Should You Switch Your Bank Account For A Free Laptop?

Should You Switch Your Bank Account For A Free Laptop?

The RBC Signature No Limit Banking Account deal e

expires on Sep 12, 2008. Under this deal, you get a free ASUS laptop if you switch to their account. The question is; is it worth switching for a free laptop?

Let us dissect what you need to do to qualify for this free laptop. The following steps need to be taken:

1) Open a RBC Signature No

Limit Banking Account or open a RBC VIP Banking Account

2) Transfer your account balance from another bank

3) Transfer your preauthorized payments from another bank

4) Transfer your payroll deposit

5) Transfer at least two automatic payments

6) You need to go paperless, meaning you won’t have statements mailed to you. You will be receiving electronic statements

7) Pay at least one bill online

So far so good. The above does not look that bad. RBC is just trying to become your full-time bank. How much does it cost to keep these RBC accounts? In other words, how much you would spend annually to get this free laptop?

RBC Signature No Limit Banking Account costs = $13.95 a month. Annual cost is $13.95 X 12 = $167.40

RBC VIP Banking Account costs $30 a month. Annual cost is $30 X 12 = $360.

Do you think it is worth it to incur these charges for a $300 laptop? Of course, you can keep your account open until Dec 31, 2008 (which is a requirement), then cancel it and still can keep your laptop, but are you willing to go through all the hassle of switching back and forth for a cheap laptop which can be only used to access the internet?

What type of banking would make perfect personal finance sense? A free online banking account or a low cost regular banking account. An article of mine that references these issues is – Still Paying Banking Fees? It is worth a perusal if you are considering a new bank account. That is all for today. See you soon, everyone.