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RBC launches new line-up of accounts that reward client
loyalty
Accounts offer enhanced access to ATMs, free banking for
students & seniors
TORONTO, April 13, 2007 — More ways to earn
higher interest, pay lower fees and even bank for free are
some of the options included in RBC Royal Bank's new line-up
of personal accounts available May 1. These new accounts,
which are the result of the most extensive review RBC has
ever undertaken of its chequing and savings accounts and packages,
are designed to reward existing client relationships in addition
to building new ones.
"Our strategy is two-fold - we want to reward existing
clients for their loyalty, and give new clients more reasons
to bank with us," explained James Westlake, head of Canadian
Banking. "We are providing greater value to clients by
rewarding them with savings and rebates for the breadth of
their relationship with us. We're also making it easier for
people to choose accounts that best suit their needs and saves
them the most money."
The enhanced RBC Signature No Limit Banking account (previously
known as Royal Certified Service) is one example of this new
strategy. The cost for this account will remain at $12 per
month, but it will no longer have a cap of 65 transactions
a month, making it an unlimited transaction account. This
account will now refund the RBC fee for three non RBC Interac
ATM withdrawal fees per month instead of the current one per
month and give clients a $35 annual rebate toward an eligible
RBC Rewards Visa or an RBC Partner Rewards Visa card of their
choice. Account holders will also have access to travel-related
features such as promotional discounts on flights, as well
as year-round savings on vacation packages, car rentals, hotels,
and cruises. No other major financial institution in Canada
offers these types of benefits with their bank accounts, and
until now they were only available on one account at RBC —
our RBC VIP Banking package.
"The rebate feature we are introducing is another example
of our unique approach to rewarding client loyalty,"
noted Westlake. "Our new RBC MultiProduct rebate will
give clients the ability to reduce or eliminate their monthly
account fee based on the combination of RBC products and services
they have with us. In particular, we believe this feature
will benefit students and seniors who will have additional
ways to bank for free or save on fees."
Other highlights of RBC's new May 1 line-up include:
- Free basic RBC Student Banking account, including free
Visa card, and a new option for students to enjoy unlimited
debit transactions for free.
- The addition of another option for seniors to bank for
free, along with the free RBC Day to Day Banking account
or rebates on other accounts.
- The offer of a gift card worth $150 at HBC, Future Shop
or Esso, to qualifying individuals who open a new RBC Signature
No Limit Banking or RBC VIP Banking account between May
1 and August 31, 2007.
- The ability for clients to assess how they are managing
their bank accounts and to evaluate other banking package
options through RBC's Online Account Selector, at www.rbcroyalbank.com/selector
RBC continues to offer one of the lowest-cost basic banking
packages in the industry, through its RBC Day to Day Banking
account - a service which offers up to 15 transactions for
a $4 monthly fee.
The evolution of this client-first approach to developing
banking accounts started in May 2006 with the introduction
of the RBC No Limit account, in direct response to clients
who wanted unrestricted monthly debit transactions for a low
monthly package fee. With its introductory interest rate on
its new RBC High Interest eSavings Account - four per cent
until July 31, 2007 - RBC now offers one of the most competitive
interest rates in Canada. This new account, designed for people
who are comfortable operating a savings account online, has
no monthly fee, no minimum balance requirement and includes
the ability to make free unlimited real-time online transfers
to other RBC accounts.
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Media contact:
Beja Rodeck, Media Relations, (416) 974-5506
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