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!