RBC Bank Reviews, Rates: CDs, Savings, Money Market, Mortgages
Royal Bank of Canada (RBC) provides financial solutions through their straight-forward banking solutions, practical advice and personal service. They want to help you have a better today and a more secure tomorrow. They currently have a network of 420 full-service banking centers in six states (Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia).
RBC Bank was founded in 1990 and since then has been the product of more than 30 mergers and acquisitions. With their “merger of equals” between two regional bank holding companies with a combined century-long heritage, RBC Bank has grown to become one of the leading regional banks over the past two decades.
A bank that cares about its community speaks volumes and RBC Bank does so with their community outreaches, volunteerism and corporate giving. Over 79,000 full- and part-time individuals work with RBC Bank worldwide and RBC Bank continues to employ those who are passionate customer service representatives.
Recently, it has been announced that RBC Bank will become part of PNC Bank. It is expected to be fully completed in March of 2012 and its expected outcome is to bring more convenience to their valued clients.
Review: Royal Bank of Canada
Checking Accounts: RBC Bank definitely offers a wide variety of checking accounts to meet specific financial needs and goals. Some of these include Senior Checking, Select Checking and Preferred Checking. A very convenient checking account they offer is U.S. Banking for Canadians. This is specifically designed to help those who travel frequently to the United States from Canada. The monthly fees are a broad range, from $3.95 all the way to $29.95 a month. The highest fee is with the Preferred Checking and ONE Checking and the runner up is the Select Checking with $11.95 per month. RBC Bank offers a unique service to their clients called Private Banking in order to help with selecting the best investment options available.
Savings Accounts: It is never too late or too early to start saving and RBC Bank provides accounts for any savings goal you may have. Many banks are now providing education savings account and RBC Bank follows suit. There is also a Retirement Savings and a Money Market Savings designed for those who want to earn more interest on their money. The basic savings account they have is called Personal Savings and it is a good fit for those who have a goal they would like to achieve or would like to show their children how to save.
RBC Bank also offers mortgage loans, credit cards, loans and lines of credit and many private banking services.
RBC Bank offers many CD solutions to complement your financial needs and goals. They have fixed-rate CDs and rising rate CDs to earn a guaranteed rate and flexibility. RBC Bank also has PrimeLink CDs, which earns more or less based on the ever-variable Prime Lending Rate.
If a short-term CD sounds appealing, then RBC Bank offers a 14-day CD appropriately called Flex14 Fund CDs. It requires a minimum deposit of $10,000.00 and the interest rate is no less than 1.50 percent.
A $1,000.00 minimum opening deposit is required for most CDs and interest payments are compounded for maximum rate returns.
RBC Bank: Current CD Interest Rate Specials – as of 8/31/11 to 9/6/11
18 Month CD/IRA Special Only – $5,000.00 minimum opening deposit
- 0.60% Interest Rate – 0.60% APY
30 Month CD/IRA Special Only – $5,000.00 minimum opening deposit
- 0.90% Interest Rate – 0.90% APY
18 Month Comm Jumbo (Simple Int) – $100,000.00 and more minimum opening deposit
- 0.60% Interest Rate
30 Month Comm Jumbo (Simple Int) – $100,000.00 and more minimum opening deposit
- 0.90% Interest Rate
Terms & Conditions: Substantial penalties apply to early withdrawals. The interest rate may change at any time without prior notice.
RBC Bank: Personal Savings
This account is ideal for those who leisurely save for things like vacations or putting back gift money. The Personal Savings account requires a low minimum balance of $300.00 and a minimum opening deposit of $100.00. The monthly fee for this account is $5.00, but it is waived if the account owner is under 18 or over 65 years old or if the minimum balance is met.
RBC Bank offers free automatic transfers from a RBC checking account into the Personal Savings account. The ability to transfer out of the Personal Savings account is limited to 6 preauthorized transfers per month. Any excess transfers result in a $10.00 fee, in addition to any $3.00 excess withdrawal fees. Continued excessive preauthorized transfers will result in account closure.
RBC Bank: Retirement Savings
RBC Bank offers various options to start saving for your retirement and knowledgeable banking representatives to help you choose the best plan for you. They have Rollover IRAs, Traditional IRAs and Roth IRAs. Manage your retirement savings better by consolidating plans from former employer 401(k)s and any other retirement accounts with the Rollover IRA. The Traditional IRA is one of the best ways to save for your retirement. Regardless of your income, you are still eligible to participate in an employer’s retirement plan. Roth IRAs do not have any age restrictions when contributing and it lets you withdraw your earnings tax-free when you are eligible.
RBC Bank offers superior retirement services and their brokers will meet with you one-on-one and help evaluate which account is best suited for your personal financial situation.
RBC Bank: Education Savings
Savings bonds and a Coverdell Education Savings Account (ESA) are offered by RBC Bank to help with the responsibility of saving back for school expenses. The savings bonds are as low as $25.00 to buy and they make great birthday or holiday gifts. ESAs are perfect for parents and grandparents who want the opportunity to deposit after tax funds. Contributions are not tax deductible, but the interest earnings are tax-deferred until withdrawal. If the withdrawal(s) are used for qualified education expenses, then even the withdrawals are tax-free.
The money market accounts available atRBC Bank are designed to allow customers easy accessibility and to maximize their earnings while meeting their individual financial needs. RBC Bank offers some of the highest interest rates available with their various money market accounts.
All accounts are easy to access by ATM, phone, Web or at any of their banking centers.
RBC Bank: Preferred Money Market Investment
This account requires an established checking relationship in order to receive a higher interest rate on balances over $10,000.00. It requires a minimum balance of $1,000.00 and the monthly fee of $5.00 is avoided when the balance requirement is met.
RBC Bank: Money Market Reserve
This account is ideal for those who want to earn high interest rates for higher balances. It takes a minimum $2,500.00 opening deposit and minimum balance. The monthly fee is $15.00, but is waived when the minimum balance is met. This is a great account for those who are beginning to save seriously.
RBC Bank: Money Market Investment
If you have $1,000.00, then consider this money market account rather than a checking account. You will be able to earn higher interest rates plus convenient access to your money. There is a $5.00 monthly fee, but is avoidable when the minimum balance of $1,000.00 is met. This is a good account to move to if you already have RBC Bank’s Personal Savings account.
Terms & Conditions: Federal regulation limits the number of withdrawals and/or transfers that may be made from a money market savings account by telephone/PC transfer, pre-authorized transfer or check card. You are limited to six withdrawals and/or transfers from your money market savings account each monthly statement cycle by pre-authorized transfer, or telephone/PC transfer (including any bill payments). And, if the account permits transfers by check or check card, no more than three of the six limited transfers may be made by check or check card. Fees apply to any withdrawals or transfers that exceed these limits.
RBC Bank offers a full range of home mortgage solutions whether you are buying or building a home, purchasing a second home, refinancing or downsizing. RBC Bank mortgage consultants are committed to making the process as easy as possible and work extremely hard to fit your financial situation to the correct loan option. With more than 100 years of exceptional service, RBC Bank promises strength and security behind every loan.
RBC Bank Home Financing Offers:
- Fixed and adjustable rate loans
- Conforming and Jumbo loan
- Competitive pricing
- Interest-only Payment options
- First and second mortgage combos
- Construction-to-Perm loans
- Up to 100% financing with no Private Mortgage Insurance (PMI) on select programs
- Affordable Housing Programs – including first-time homebuyers
- Jumbo programs
- Loans for modular homes, planned unit developments and condos
- Alternative financing for less-than-perfect credit
- Cash-out loan options
- Reverse mortgages for customers age 62 and older
- And much more!
To learn more about RBC Bank’s mortgage options, call 1-800-789-1108 or complete an online mortgage loan pre-qualification form.