RBC Pilot Program - Banking Rewards
I got invited into the RBC Banking Rewards Pilot program and thought I'd share. Normally, I don't care for these because they require a high balance in chequeing or (low interest) savings, but this one caught my eye as it also includes RBC Direct Investing which can be zero fees.
The tier rewards are at 50k, 100k and 250k
Tier 1 - $50,000+
- Chequeing account rebates - up to $16.95 a month
- Credit Card Rebate - $48 a year
- 0.25% interest boost - like 0.8% total (lol)
- 625 Avion Points/month - minimum $300 PAC to an investment account
Overall not bad, still worse than just keeping your money at WS, but if you value a B+M bank, you basically get free in person banking.
Tier 2 - $100,000+
- VIP Chequeing account rebates - up to $30 a month
- Credit Card Rebate - $120 a year
- 0.25% interest boost - like 0.8% total (lol)
- 625 Avion Points/month - minimum $300 PAC to an investment account
- Complimentary financial plan
Basically, it's the same thing as below just a small rebate difference, the only change is a complimentary financial plan, but who knows how good that is
Tier 3 - $250,000+
- VIP Chequeing account rebates - up to $30 a month
- Credit Card Rebate - $120 a year
- 0.5% interest boost - like 1.05% total (lol)
- 625 Avion Points/month - minimum $300 PAC to an investment account
- Dedicated Financial planner
Similar perks, but a dedicated financial planner assigned to you
Tier promotions are checked every month (average day balance of the accounts), Tier demotions happen once a year.
Seeing as you can have everything in XEQT (or other commission free ETFs) and pay RBC $0 in trading fees, this seems like a good offer from them to try to retain business. I did move a lot of money away from RBC recently, so that might be part of why I got this offer.