Comments on: RBC Direct Investing’s Bonus Offer

By: Jamie

Jamie — Sat, 28 Feb 2009 02:56:24 +0000

I transferred our accounts from ScotiaMcleod and TD for this 1% deal. I’ve been quite happy with RBC thus far. The customer service folks here in Calgary are unbelievably helpful and friendly. I hang up wondering if I really just dealt with a bank. They have straightened out all my issues with in hours in most cases which is remarkable. All I have to do is keep our balances with RBC until May and we get a nice $15,000 for our troubles. These days…that’s a great return!

By: chris

chris — Thu, 15 Jan 2009 21:40:08 +0000

So, AM PM, how did RBC treat you about the trading fees? I’m in a similar situation so any hint as to how to go about would be appreciated.

By: gene

gene — Sat, 29 Nov 2008 19:33:35 +0000

Yes, the lack of interest on balances bugs me too. I’ll be doing some swaps or RSP withdrawals to keep the cash down in my RSP. No sense leaving any significant amount of cash in the account.

I’ve met their minimum requirements for Royal Circle status, so I get 3 free withdrawals per year and free swaps. I’m interested in seeing how versatile the swaps are. I’m impressed with these two free services given to Royal Circle members, so overall, I’m optimistic about RBC Direct Investing.

By: AM PM

AM PM — Sat, 29 Nov 2008 18:43:03 +0000

I will let you know how they eventually treated me. My case will be more complicated for them though because I have had more trades over the course of last two months that I was not paying attention to commission fine print.

One more think that I did not see mentioned here is that you will get 0% interest for cash in your account. Yes that is ZERO. Pretty bold statement in today’s financial times !

You can hear that so far I am not impressed and not putting much hope for the future relationship with RBC. Do they actually read others offers like Etrade 100 free first trades and Cash Maximizer? (deliberately chosen example to contrast my points )

By: gene

gene — Sat, 29 Nov 2008 17:52:39 +0000

AM PM,

I would definitely talk to them about getting that rate reduced to $9.99. They will likely reduce it just to keep the customer satisfied. I was surprised that you didn’t qualify for the $9.99 rate by that time. Seems you had terrible luck on your timing! You needed to either have your $100k assets there one day earlier, or initiate your trade two days later.

I would recommend writing a letter or fax, explaining your issue, and request a refund. I usually end a letter like that saying how much I like their brokerage, but that this issue is likely to drive me away if it isn’t remedied. I don’t usually like doing this over the phone, since there is huge variability in the competence of customer service reps (generally speaking, not specifically at RBC).

Just for the others following this thread, RBC rules are that you have to have $100k in assets by the end of a month to qualify for $9.99 trades by the 22nd of the next month. Very strange rules, so the fine print is necessary. There are three weeks in between qualifying and being awarded the lower commissions.

By: AM PM

AM PM — Sat, 29 Nov 2008 16:11:38 +0000

Be careful with their commissions like gene said above and read a fine print.
They have got my over $100k on 1 OCT and I was still charged $150!!! for a trade made on 20 Nov. This is almost two months that they keep my money and they fine print technically confirms that I do not qualify.
They got me there but I will get them on 22 June 2009 by collecting my 1% and closing account.

By: John Richardson

John Richardson — Wed, 26 Nov 2008 21:56:28 +0000

I have looked at these 6 banks.

Scotia Bank, HSBC, TD Waterhouse, CIBC Investors Edge, RBC Direct Investing, and BMO Investor Line.

Not sure of what Scotia Bank and HSBC offer.

- TD Waterhouse offers $100,000 investment and $9.99
trades and 3 months free commission up to $1500 value=
150 free trades. Account must have $100,000 on the 4th
business day of each month to avoid fees.

- RBC Direct Investing offers $100,000 investment and
$9.99 trades. Account must have $100,000 at the end of
each month to avoid fees. Until Friday Nov 28th RBC Direct Investing is offering 1% back= $250.00 paid after 6 months on a $25,000 switch and will cover your transfer fee as well.

- BMO Investor Line offers $100,000 investment and $9.99
trades and $300 credit in cash into your account after 6
months. Account must have $100,000 to avoid fees.

- CIBC Investors Edge on $10,000 investment offers a
package that contains 50 trades that cost $395 during the
calendar year which is $7.90 per trade and after 50 trades
$6.90 per trade. Account must have $10,000 value during
August and September to avoid annual fees. Rest of year you
can zero in the account.

Based on these comparisons I feel that CIBC Investors Edge offers me the best deal and the least hassle.

What do you all think? Please give me your input. I want your opinion and feedback. If you know of better deals or if I have made any errors please let me know.

Thank you

By: Bob

Bob — Wed, 29 Oct 2008 23:06:26 +0000

Hi there!
I am about to open an DI account in RBC and found this offer. I currently have no investment account in any financial institution.
Is there any way to open a new account in other institution and than transfer it to RBC in order to get the promotional 1% ?
How long can it take and which investment company would you suggest?
Thanks a lot!

By: The Immortal

The Immortal — Thu, 23 Oct 2008 05:00:00 +0000

What about the lack of the TD e-series funds? Anyone know if RBC has something equivalent?

Do you think we would be rejected if we wanted to come crawling back on our hands and knees to TD after receiving the bonus?

By: John

John — Mon, 13 Oct 2008 00:02:59 +0000

How long is this offer good for? I ask because from many indicators if you move money this week you are a fool. It sure looks to me like the market will move up 5% while your money is in transit to make 1%.