First Time Home Buyers Savings Program Terms and Conditions
October 15, 2020
[PLEASE NOTE: Enrollment in the First Time Home Buyers Savings Program has been closed as of April 30, 2021, and it is no longer possible to complete steps I and II described in the “Enrollment” section below. Therefore, if you did not complete these steps before April 30, 2021, you will not be eligible to participate in the First Time Home Buyers Savings Program. Certain links set out herein may be disabled or no longer current.]
The First Time Home Buyers Savings Program (the “Program”) is a program linked to a Dedicated RBC eSavings Account (as subsequently defined herein). The Program provides Cash Bonuses and Exclusive Home Offers from RBC Partners (as described in Section 2 “Program Benefits”), subject to these Terms and Conditions (the “Terms”).
If you do not wish to participate in the Program, please do not open a Dedicated RBC eSavings Account, or advise us and arrangements will be made for you to be removed from the Program and for your Dedicated RBC eSavings Account to be closed. As soon as you use sign-up for the Program, it means that you have read these Terms and that you understand and agree with us to everything set out herein, and in any related agreements you make with us in order to be eligible to participate in the Program.
When these Terms refer to “you” or “your”, they mean each Program member. When these Terms refer to “we”, “our”, “us” and “RBC” they mean Royal Bank of Canada.
In addition to these Terms, the terms of the “RBC Royal Bank Personal Deposit Accounts Disclosures and Agreements” booklet (the “Disclosures”), which contains the terms and conditions governing the RBC eSavings Account also applies to the Program. A copy of the Disclosures was provided to you at the time you opened your Dedicated RBC eSavings Account as part of the Program enrollment process, and is also available:
- in our Branches,
- online at https://www.rbcroyalbank.com/onlinebanking/servicech.html or
- by contacting us as indicated in the “How to contact RBC” section of these Terms.
Capitalized terms have the meaning defined throughout this document and if no definition is shown for a capitalized term, the term has the meaning given to it in the Disclosures, as applicable.
1. First Time Home Buyers Savings Program Client Eligibility, Program Enrollment, and Account Eligibility
Eligibility
You may only participate in the Program and receive any of its benefits for which you may qualify if, as of the date you complete all enrollment criteria as described herein, you are:
- a resident of Canada; and
- of the age of majority in the province or territory in which you reside.
*NOTE: 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;
To qualify to receive any benefit of the Program, you must meet its applicable terms and conditions as described herein.
Enrollment
The following describes the Program enrollment process which must be followed by you in order to open a Dedicated RBC eSavings Account and to enroll in the Program:
- Visit the Program’s landing page (the “Landing Page”) at https://www.rbcroyalbank.com/dms/psi/first-home-savings-program.html to complete the online Program sign-up form (the “Program Sign-Up Form”).
- Once you have completed the online Program Sign-Up Form, click submit. Note that you may submit only one Program Sign-up Form. Should you submit more than one Program Sign-Up Form, we reserve the right to select and assign one of the forms you submit as the official form for the purposes of Program enrollment consideration.
- Following your online submission of your Program Sign-Up Form, you will be contacted by an RBC Home Advisor to confirm the details of your online Program Sign-up Form, and to explain the mandatory steps for opening an RBC High Interest eSavings Account to be used exclusively in connection with the Program (the “Dedicated RBC eSavings Account”), which you must do in order to participate in the Program. (Please Note: that once the details of your online Program Sign-up Form are confirmed with an RBC Home Advisor, they cannot be changed. Please also note that the mandatory steps for opening the Dedicated RBC eSavings account will differ depending on whether you are an existing RBC client or a new-to-RBC client, and the RBC Home Advisor will explain them to you accordingly). You may choose to open the Dedicated RBC eSavings Account during the course of your conversation with the RBC Home Advisor, or you may choose to do so at a later time, but in no event more than 14 days after the above mentioned conversation with the RBC Home Advisor. (Please Note: the Program Sign-Up Form may be made available through the Landing Page prior to the date that actual Program enrollment becomes available, on November 2, 2020. If you submit your online Program Sign-Up Form between October 15, 2020 and November 1, 2020, you will not be contacted by an RBC Home Advisor until November 2, 2020 or later.)
- Upon confirmation of the details of your online Program Sign-Up Form with an RBC Home Advisor, we will send you an email outlining the next steps required to complete Program enrollment (the “Next Steps Enrollment Email"). The Next Steps Enrollment Email will include the next steps you must follow to complete the Program enrollment process, which among other things, will include a reminder and instructions to open a Dedicated RBC eSavings Account within 14 days of the above mentioned conversation with an RBC Home Advisor (if you did not already do so during that conversation). A Dedicated RBC eSavings Account shall be considered opened once it has been opened in RBC’s banking systems and any required client identification processes have been fulfilled. (Please note that the account opening process and client identification process may occur at different times, depending on the channel through which you open the Dedicated RBC eSavings Account.) The Next Steps Enrollment Email will be sent to the email address provided by you to us in the online Program Sign-Up Form.
- Within 5 business days of opening your Dedicated RBC eSavings Account, we will send you an email confirming your successful enrollment in the Program (the “Program Enrollment Confirmation Email”). The Program Enrollment Confirmation Email will include, amongst other important information about the Program, your Dedicated RBC eSavings Account Number and your selected Savings Goal and Savings Period.
- You may only enroll in the Program once, and may only have one Dedicated RBC eSavings Account for the purposes of participating in the Program (though your participation in the Program does not preclude you from holding other RBC products or services, including other RBC eSavings accounts that are not your Dedicated RBC eSavings Account).
- By enrolling in the Program, you agree that we may send you communications and notifications (electronic or otherwise) relating to your participation in the Program and/or to your Dedicated RBC eSavings Account.
Account Eligibility
Your Dedicated RBC eSavings Account shall be the RBC eSavings Account that you open as the Primary Owner (either in sole or joint ownership) and that has the closest account open date to the date on which you confirmed the details of your online Program Sign-Up Form submission with an RBC Home Advisor (the closest account open date being the same date or closest date up to 14 days after the date you confirmed the details of your online Program Sign-Up Form with an RBC Home Advisor). Should you open multiple RBC eSavings accounts on the same date and within 14 days of the above mentioned conversation with an RBC Home Advisor, we reserve the right to select and assign one of those accounts as your Dedicated RBC eSavings Account. Only the Dedicated RBC eSavings Account will be eligible and considered for the Program and the benefits for which you may be eligible thereunder. All Cash Bonuses earned according to the terms in Section 2. Program Benefits will be paid by direct account credit to the Dedicated RBC eSavings Account. You must be enrolled in the Program and your Dedicated RBC eSavings Account must not be closed or switched to another product type on the date any applicable Cash Bonus is issued in order to receive payment of said Cash Bonus.
You undertake to provide a copy of these Terms to each joint Account owner(s) of the Dedicated RBC eSavings Account that is enrolled into the Program. You also undertake to inform such individuals of any updates or amendments to these Terms as well as to provide to them any notifications relating to the Program or to the Dedicated RBC eSavings Account.
2. Program Benefits
The following table is a summary of the benefits you shall be eligible to receive under the Program (the “Program Benefits”) depending on the account activity in your Dedicated RBC eSavings Account and your general participation in the Program. Each of the Program Benefits described in this table are additionally described in further detail below. Please review the table and detailed Program Benefits descriptions carefully.
In order to be eligible to receive the Program Benefits below, you must be enrolled in the Program and your Dedicated RBC eSavings Account must not be closed or switched to another product type on the date that an applicable Cash Bonus (each possible Cash Bonus described below) is issued in order to receive payment. You have 30 days following your qualification for each possible Cash Bonus described below to notify us if you believe you have completed the qualifying criteria but have not received the Cash Bonus owed to you. Any notice received after this date will not be accepted and we will be under no obligation to pay you the applicable Cash Bonus.
| Program Benefits | Amount/Value | Eligibility Criteria (i.e., what you must do to receive the Program Benefit described) |
Payment |
|---|---|---|---|
| One-time Program Sign-up Cash Bonus | $50.00 | Program Enrollment | Amount earned will be deposited into the Dedicated RBC eSavings Account up to 5 business days after qualification |
| Initial Deposit Cash Bonus | $50.00 | Meet or exceed 50% of selected Saving Goal within 30 days of Program Enrollment | Amount earned will be deposited into the Dedicated RBC eSavings Account up to 5 business days after qualification |
| Milestone Cash Bonuses for every 10% of your Savings Goal Achieved | Up to $100.00 each Amount depends on Savings Goal and Savings Period selected. See Table Below. |
Achieve the Savings Milestones outlined in the chart below within your selected Savings Period | Amount earned will be deposited into the Dedicated RBC eSavings Account up to 5 business days after qualification |
| Congratulatory Homebuying Cash Bonus | Up to $1500.00 Specific amount is determined by the funded amount of an eligible RBC Mortgage |
See the detailed Congratulatory Homebuying Cash Bonus description below | Amount earned will be deposited to into the Dedicated RBC eSavings Account within four weeks after the mortgage fund date |
| Exclusive Home Offers from RBC Partners | See https://apps.royalbank.com/apps/homebuyersguide#/ for details | Program Enrollment | N/A |
Program Sign-Up Cash Bonus
To qualify for the one-time Program Sign-up Cash Bonus, you must enroll in the Program and open your Dedicated RBC eSavings Account (see Section 1 for Program enrollment and Dedicated RBC eSavings Account open process details). Following your successful enrollment in the Program and opening of a Dedicated RBC eSavings Account (as described above), a cash bonus of $50.00 will be deposited into your Dedicated RBC eSavings Account within 5 business days of our confirmation of your Program enrollment.
Initial Deposit Cash Bonus
To qualify for the one-time Initial Deposit Cash Bonus, you must qualify for the 50% Milestone Cash Bonus (or a Milestone Cash Bonus of a greater percentage than 50%) within 30 days of the date of your Program enrollment. If you do so, a one-time Initial Deposit Cash Bonus of $50.00 will be deposited into your Dedicated RBC eSavings Account within 5 business days of our confirmation of your qualification to receive the Initial Deposit Cash Bonus.
Milestone Cash Bonuses
Milestone Cash Bonuses will be based on the Savings Goal and Savings Period you selected and submitted on your official online Program Sign-Up Form. Savings Goal means the amount you selected and submitted on the online Program Sign-up Form and confirmed with an RBC Home Advisor to save towards your first home. Savings Period means the number of months you selected and submitted on the online Program Sign-up Form and confirmed with an RBC Home Advisor as the time period over the course of which you will save towards your Savings Goal by depositing funds in your Dedicated RBC eSavings Account. Your selected Savings Goal and Savings Period will be confirmed in the Program Enrollment Confirmation Email that we send to you. Upon enrollment in the Program, the daily end-of-day balance in your Dedicated RBC eSavings Account will be monitored beginning on your Program Enrollment date and ending on the last day of your selected Savings Period to determine qualification for each Milestone Cash Bonus. The last day of your selected Savings Period is defined as the Program Enrollment Date plus 364 days or 729 days depending on your selection of a 12- or 24-month Savings Period. Once your end-of-day balance reaches an amount equivalent to 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80% or 90% of your total selected Savings Goal, you will qualify for the corresponding Milestone Cash Bonus. The applicable Milestone Cash Bonus amount is dependent on your selected Savings Goal and Savings Period; refer to the table below for additional details. Please Note: you may only receive one of each Milestone Cash Bonus, even if you achieve the same milestone multiple times (for example, by achieving a particular milestone, withdrawing funds from your Dedicated RBC eSavings account and causing your balance to drop below the relevant milestone amount, and subsequently depositing funds into that account and causing your balance to exceed the same milestone again). The Milestone Cash Bonus amount will be deposited by direct account credit to your Dedicated RBC eSavings Account within 5 business days of your qualification for the applicable Milestone Cash Bonus. Should you qualify for more than one Milestone Cash Bonus at once, you will be paid all applicable Milestones Cash Bonuses by direct account credit on the same day (within 5 business days of such qualification), and each applicable Milestone Cash Bonus payment will appear as a separate account credit to your Dedicated RBC eSavings Account. You will qualify and earn no more than one Milestone Cash Bonus per each 10% milestone achieved.
| Savings Goal | Savings Period | Milestone Cash Bonus Amount for every 10% (up to 90%) of your Savings Goal Achieved within your selected Savings Period |
|---|---|---|
| $25,000.00 | 12 months or 24 months | $10.00 |
| $50,000.00 | $25.00 | |
| $100,000.00 | $50.00 | |
| $150,000.00 | $75.00 | |
| $200,000.00 | $100.00 |
Congratulatory Homebuying Cash Bonus
To qualify for the Congratulatory Homebuying Cash Bonus you must do each of the following
- Be enrolled in the Program
- Achieve 100% of your selected Savings Goal within your selected Savings Period
- Complete your selected Savings Period
- Apply and get approved for your first eligible RBC Mortgage;
- Have your eligible RBC mortgage funded by us within 365 days of the completion of your selected Savings Period.
This offer is limited to First-Time Home Buyers (as subsequently defined herein). Your eligible RBC mortgage must be funded by us within 365 days of the completion of your selected Savings Period. Offer is eligible only for a new RBC closed mortgage with a four-year or greater fixed interest rate or a five-year variable rate term. The mortgage with RBC must have a principal amount of $100,000 or more. If you open an RBC Homeline Plan account, you may be eligible to receive the applicable Congratulatory Cash Bonus amount based on the total principal amount(s) in the mortgage segment(s) of the RBC Homeline Plan. Mortgages or RBC Homeline Plan mortgage segments with a principal amount of $100,000 to $299,999.99 will receive $500 cash from RBC. Mortgages or RBC Homeline Plan mortgage segments with a principal amount of $300,000 to $499,999.99 will receive $1000 cash from RBC. Mortgages or RBC Homeline Plan mortgage segments with a principal amount of greater than $500,000 will receive $1,500 cash from RBC. These payments will be made by way of direct credit to your Dedicated RBC eSavings Account within four weeks after the mortgage fund date. Limit of one cash payment per funded mortgage or RBC Homeline Plan, as applicable. “First-Time Home Buyers” are those who declare they have not owned a home prior to the mortgage application date. When two or more individuals purchase a home together and only one person is a First-Time Home Buyer, the mortgage will qualify for the purpose of this offer and the Program. The property must be owner-occupied and the funds advanced under the mortgage or RBC Homeline Plan must be used to purchase it. You must be enrolled in the Program and your Dedicated RBC eSavings Account must not be closed or switched to another product type on the date the Congratulatory Homebuying Cash Bonus is issued in order to receive payment. Offer not available for construction draw mortgages or for any amendment to an existing mortgage with Royal Bank of Canada, including a portability transaction, an advance of additional funds, a renewal, a new mortgage segment within an RBC Homeline Plan, or a transfer of an existing mortgage with Royal Bank of Canada to an RBC Homeline Plan. The offer is only available on one mortgage or RBC Homeline Plan, even if more than one client owns the Dedicated RBC eSavings Account, or it is a jointly-held mortgage between clients with separate RBC eSavings Accounts. Upon qualification for the Congratulatory Homebuying Cash Bonus, should you qualify for another at-funding mortgage offer at any time while this offer remains available, the most favourable mortgage offer (as determined by us in our sole discretion) will automatically apply, fulfillment will be in accordance with that offer’s associated terms and conditions. Any other cash bonuses earned in this Program prior to the Congratulatory Homebuying Cash Bonus will not be impacted. This offer cannot be combined or used in conjunction with other RBC mortgage offers that you may qualify for at the time of funding.
Other terms and conditions may apply. This offer or any aspect of it may be changed, withdrawn or extended at any time, without notice. Speak to an RBC Advisor for more details.
Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria.
Exclusive Home Offers from RBC Partners
As a participant in the Program and/or a holder of an RBC mortgage or RBC Homeline Plan, you may also qualify for additional benefits provided in conjunction with various RBC partners (“Exclusive Home Offers from RBC Partners”). To qualify for Exclusive Home Offers from RBC Partners, you must be enrolled in RBC Royal Bank Online Banking. As the RBC eSavings Account is operated exclusively in RBC’s online channels and requires you to be enrolled in RBC Online Banking, your Dedicated RBC eSavings Account automatically qualifies you for these Exclusive Home Offers from RBC Partners. See https://apps.royalbank.com/apps/homebuyersguide#/ for details on the Exclusive Home Offers from RBC Partners that are available to you as a participant in the Program.
3. Changing the Program and these Terms
We may change the Program and these Terms, in whole or in part, at any time, upon 30 days prior notice to you. Possible Program changes may include, but are not limited to, the following:
- Program eligibility and enrollment requirements;
- Program Benefits and/or qualification requirements for Program Benefits;
- The manner in which the Program Benefits are paid, awarded, or otherwise provided, as applicable.
4. Suspension and Termination of the First Time Home Buyers Savings Program
RBC may terminate the Program and its Terms at any time on 30 days’ prior notice.
RBC may restrict or suspend your participation in the Program at any time without notice.
We will not be liable for any loss, damage or inconvenience suffered by you except in a case where there has been negligence on our part, even if we have been advised of the possibility of such damages. We will not, under any circumstances (even if we are negligent), be liable for any indirect, consequential, special, aggravated, punitive or exemplary damages whatsoever caused to you, directly or indirectly arising out of or related to the Program, RBC’s administration of the Program (including any amendment of these Terms) or your participation in the Program.
You may terminate your participation in the Program at any time by closing your Dedicated RBC eSavings Account.
5. Collection and Use of Personal Information
You consent to the collection, use and sharing of your personal information from time to time as described in RBC’s privacy policy. You may also obtain more information about our privacy policies by asking for a copy of our “Financial fraud prevention and privacy protection” brochure (also available online at www.rbcroyalbank.com/cards/_assets-custom/pdf/Straight-Talk-Fraud-e.pdf), by calling us at the number indicated in the “How to contact RBC” section of these Terms, or by visiting www.rbc.com/privacysecurity. Our privacy policy in relation to the Dedicated RBC eSavings Account is also found in the Disclosures.
6. Your Right to Access Your Personal Information
You may access the information we hold about you at any time and review its content and accuracy, and have it amended as appropriate; however, access may be restricted as permitted or required by law. To request access to such information, to ask questions about our privacy policies, or to request that the information not be used for any or all of the purposes outlined in “Other uses of your personal information” within the Disclosures, you may do so now or at any time in the future by contacting your Branch or calling us at the number indicated in the “How to contact RBC” section of these Terms.
7. How to Contact RBC
If you have any questions, comments or concerns about the Program, contact us by calling, toll free: 1-800 ROYAL® 1-1.