be required to ensure your Eligible RBC High Interest eSavings Account was paid applicable interest at the Regular Interest Rate from the date you opened that account, even if you had completed the applicable Qualifying Criteria required to earn the Cash Bonus(es).
- If you have any other personal deposit account(s) with us, it or they must be in good standing; otherwise, we reserve the right to prohibit you from participating in, or to discontinue your participation in, the RBC Newcomer eSavings Cash Bonus Offer in our sole discretion. By participating in the RBC Newcomer eSavings Cash Bonus Offer, 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 prohibiting you from participation in, or discontinuing your participation in, this offer.