Accounts offer enhanced access to ATMs, free banking for students &
TORONTO, April 13 /CNW/ - More ways to earn higher interest, pay lower
fees and even bank for free are some of the options included in RBC Royal
Bank's new line-up of personal accounts available May 1. These new accounts,
which are the result of the most extensive review RBC has ever undertaken of
its chequing and savings accounts and packages, are designed to reward
existing client relationships in addition to building new ones.
"Our strategy is two-fold - we want to reward existing clients for their
loyalty, and give new clients more reasons to bank with us," explained James
Westlake, head of Canadian Banking. "We are providing greater value to clients
by rewarding them with savings and rebates for the breadth of their
relationship with us. We're also making it easier for people to choose
accounts that best suit their needs and saves them the most money."
The enhanced RBC Signature No Limit Banking account (previously known as
Royal Certified Service) is one example of this new strategy. The cost for
this account will remain at $12 per month, but it will no longer have a cap of
65 transactions a month, making it an unlimited transaction account. This
account will now refund the RBC fee for three non RBC Interac ATM withdrawal
fees per month instead of the current one per month and give clients a $35
annual rebate toward an eligible RBC Rewards Visa or an RBC Partner Rewards
Visa card of their choice. Account holders will also have access to
travel-related features such as promotional discounts on flights, as well as
year-round savings on vacation packages, car rentals, hotels, and cruises. No
other major financial institution in Canada offers these types of benefits
with their bank accounts, and until now they were only available on one
account at RBC - our RBC VIP Banking package.
"The rebate feature we are introducing is another example of our unique
approach to rewarding client loyalty," noted Westlake. "Our new RBC
MultiProduct rebate will give clients the ability to reduce or eliminate their
monthly account fee based on the combination of RBC products and services they
have with us. In particular, we believe this feature will benefit students and
seniors who will have additional ways to bank for free or save on fees."
Other highlights of RBC's new May 1 line-up include:
- Free basic RBC Student Banking account, including free Visa card, and
a new option for students to enjoy unlimited debit transactions for
- The addition of another option for seniors to bank for free, along
with the free RBC Day to Day Banking account or rebates on other
- The offer of a gift card worth $150 at HBC, Future Shop or Esso, to
qualifying individuals who open a new RBC Signature No Limit Banking
or RBC VIP Banking account between May 1 and August 31, 2007.
- The ability for clients to assess how they are managing their bank
accounts and to evaluate other banking package options through RBC's
Online Account Selector, at www.rbcroyalbank.com/selector
RBC continues to offer one of the lowest-cost basic banking packages in
the industry, through its RBC Day to Day Banking account - a service which
offers up to 15 transactions for a $4 monthly fee.
The evolution of this client-first approach to developing banking
accounts started in May 2006 with the introduction of the RBC No Limit
account, in direct response to clients who wanted unrestricted monthly debit
transactions for a low monthly package fee. With its introductory interest
rate on its new RBC High Interest eSavings Account - four per cent until
July 31, 2007 - RBC now offers one of the most competitive interest rates in
Canada. This new account, designed for people who are comfortable operating a
savings account online, has no monthly fee, no minimum balance requirement and
includes the ability to make free unlimited real-time online transfers to
other RBC accounts.
For further information:
For further information: Media Contact: Beja Rodeck, Media Relations,