RBC Action Direct, which now goes by the moniker RBC Direct Investing has decided to attract new clients instead of keeping the clients it currently has by fixing some of the problems hobbling investors (#1 on my wish list is the ability to “wash” US equities in RRSP accounts). To entice customers of other discount brokerages to switch, RBC is offering 1% of the value of the transfer (up to $2,500 per account type or a maximum of $10,000 per client) when transferring $25,000 or more before November 30, 2006. They are also covering up to $125 in transfer fees when at least $15,000 is transferred.
If you have at least $25,000 in your self-directed RRSP and/or taxable account, it might be worth your while to earn some free money by transferring your accounts to RBC’s inferior discount brokerage and keeping it until May 31, 2007. Now, if TD Waterhouse makes a similar offer, I will be moving my accounts from RBC Direct Investing in a heartbeat!
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7 responses so far ↓
1 pet // Oct 6, 2006 at 1:40 pm
not really worth it . potfolio of 100k will just get you 1K for free it’s not very good to switch considering how bad it is at rbc
2 Alex Givant // Oct 6, 2006 at 3:00 pm
pet: Why not, in 6 months you can transfer it back and event if you pay $100 for transfer it leave you with $900 profit. You don’t have to sell stuff, just to transfer it (am I rigth or they accept just money).
3 Canadian Capitalist // Oct 6, 2006 at 3:50 pm
Pet: If I didn’t a brokergage account with RBC already, I would consider transferring. It’s difficult to pass up a risk free 1%
4 Money Onliner // Oct 10, 2006 at 9:21 am
Risk free or 1%? I don’t understand…
5 MikeB // Oct 11, 2006 at 12:43 pm
Hows about this for a good offer?
http://tinyurl.com/jgodn
6 Brent Arnell // Oct 18, 2006 at 5:50 pm
Is a payment like this taxable?
7 Canadian Capitalist // Oct 19, 2006 at 10:32 am
Brent: That is a good question. I have no idea if it is taxable. Also, if a payment is made within a RRSP, is it considered a contribution?
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