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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.

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 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:

  • 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.

HSBC High Rate Savings Account

Up to 1.85% interest*

No monthly fees

Top Canadian bank

No minimum balance & 3 free debits monthly

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 eSavingsEQ Bank Savings PlusSimplii Savings AccountWealthsimple Save
Financial InstitutionRoyal Bank of Canada EQ BankTangerine BankWealthsimple
Interest rate1.50%3.00%*0.40% to 5.5% regular (6.00% promo interest)1.50%
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
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 rateGet 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

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

This account offers 1.70% 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 September 3, 2023, is 7.20%. Here is the prime rate history over the last ten years.

Related reading:

RBC High Interest eSavings Account Review
  • Ease of use
  • Savings rate
  • Free transactions
  • Minimum balance


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.


  • Offered by a well-established bank
  • Access to other financial products
  • 1 free monthly withdrawal at RBC ATMs


  • Not the best savings rate in Canada
  • Fee for Interac e-Transfers

Top Banking Offers in September

Get a top-rated chequing account and up to a $400 bonus

Get up to a $400 cash bonus when you meet minimum requirements.

Unlimited transactions, including debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated monthly).

Access to a high-interest savings account.

Stop paying monthly fees with a free chequing account + $400 bonus

Easy $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high-interest rate on your savings (6.00% interest rate offer).

Get a $100 bonus with the top no-fee cashback credit card

Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cash back in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Business Insider, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, and many other personal finance publications. You can learn more about him on the About Page.

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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