RBC has created a partnership with Shoppers Drug mart where when you open an RBC Shoppers Optimum Banking account and you’ll earn Shoppers Optimum Points every time you use your banking account accessed by your debit card!
We wanted to show the pros and cons of this account.
Some of the positives of the RBC Shoppers Optimum Banking Account:
- Earn 1 Shoppers Optimum Point for every $1 you spend anywhere you shop when you use your RBC Shoppers Optimum Banking Account; including gas, entertainment, clothing, groceries, and other purchases.
- Earn 10 Shoppers Optimum Points for every $1 you spend at Shoppers Drug Mart using your RBC Shoppers Optimum Banking Account – that’s in addition to the 10 Shoppers Optimum Points you earn for the same purchase by presenting your Shoppers Optimum Card.
- The customer service, the rates, the products (mortgage, loans, investments) that are available as a customer of RBC could be a benefit to some. Some people are willing to pay a monthly service to have the ability to talk to someone 24/7 for any questions/problems they have.
- $10.95 a month for the fee to earn Shoppers Optimum Points everywhere seems steep. Please consider PC Financial or ING Direct or Coast Capital for a free chequing account.
ING has a promotion until the end of March to give you $100 if you open a banking account and direct deposit your payroll. Why would you pay money when there are so many free options?Another option is the RBC Day to Day Banking account that includes up to 15 transactions for a low flat monthly fee of $4. It even gives you:
- Free access to online and telephone banking
- Access to digital cheque images with Electronic Statement.
- The hassle involved to switch the bank account. I have had to create a new account in the past (for a trading account) and it was a hassle. There is so much paperwork involved and is it worth it?
- There are better and easier ways to collect Shoppers Drug Mart Optimum points so easily by taking advantage of the bonus points that are offered on a regular basis.
- The $10.95 a month they collect is basically paying for your Shoppers Drug Mart Optimum points.
- Their is a catch involved for the bonus 50,000 Shoppers Optimum Points. You need to move your payroll deposits to your new RBC Shoppers Optimum Banking Account and completing 2 bill payments online using RBC Royal Bank® Online Banking. This is OK for some people but remember the work involved in closing an existing account and transferring bill payments to another bank.
Our recommendation is to use the regular Optimum Card and take advantage of any bonus Optimum offers throughout the year at Shoppers Drug Mart. Read our guide to 10 ways to collect Shoppers Drug Mart Optimum Points Faster and do not worry so much about the points.
Remember, that stores that have loyalty programs need to have higher prices to pay for the rewards. Running Grocery Alerts shows us that Shoppers Drug Mart has nice sales but for many everyday purchases it is really expensive. This is something to consider when getting a RBC Shoppers Optimum Banking.
Would you get an RBC Shoppers Optimum Banking account?