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Winter 2023 eSavings Bonus Offer
Terms and Conditions

DEFINITIONS

Interest Rate Definitions:

“Bonus Interest Rate” is the increment over the Regular Interest Rate applicable to the Eligible eSavings Account. As of the start of the Promotional Period (February 1, 2023), the annual Bonus Interest Rate is 2.75%.

“Promotional Interest Rate” is the Bonus Interest Rate plus the Regular Interest Rate. For example, if on February 1, 2023, the Regular Interest Rate were 1.50% per annum and the Bonus Interest Rate were 2.75% per annum, the Promotional Interest Rate would be 4.25% per annum;

“Regular Interest Rate” is the standard interest rate applicable to the eSavings Account posted on our RateSetter, available online at https://www.rbcroyalbank.com/rates/persacct.html. On February 1, 2023, the Regular Interest Rate was 1.50% per annum. The Regular Interest Rate is subject to change without notice;

Additional Definitions:

“Deposit Account” means, subject to the exclusions described in Section E below, any personal deposit account in Canadian dollars you have opened with us in sole or joint ownership, including the eSavings Account;

“Deposit Window” is the period from February 1, 2023 to April 30, 2023;

“Deposit Window Balance”, with respect to any day during the Deposit Window, is the least of the following amounts:

  • the sum End of Day eSavings Balance of all Eligible eSavings Accounts on that day minus the End of Day eSavings balance of all Eligible eSavings Accounts owned by the Eligible Client on January 31, 2023
  • the End of Day Net Balance of all Deposit Accounts on that day minus the End of Day Net Balance of all Deposit Accounts on January 31, 2023 or
  • $1,000,000.00

“Eligible Client(s)” is defined in Section B below.

“Eligible eSavings Account” means any eSavings Accounts owned by an Eligible Client as the Primary Account Owner on January 31, 2023 that meets the eligibility criteria described in Section A below and that is not excluded under the terms and conditions set out in Section E below;

“End of Day eSavings Balance” means the sum, at the end of any calendar day, of the balances in all Eligible eSavings Accounts held by an Eligible Client.

“End of Day Net Balance” means the sum, at the end of any calendar day, of the balances in all Deposit Accounts held by an Eligible Client, whether in sole or joint ownership.

“eSavings Bonus Offer” means the promotional offer in respect of an Eligible eSavings Account(s), as set out in these Terms and Conditions (Note: For convenience, the eSavings Bonus Offer may alternatively be referred to herein as the “Offer”);

“Promotional Period” is the period from February 1, 2023 to April 30, 2023

“you”, “your” mean the owner of an Eligible RBC High Interest eSavings® Account (Note: For convenience, the RBC High Interest eSavings Account may alternatively be referred to herein as an “eSavings Account”); “we”, “us”, “our”, the “Bank” mean Royal Bank of Canada or any of our deposit taking subsidiaries in Canada;

A. OFFER

If you are an Eligible Client and meet the Qualifying Criteria and all other terms and conditions set out herein, during the Promotional Period you will receive interest at the Promotional Interest Rate on your Deposit Window Balance in an Eligible eSavings Account.

B. ELIGIBILITY

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 are informed electronically by the Bank, when they log in to RBC Online Banking, that they are eligible for the Offer (“Eligible Client(s)”). The eSavings Bonus Offer is particular to the individual to whom it is presented, and may not be transferred to or shared with any other party.

C. QUALIFYING CRITERIA

To receive the benefit of the Promotional Interest Rate under this eSavings Bonus Offer, during the Deposit Window you must:

  1. be an Eligible Client;
  2. have an Eligible eSavings Account; and
  3. deposit new funds, to an Eligible eSavings Account owned by you as a primary owner on January 31, 2023, from a source or multiple sources other than any account you hold with us. (For clarity, you will not qualify to receive the benefit of the Promotional Interest Rate under this Offer in respect of any funds you transfer into your Eligible eSavings Account from another account(s) you hold with us.)

D. DEPOSIT WINDOW; INTEREST CALCULATION/PAYMENT

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. When applicable, 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 Eligible 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.

E. EXCLUSIONS

  1. The following accounts are not eligible and are excluded from this eSavings Bonus Offer, and any funds deposited to any such account(s) will not qualify for the Bonus Interest Rate:
    1. Any Deposit Account in U.S. dollars, including the RBC US High Interest eSavings® Account;
    2. Any eSavings Account owned by the estate of a deceased individual(s) (ie, with ownership in the name of “Estate of …”);
    3. Any eSavings Account of which an Eligible Client is not the Primary Owner as of January 31, 2023. (Note: For greater certainty, even if the account ownership of that eSavings Account is changed to include an Eligible Client during the Promotional Period, that eSavings Account will remain ineligible for the eSavings Bonus Offer.)
  1. If for any reason an Eligible eSavings Account is closed or switched at any time during the Promotional Period, you will not be paid any interest at the Bonus Interest Rate that would otherwise have been earned in the applicable closed or switched Eligible eSavings Account for any portion of the month in which you closed or switched that account. (For example, if you close your Eligible eSavings Account on March 15, 2023, you will not be paid interest at the Bonus Interest Rate for that account for the period of March 1, 2023 to March 15, 2023, inclusive). Additionally, if you close or switch an Eligible eSavings Account on or before the second business day of a given calendar month, you will forfeit any interest at the Bonus Interest Rate earned during the previous calendar month for the account that you so closed or switched. (For example, if you close your Eligible eSavings Account on March 1, 2023, you will not be paid interest at the Bonus Interest Rate for that account for the period of February 1, 2023 to February 28, 2023, inclusive). For clarity, however, please note that you will still earn and be paid all applicable interest at the Regular Interest Rate in respect of that account until the date before the day on which you close or switch that account.

F. LIMITATIONS

  1. 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 rbcroyalbank.com/dms/nmo/winter23terms-l.html shall be deemed sufficient notice of them to you, if required.
  2. In the event of a conflict between these Terms and Conditions and the content of any document, brochure or promotional material advertising this eSavings Bonus Offer, these Terms and Conditions shall prevail. You may view the most current Terms and Conditions by visiting rbcroyalbank.com/dms/nmo/winter23terms-l.html or you may call 1-800 ROYAL® 1-1 to request a current copy.
  3. We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke the eSavings Bonus Offer from any person or accountholder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the eSavings Bonus Offer.
  4. Should you qualify for more than one eSavings promotional rate offer at the same time, only one will apply. The offer applied in such circumstances will be chosen by us in our sole discretion.
  5. 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 eSavings Bonus Offer, we reserve the right at our sole discretion to, without advance notice, terminate or suspend the eSavings Bonus Offer, in whole or in part, or modify it as we deem necessary.
  6. 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 Bonus Interest Rate, due under these Terms and Conditions. Any notice received after this date will not be accepted and we will only be required to ensure your Eligible eSavings Account(s) was (were) paid applicable interest at the Regular Interest Rate for the duration of the eSavings Bonus Offer.
  7. 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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