RBC High Interest eSavings Account Review (2023)

Savings account rates have been on an uptrend recently as inflation has soared and the Bank of Canada has increased its key policy interest rate.

While you could further 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 1.70%, much less than what you’d earn with the EQ Bank Saving Plus Account (3.00%) or the best offers from many online banks.

This RBC eSavings review covers its features, fees, and alternative savings accounts in Canada.

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.

It offers:

• 1.70% 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 0.70%.

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 0.50%. 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.

Transaction	Fee
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 the 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, Simplii Financial, Neo Financial, and the Scotiabank Momentum^PLUS 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:

• 3.00%* 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.

Open a EQ Bank Saving Account

2. Simplii Financial Savings Account

Simplii Financial is a subsidiary of CIBC, a top-5 bank in Canada. Its high-interest savings account offers a tiered 0.40% to 5.5% rate (and a promotional 6.00% for new accounts for a limited time).

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 that comes with a $400 cash bonus.

3. HSBC High Rate Savings Account

HSBC Bank Canada’s High Rate Savings Account offers up to a 1.85%* interest rate on your deposit. This no-monthly fee account also includes three free debits each month.

4. 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:

• 1.50% interest rate (non-promotional)

	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	1.50%	3.00%*	0.40% to 5.5% regular (6.00% promo interest)	1.50%
Monthly fee	$0	$0	$0	$0
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
Insurance	CDIC	CDIC	CDIC	CDIC
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	Get this rate	–

About RBC

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 FAQ

Related reading:

• CIBC eAdvantage Savings Account Review
• TD High-Interest Savings Account Review
• BMO Savings Account Builder Review
• EQ Bank TFSA Savings Account
• Best Savings Promotions in Canada