Best RBC savings accounts, compared
Updated: October 29, 2024
Since RBC offers a variety of products, from home mortgages to student lines of credit, you may have thought about opening a savings account with them to grow your funds as you decide on your next move with your finances.
It’s also worth noting that RBC was ranked number one in the J.D. Power 2024 Canada Online Banking Satisfaction Study1 for the fourth consecutive year. With a comprehensive mobile app and AI-driven savings tools, I checked out the various savings products offered so you can make an informed decision about the different options at RBC Bank.
RBC offers the following savings accounts:
- RBC High Interest eSavings
- RBC Enhanced Savings
- RBC Day to Day Savings
- RBC U.S. Savings
- RBC Leo’s Young Savers Account
My top pick from the RBC savings accounts
Of all the accounts RBC high interest savings account options, I would choose the RBC High Interest eSavings account as it offers the most competitive interest rate, even if it’s just for three months.
The good news is that you can maximize the return on your money during this time period as you figure out what to do next with your funds. With interest rates constantly fluctuating, it’s essential that you stay up to date with what’s happening in the market.
If you’re not ready to invest in the stock market and have some savings sitting around, you could benefit from this account. If you’re wondering about how much you could earn in an RBC high interest savings account, you could test out the various investment calculators to see how your funds could grow in the different investment accounts.
However, I would take the time to find another savings account or a better option for your savings because, with stubborn inflation rates, you’ll want to ensure that your money’s working for you. In this review of RBC Bank savings accounts, you may find that the interest rates are nothing to get excited about.
Related: Best high interest savings accounts
Best RBC savings accounts
RBC High Interest eSavings
- Monthly fee: None
- Interest rate: 5.4% introductory rate (1.4% after that)
- Minimum to avoid fee: You can’t avoid the transaction fee
- Number of transactions: One ($5 each after this limit)
This account is suited for someone looking to get the best possible return on their money. Even though the promotional interest rate is only good for three months, you still want to ensure that you’re getting the best value for your money. The RBC High Interest eSavings offers you the opportunity to earn a competitive interest rate without stressing about account minimums or fees for transferring money between accounts.
However, we can’t ignore the significant issues with this account, which are the limited transactions and unnecessary transaction fees. You only get one free monthly ATM debit withdrawal and every transaction after that is $5. You also have to pay $1 for an Interac eTransfer as well. These fees can quickly add up and easily offset the interest earned on your funds.
The general sentiment on Reddit is that there are better long-term rates available elsewhere if you want to maximize your returns.
Pros
-
High promotional offer of 5.4% on balances up to $1,000,000 for the first three months
-
Free unlimited transfers between RBC accounts so you can move your funds around
-
There are no monthly fees or account minimums
-
You can use the Save-Matic feature to automate savings
Cons
-
Interest rate is only introductory and it drops to 1.4% eventually, which isn’t that competitive
-
Many competitors offer more free transactions and higher rates
-
You only get one free ATM transaction and then you have to pay $5 per transaction
“You can get much better elsewhere. But if you insist on keeping it with RBC their best rates are their GIC's (again, even these are low compared to the competition).”
Reddit user DudeWithASweater
RBC Day to Day Savings
- Monthly fee: None
- Minimum to avoid fee: None
- Interest rate: Tiered (0.005% for balances of $0 to $999.99 and 0.01% for balances of $1,000 and more)
- Number of transactions: One ($2 after this limit)
The RBC Day to Day Savings account has a tiered interest, and there’s nothing to celebrate about either rate. With the highest interest rate available being 0.01%, this account really can't be recommended to anyone as there are so many better options available out there. While you get free transfers to other RBC bank accounts, this perk alone isn’t enough to encourage you to sign up for this account.
Reddit user @DrinkMoreBrews highlighted their frustration with RBC’s Day to Day Savings Account, describing the interest rate as "atrocious." They noted that, with $22,000 sitting in the account, it simply isn’t worthwhile to keep funds in a place that offers such a low return.
Pros
-
No monthly account fees or limits
-
You can transfer funds between RBC accounts easily and with no fees
Cons
-
Extremely low interest rate as the highest rate is only 0.01% which isn’t even worth mentioning
-
You have to pay a $1 fee for every Interac e-Transfer and $2 for every debit transaction after your one free monthly debit
RBC Enhanced Savings
- Monthly fee: None
- Minimum to avoid fee: N/A
- Interest rate: 0- $4,999 - No interest, $5,000 to $9,999 - 0.001%, $10,000 to $24,999 - 0.005%, $25,000 plus - 0.01%
- Number of transactions: One ($2/transaction after the limit)
The tiered interest rate for the RBC Enhanced Savings begins at balances starting at $5,000, meaning that you don’t earn any interest at all if your balance is below $5,000. This option isn’t worth listing as it is not commonly promoted on the RBC’s list of savings accounts.
Pros
-
There are no monthly fees or account minimums
Cons
-
You don’t earn any interest on a balance under $5,000 and then the interest after that is only 0.001%, which isn’t even worth mentioning
-
You only get one free transaction and then it’s $2 after time every time
RBC U.S. High Interest eSavings
- Monthly fee: None
- Minimum to avoid fee: N/A
- Interest rate: 0.400%
- Number of transactions: One per month ($3/transaction after this limit)
The RBC U.S. High Interest eSavings makes sense if you want to hold USD currency in Canada. While you can earn interest on every US dollar, you’re also limited in how many free transactions you get. However, the general sentiment online was that this is a decent account for holding American currency.
Pros and cons
Pros
-
No monthly fees or account minimum balance requirements
-
You get free and unlimited transfer between your RBC accounts
Cons
-
The interest rate offered in this account isn’t that high and there are better investment opportunities available
-
You have to pay $3 for every transaction after you exceed the one free one
-
No Interac e-Transfer capabilities
“I've been with them for over 3 years now. Don't think I had any issue or any unknown charges or unsatisfactory experience with them. I'll stick with them.”
Reddit user @Mediocre_Estate
RBC Leo’s Young Savers Account
- Monthly fee: Free
- Minimum to avoid fee: N/A
- Interest rate: 0.01%
- Number of transactions: Unlimited
The RBC Leo’s Young Savers Account is for children and something worth considering as a parent if you want your kids to learn about money management from an early age. While the interest rate is extremely low, it’s a good starting point for kids looking for a banking experience.
Pros
-
The ideal account for children ages 0-12 looking to learn about money management
-
Children get access to the Mydoh app to learn about personal finance
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Free Interac eTransfers, which can be rare to find
Cons
-
You have to book an appointment to set up an account and it can’t be done online
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There’s an age restriction and those over 13 can’t hold an account
-
Extremely low interest rate, making it difficult for children to see the power of compound interest
“Very easy to use, they get their own card and easy to deposit/transfer money. Their online banking and mobile apps are also pretty good.”
Reddit user @d10k6
RBC bundle packages (multiline discounts)
Most banks will offer some sort of savings and chequing package, but RBC doesn’t currently have this type of option available. However, you can save money on your banking fees by opening a certain type of account and by opening up multiple products.
You can also get better banking deals as you open more financial products. You can save money with the Value Program, meaning that if you hold more than two eligible products, you can earn points faster and reduce your monthly fee.
The eligible products include:
- RBC personal credit card
- Personal investment with RBC Direct Investing
- Residential mortgage
- Small business account
You can bring down the RBC Signature No Limit Banking account fee down to $5 per month if you enroll in enough of the eligible products. You can then connect this to an RBC High Interest eSavings account to earn 5.4% for the next three months.
You can also accelerate your savings by turning on NOMI Find & Save in the RBC Mobile App, which analyzes your spending to help you save. This is one of the perks of opening an RBC savings account along with the MyAdvisor platform, which can help you set financial goals.
NOMI Find & Save
If you’re not impressed with the RBC savings account interest rate, you can take advantage of the NOMI Find & Save capability that you can turn on. This allows RBC to track your spending and saving habits in your chequing account to find ways that you can save money. You can turn this feature on with an eligible RBC Bank chequing account and the interest rate is 0.55%. This feature tracks your spending and automatically moves money into your savings account (whichever one you’re enrolled in).
Reddit user @bravomega gave the best summary on this feature:
“I think the purpose of Nomi was for people who don't have a good grasp of their day-to-day finances or don't have time to manage their finances. If you know how much money you have and where it all is, Nomi isn't for you. I like to manage my own money and I'm good enough at it and can spend enough time on it so that I don't need AI to move money around for me. Until Nomi does something better than I would I keep declining its offers.
I do use regular nomi though, the data aggregator. I like how it puts all my credits and debits into easily consumable visual graphs.”
The automatic transfer limit is currently at $75, but it can’t be customized. However, you get free transfer to and from any of your eligible RBC accounts (chequing and savings). You also get automatic payment protection to cover any upcoming payment that’s due out of your connected chequing account. The predictive technology tracks your spending patterns to help you save money, so while the interest rate may not be anything to get excited about, at least you’re putting more money away.
Summary of best RBC savings account
| Product name | Monthly fee (cost to avoid monthly fee) | Interest rate |
|---|---|---|
| RBC High Interest eSavings | None | Promotional offer: 5.4% for e months and 1.4% after that. |
| RBC Day to Day Savings | None | Tiered (0.005% for balances of $0 to $999.99 and 0.01% for balances of $1,000 and more) |
| RBC Enhanced Savings | None | 0- $4,999 - No interest, $5,000 to $9,999 - 0.001%, $10,000 to $24,999 - 0.005%, $25,000 plus - 0.01% |
| RBC U.S. High Interest eSavings | None | 0.400% |
| RBC Leo’s Young Savers Account | None | 0.01% |
RBC savings accounts reviews
If you browse for reviews of RBC savings accounts, the general sentiment is that you can find better long-term options out there. Most discussions on forums revolve around users being surprised about the low interest rates. Unfortunately, many of the perks of the various savings accounts are standard features like no monthly fees or account minimums that can be found with every account out there.
A user with the name NerdNinjaMan left the most accurate comment on a Red Flag Deals forum post when it comes to an RBC savings account:
“Remind me again, why any of the savings account products at the Big 5 is relevant anymore? EQ Bank and WS Cash blow them all out of the water with their 4+% interest rate which is not tied to a limited period as well as superior UI.”
As always, it’s advised that you shop around to find the best rates available to get the most out of your money. If you want assistance with your budgeting and money management, you could rely on the MyAdvisor and NOMI Find & Save features to improve your daily finances.
These are some of the reviews from customers of RBC Bank if you search through the web:
- The RBC Bank app, “RBC Mobile” has a 3.7-star rating in the Google Play Store
- The RBC Bank app, “RBC Mobile” has a 4.8-star rating in the Apple App Store
- The Royal Bank of Canada has a 1.25/5 star rating with the Better Business Bureau
- RBC Bank has a 1.2/5 rating on Trustpilot
How to open RBC savings account
If you’re looking to open an RBC savings account, you have a few options for how you can apply:
- 1.
You can apply online by clicking here. You can get a savings account recommendation based on your preferences and then apply online.
- 2.
You can call 24/7 to 1-800-769-2561.
- 3.
You can find a local branch near you.
Here’s how you can open any type of RBC Bank savings account account online or in person at your local branch.
- Ensure you’re the age of majority in your province or territory
- Provide a valid passport or one piece of valid Canadian government-issued photo ID (permanent resident card or your driver’s license)
- Provide your Social Insurance Number for tax purposes
The good news is that there’s no minimum opening deposit for a savings account with RBC Bank.
RBC savings accounts compared
RBC vs. Wealthsimple
Wealthsimple is known for its robo-advisor services and $0 commission stock purchases. RBC doesn’t have the same savings tools or interest rates that are available with Wealthsimple. However, It’s worth pointing out that Wealthsimple is a better option for investing, but that the actual savings account options aren’t as comprehensive. If you want to earn a higher interest rate with Wealthsimple, it makes sense to open a Wealthsimple Cash account to earn at least 3.25%.
If you’re looking to start investing money, you’ll want to check out Wealshimple. RBC Bank is the better choice if you want a simple savings account to hold some of your funds.
Automate your investments with WealthsimpleRoyal Bank vs. Tangerine
Tangerine is an online banking that offers competitive interest rates for savings accounts and no-fee chequing accounts for those looking to simplify their finances.
I would stick with the RBC High Interest eSavings account for the long run simply because the interest rate is 1.4% compared to the 0.3% offered by Tangerine after the trial ends. However if you want to maximize on your savings at this moment, you can transfer your funds to a Tangerine savings account where you can earn 6% for five months. Tangerine also offers a no-fee chequing account to save some extra money.
Royal Bank of Canadavs. TD Bank
TD Bank also offers multiple savings accounts and is one of the major Canadian banks that likely has a branch located near you. TD Bank can be a one stop shop for many Canadians since you can have your home insurance, home mortgage, credit card and savings account here.
If I had to choose between TD and RBC, I would go with the RBC High Interest eSavings account since the promotional offer is better and then you can also utilize savings tools like “Save-Matic” to automate your savings.
FAQ about RBC savings accounts
Martin Dasko has been helping millennials make sense of their finances without missing out on life since 2008. Martin started his financial writing career as a business major in Ryerson when he realized that there was so much school didn't teach us about managing money. Martin covers topics ranging from investing in real estate to trying to build your credit score without letting life pass you by.
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