How to earn more rewards and savings from your everyday banking

Jul 12 2021, 7:00 am

Sponsored by RBC

Ever since the pandemic began, we’ve all been a little more conscious of how and what we’re spending our money on (takeout, anyone?); we’ve been more active in putting away funds for a rainy day and looking out for opportunities to snag deals on everyday purchases.

But something we don’t typically consider is how we can get more value and savings for the things we already do each day. And apparently, we’re not alone. To find out what people really want from their bank, RBC listened to client feedback and tested ideas through pilot programs, which ultimately led to the launch of RBC Vantage — access to a comprehensive suite of benefits, interactive tools, rewards, and savings available simply by having an RBC bank account.

Giving new and existing clients even more value than before, more support, and access to a suite of capabilities to help them manage their money with confidence, RBC Vantage rewards you for your banking relationship. What that really means is you can access everything from earning more rewards points to saving money on monthly account fees. Not too shabby, eh?

Earning points on debit purchases

So, what do you need to access RBC’s suite of powerful benefits? An RBC bank account — that’s all. New and existing account holders at RBC won’t have to pay any additional monthly fees to enjoy the perks of this innovative offering (yay), and there’s no minimum balance requirement either (double yay).

For the first time, eligible clients can use their debit cards to earn RBC Rewards points on purchases made in stores or online — a big win for those who don’t spend on credit. Meanwhile, those who have already earned points through their eligible RBC credit card have the option to combine those points and reach their rewards goals sooner.

To do the above, clients must enrol their RBC bank account in RBC’s new Value Program. This program also gives clients more ways to save on their monthly account fees. If, for example, you have two or more additional eligible RBC products — and you do at least two banking transactions per month (think paying bills or direct deposit) — you might not have to pay anything per month (a major plus).

Buying coffee, flights, or paying down bills with points

The rewards and savings from things that you’re already doing each day (from banking transactions to purchases at the store) have the potential to add up over time with the RBC Value Program. (It’s basically like being rewarded for just being yourself!)

Already, RBC Rewards — Canada’s largest bank-owned loyalty program — gives clients access to everything from discounts to special offers and bonus points to savings. These rewards don’t expire, and clients can either save them or redeem them for everyday rewards. This could mean redeeming points to buy a coffee from your favourite roaster, pay down bills or credit cards, or even book flights or hotels.

Clients can earn rewards and savings from RBC partners, including Petro-Canada (save 3 cents per litre on gas with every fill-up using your linked RBC card) and Rexall (get 50 Be Well points for every $1 spent on eligible purchases).

And to help simplify their account offerings, RBC includes the features many Canadians look for — unlimited debit and Interac e-Transfer transactions and ways to save on ATM fees. This inspired the launch of a new bank account: RBC Advantage Banking.

The monthly fee on this account is free to eligible newcomers to Canada (for one year) and students who are account holders won’t have to pay monthly fees during their studies as part of this offering.

Leveraging AI and connecting people

Every little bit helps when it comes to managing your money, and RBC Vantage offers continued access to data-driven insights and capabilities, plus enhanced support with more personalized advice via interactive tools.

One of these is NOMI Find & Save. Leveraging AI, it can help you save money by learning your spending patterns and automatically moving money you didn’t know you had into a savings account. This technology has helped RBC clients find and set aside over $1 billion (yes, billion) in their NOMI Find & Save account since 2017.

RBC clients can also use NOMI Budgets to generate a budget based on their personal spending and saving habits and get regular insights from NOMI Insights to help them make informed decisions when it comes to their finances.

Another digital platform that’s unique to RBC? MyAdvisor. It helps clients make informed financial decisions. To date, the platform has connected 2.5 million clients to a personalized plan and RBC advisors in their community — via video and in-person branch services.

Using digital tools to find the right account

Whether you’re new to RBC or an existing customer, you can find an account that best suits your needs using the Account Selector Tool on the RBC website. You might also benefit from new digital tools that can help you open an account securely, either virtually or at your nearest RBC branch.

To learn more about the benefits you can easily unlock through RBC Vantage, head to rbc.com/vantage.

This content was created by Hive Labs in partnership with a sponsor
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