RBC High Interest eSavings Account Review

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by Enoch Omololu

Updated

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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.

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 ACCOUNT REVIEW

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:

  • 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.

TransactionFee
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

The EQ Bank Savings Plus Account offers unlimited debit transactions and interact e-Transfers, and is worth looking at if you want a flexible savings account.

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.

Open a EQ Bank Saving Account

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 eSavingsEQ Bank Savings PlusSimplii Savings AccountWealthsimple Save
Financial InstitutionRoyal Bank of Canada EQ BankTangerine BankWealthsimple
Interest rate0.05%1.25%*0.10% regular0.50%
Monthly fee$0$0$0$0
Free transactions1 free RBC ATM debit; free transfers to personal RBC accountUnlimited debits, bill payments, and Interac e-TransfersFree electronic fund transfersFree transfers to linked bank accounts
InsuranceCDICCDICCDICCDIC
Other featuresSave-Matic and MyFinance Tracker; Big 5 bankMobile cheque deposits, cheap global money transfer, Joint savings account, automatic savings featureAccess to free chequing account, automatic savings feature, other personal banking accountsAccess to robo-advisor investing, free brokerage platform, cryptocurrency exchange, SRIs, etc.
Learn moreGet this rate

Related reading:

RBC High Interest eSavings FAQ

What is the interest rate on RBC high interest Savings Account?

This account offers 0.05% on your account balance. The interest is calculated daily and paid monthly.

Does RBC offer automatic Savings?

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.

Which bank offers the best savings interest rate?

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.

What is Canada’s Prime rate?

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
3

Summary

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.

Best Banking Offers this month

1.25% interest on every dollar.

Up to 125x interest more than other banks.

Combines savings and chequing account features.

No monthly fees and free unlimited transactions and Interac e-Transfers.

Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 10% at brand partners.

1.20% savings interest on your entire account balance.

Get 3-day early access to $100 of your paycheque.

Earn 2% unlimited cash back in three spending categories.

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

Low balance transfer rate and insurance coverage benefits.

Credit score updated weekly and no fees!

Get your free credit report updated weekly.

Access to DIY credit monitoring.

Over 1.5 million members in Canada.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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