RBC High Interest eSavings Account
eSavings Bonus Offer
Terms and Conditions
“you”, “your” mean the owner of any RBC High Interest eSavings® Account (“eSavings Account”);
“we”, “us”, “our”, the “Bank” mean Royal Bank of Canada or any of our deposit taking subsidiaries in Canada where you have opened an eSavings Account;
“eSavings Bonus Offer” is the promotional offer we make for the eSavings Account in these Terms and Conditions;
“Bonus Interest Rate” is the increment over the Regular Interest Rate in the eSavings Account. At the start of the Promotional Period (May 15, 2018), the annual Bonus Interest Rate was 1.60%.
“Deposit Account” means any personal deposit account in Canadian dollars you have opened with us, including the eSavings Account;
“Deposit Window” is the period from May 15, 2018 to August 15, 2018;
“Deposit Window Balance”, with respect to any day during the Deposit Window, is the least of the following amounts:
(a) the End of Day eSavings Balance on that day minus the End of Day eSavings Balance on May 14, 2018;
(b) the End of Day Net Balance on that day minus the End of Day Net Balance on May 14, 2018; or
“Eligible Client(s)” is defined in Section A below.
“Eligible eSavings Account” means an eSavings Account opened before or during the Promotional Period that meets the eligibility criteria under section A below and is not excluded under section C below;
“End of Day eSavings Balance” means the balance in all eSavings Accounts at the end of any business day held by you in sole and joint ownership;
“End of Day Net Balance” means the combined balances in all Deposit Accounts at the end of any business day held by you in sole and joint ownership.
“Promotional Interest Rate” is the Bonus Interest Rate plus the Regular Interest Rate. If on May 15, 2018, the Regular Interest Rate was 0.90% per annum and the Bonus Interest Rate was 1.60% per annum, the Promotional Interest Rate was 2.50% per annum;
“Promotional Period” is the period from May 15, 2018 to August 15, 2018;
“Regular Interest Rate” is the interest rate for the eSavings Account posted on our RateSetter. On May 15, 2018, the Regular Interest Rate was 0.90% per annum and is subject to change without notice;
To be eligible for this eSavings Bonus Offer, you must have an eSavings Account and new funds (from non-Royal Bank of Canada sources) must be introduced to the Bank by way of deposit to your eSavings Account, during the Deposit Window. The eSavings Bonus Offer is only available to existing clients of the Bank who receive the Offer by email directly from the Bank and/or receive a notification that they are eligible to participate in the Offer when they log into the Bank’s Online Banking website (“Eligible Client(s)”).
B. DEPOSIT WINDOW
On each day during the Deposit Window, you will earn interest on the Deposit Window Balance at the Promotional Interest Rate. Interest is calculated daily. Interest at the Regular Interest Rate is paid monthly on the second business day of the following calendar month to the account in which it is earned. Interest at the Bonus Interest Rate is paid monthly on the second business day of the following calendar month. All interest earned at the Bonus Interest Rate across all eligible eSavings Accounts will be paid into the eSavings Account of the Eligible Client with the earliest account open date. If the Promotional Period ends before the last day of the calendar month, Interest at the Bonus Interest Rate is paid on the second business day after the last day of the Promotional Period.
1. The following are not eligible and are excluded from this eSavings Bonus Offer, and any funds deposited to the following accounts will not qualify for the Bonus Interest Rate:
(a) any Deposit Account in U.S. dollars, including the RBC US High Interest eSavings® Account;
(b) any Deposit Account with ownership in the name of an “Estate of …”;
(c) any Deposit Account where an Eligible Client is not an owner of the account as of the start of the Promotional Period. If the account ownership of a Deposit Account is changed to include an Eligible Client during the Promotional Period, that Deposit Account will remain ineligible for the eSavings Bonus Offer.
2. If an Eligible eSavings Account is closed during the Promotional Period for any reason, the Promotional Interest Rate will not be paid in respect of any funds deposited to that eSavings Account and the eSavings Bonus Offer will not apply.
- We may change the eSavings Bonus Offer and these Terms and Conditions at any time without giving you notice. The posting of the current Terms and Conditions at www.rbc.com/esavings shall be deemed sufficient notice of them to you, if required.
- In the event of a conflict between these Terms and Conditions and the content of any document, brochure or promotional material advertising the eSavings Bonus Offer, these Terms and Conditions shall prevail. You may always view the current Terms and Conditions by visiting www.rbc.com/esavings or you may call 1-800 ROYAL® 1-2 to request a current copy.
- We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke the eSavings 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 eSavings Bonus Offer.
- Your Deposit Accounts with us must be in good standing and not overdrawn in order for you to participate in the eSavings Bonus Offer.
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