Savings account rates have been trending down in recent times, and that means a lot less income is being generated in your bank accounts.
While you could increase the interest rate the bank is paying you to save money by using a high interest savings account, these accounts rarely live up to the hype.
Whether it is RBC, TD, Scotiabank, or BMO, Canada’s biggest banks all offer high-interest savings accounts (HISA).
RBC’s HISA is referred to as the RBC High Interest eSavings account.
It offers a modest 0.05% which is frankly a lot less than what you’d earn with the EQ Bank Saving Plus (1.25%).
This RBC eSavings review covers its features, fees, and alternative savings accounts in Canada.
The Royal Bank of Canada is the largest bank operating in the country based on its market capitalization.
Founded in 1864 in Nova Scotia, it has grown into a multi-national financial institution with operations in 35 other countries and 17 million customers.
RBC is traded on the Toronto and New York Stock Exchanges under the symbol ‘RY’.
RBC High Interest eSavings Account
If you are looking at upping the ante and earning the most on your savings account with RBC, your best choice is the RBC High Interest eSavings account.
- 0.05% interest rate on every dollar
- No minimum deposit requirements
- No monthly account maintenance fee
- Free electronic transfers to your other RBC savings or chequing accounts
- 1 free withdrawal from an RBC ATM per month
- Access to RBC Online Banking, mobile, and telephone banking
You can also use the RBC eSavings to send Interac e-Transfer, however, this service comes with a fee.
To open an account, you can visit RBC’s website or call 1-800-769-2561.
Other RBC savings accounts include:
RBC Day to Day Savings: This account offers a tiered interest rate that increases in line with your account balance. Its highest interest rate is 0.01%.
RBC Enhanced Savings: This account pays interest on your balance of $5,000 or more. Its highest interest rate is 0.01%.
RBC NOMI Find & Save: NOMI Find & Save studies your spending patterns and automatically moves money from your chequing account into your savings. The interest you earn is 0.05%.
RBC Leo’s Young Savers Account: This RBC children’s account is for kids between the ages of 0-12 years. In addition to a 0.01% interest rate, they also get free Interac e-Transfers and limited Interac e-Transfers.
RBC US High Interest Savings: Earn interest on U.S. dollars up to 0.05%. Learn about the best US$ savings in Canada.
RBC High Interest eSavings Account Fees
The RBC High Interest eSavings account has some transaction fees you should note.
|Debits exceeding 1 per month||$5 each|
|Interac e-Transfer||$1 each|
|Interac ATM withdrawal||$2|
|Plus System ATM (Canada and U.S.)||$3|
|Plus System ATM (outside Canada and U.S.)||$5|
|Cross-border debit transaction||$1 each|
RBC eSavings vs Alternative Savings Accounts in Canada
The interest rate offered by the RBC eSavings account is much lower than what you’d get from popular online banks.
Higher rates are offered by EQ Bank, Tangerine, Wealthsimple Cash, and the Scotiabank MomentumPLUS Savings account.
1. EQ Bank Saving Plus Account
EQ bank is a subsidiary of Equitable Bank, a Schedule I bank in Canada.
Its Savings Plus Account works like a hybrid (i.e. savings + chequing) with these features:
- 1.25%* non-promotional (regular) interest rate on every dollar
- No monthly account fees or minimum fees or minimum balance
- Free and unlimited debits, bill payments and Interac e-Transfers
- Free mobile cheque deposits
- CDIC protection up to $100,000
- Joint Savings accounts
Learn more about EQ Bank in this review.
2. Wealthsimple Save
This hybrid account is offered by Wealthsimple, Canada’s most popular online wealth management service.
A Wealthsimple Save account has no fees and comes with:
- 0.50% interest rate (regular and non-promotional)
- CDIC protection up to $100,000
3. Simplii Financial Savings Accounts
Simplii Financial is a subsidiary of CIBC, a top-5 bank in Canada. Its high-interest savings account offers a 0.10% rate.
This account has no monthly fee and free transfers to your other bank accounts.
You can also pair it up with a free chequing account.
|RBC High Interest eSavings||EQ Bank Savings Plus||Simplii Savings Account||Wealthsimple Save|
|Financial Institution||Royal Bank of Canada||EQ Bank||Tangerine Bank||Wealthsimple|
|Interest rate||0.05%||1.25%*||0.10% regular||0.50%|
|Free transactions||1 free RBC ATM debit; free transfers to personal RBC account||Unlimited debits, bill payments, and Interac e-Transfers||Free electronic fund transfers||Free transfers to linked bank accounts|
|Other features||Save-Matic and MyFinance Tracker; Big 5 bank||Mobile cheque deposits, cheap global money transfer, Joint savings account, automatic savings feature||Access to free chequing account, automatic savings feature, other personal banking accounts||Access to robo-advisor investing, free brokerage platform, cryptocurrency exchange, SRIs, etc.|
|Learn more||–||Get this rate||–||–|
- CIBC eAdvantage Savings Account Review
- TD High Interest Savings Account Review
- BMO Savings Account Builder Review
- EQ Bank TFSA Savings Account
RBC High Interest eSavings FAQ
This account offers 0.05% on your account balance. The interest is calculated daily and paid monthly.
You can use Save-Matic to set up a regular automatic plan with pre-authorized transfers from your chequing account to your savings account. Save-Matic is available on RBC Online Banking. You can also use the RBC NOMI FIND & SAVE digital savings account to automate your savings.
The best savings interest rate for you will vary as the accounts may have distinct features besides the rates. You can compare the best savings rates here.
The prime rate as of October 7, 2021, is 2.45%. Here is the prime rate history over the last 10 years.
Have an RBC high interest savings account? Let us know about your experience in the comments.
RBC High Interest eSavings Account Review 2021
The RBC High Interest eSavings Account does not compare well with the best high interest savings rates in Canada. Learn about its features, benefits, fees, and alternative options.