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Best RBC High Interest Savings Accounts and Alternatives (2023)

If you are looking for the best high-interest savings accounts in Canada, you will be sorely disappointed by the rate on RBC’s High-Interest eSavings account.

At a 1.60% annual interest rate, this account will pay you approximately $160 after a year when you deposit $10,000.

RBC is not alone in offering dismal rates on savings accounts. The high-interest savings offered by CIBC and TD are fairly similar.

For decent savings rates, Canadians need to look beyond the big banks. Online banks such as EQ Bank offer a higher rate which potentially limits the impact of inflation on your purchasing power.

In this article, I compare RBC’s high-interest savings accounts (HISA), their features, associated fees, and alternatives.

RBC High Interest Savings Accounts

RBC offers several savings accounts, including;

  • RBC High-Interest eSavings: This HISA offers a 1.60% rate which is RBC’s highest as of this update on June 16, 2023.
  • RBC Day to Day Savings: This account offers a tiered savings rate based on your balance (0.005% – 0.01%).
  • RBC U.S. High Interest Savings: This US$ account offers a 0.50% rate.
  • RBC Leo’s Young Savers Account: This youth account is available to kids aged 0-12 and offers a 0.01% rate.
  • RBC Enhanced Savings: While it is referred to as a “premium” savings account, RBC Enhanced Savings currently pays a 0.01% rate on balances of $25,000 or more. For lower balances, you earn a lower rate (0% to 0.005%).

RBC High Interest eSavings Account

The RBC High Interest eSavings account offers a 1.60% rate and has no monthly account fee.

You can set up the account to automatically move money from chequing to savings using the Save Matic feature.

While you get one free RBC ATM cash withdrawal every month, the following transaction fees apply:

  • $5 for each additional debit transaction
  • $1.00 per Interac e-Transfer
  • $2-$5 ATM fees
  • $1 per cross-border debit transaction

Transfers between your RBC personal accounts are free.

About Royal Bank of Canada

The Royal Bank of Canada (RBC) is the largest bank in Canada based on its market capitalization.

It was founded in 1864 and has more than 17 million clients worldwide.

RBC’s institution number is 003, and it trades on the Toronto Stock Exchange under the ticker symbol ‘RY.’

Pros and Cons of RBC High Interest eSavings Account

On the positive side, the RBC High Interest eSavings Account offers a higher interest rate than its regular savings accounts. This means you can earn more money on your deposits, helping you reach your savings goals faster.

Additionally, your deposits in a high interest savings account are insured by the CDIC, and RBC is one of Canada’s largest banks, which provides peace of mind.

You can set up automatic transfers from your chequing account to automate your savings. And lastly, this account has no monthly fees.

Regarding downsides, the interest rate offered by this account is not as competitive as what you get at some online banks. The current high inflation rate could mean you are losing purchasing power over time.

Also, RBC may charge transaction fees when you use make debit withdrawals, such as Interac e-Transfers and ATM transactions.

RBC High Interest Savings Account Alternatives

For savings interest rates that may be worth your while, you need to look elsewhere.

In general, online banks in Canada offer higher savings rates than big banks. This is because they have lower overhead costs and can pass on these savings to customers through better rates and cheaper banking overall, including free chequing accounts.

My top choice for the best high-interest savings account is EQ Bank.

You can also check to see what digital financial institutions like Motive Financial, Alterna, and Wealthsimple are offering.

EQ Bank Savings Plus Account

The EQ Bank Savings Plus Account offers a 2.50%* interest rate on every dollar you save.

It doesn’t end there. This versatile account works like a combination of a savings and chequing account (hybrid) and offers:

  • No monthly account fees
  • Free and unlimited debit transactions and bill payments
  • Free and unlimited Interac e-Transfers
  • Free mobile cheque deposits
  • CDIC insurance up to $100,000 per category
  • Joint account options

If you are opening a TFSA or RRSP savings account, EQ Bank offers a 3.00% interest rate.

EQ Bank is a subsidiary of Equitable Bank, a ‘big’ bank in Canada with over $43 billion in assets. You can also learn more about the bank in this EQ Bank review.


KOHO Earn Interest

KOHO’s Earn Interest account pays up to 2.00% interest on your entire balance, depending on your account tier.

It also offers these features:

  • Prepaid Visa card that pays up to 5% cash back on your purchases
  • Unlimited free debits and Interac e-Transfers
  • Automated savings
  • Free financial advice
  • Free budgeting app
  • Free money transfers between peers
  • CDIC insurance

Get a $20 welcome bonus (referral code CASHBACK) when you sign up for KOHO and make your first purchase using the card. You can also learn more in this KOHO vs. Neo Financial comparison.

RBC High Interest Savings vs. EQ Bank Savings Plus Account

 RBC High Interest eSavings AccountEQ Bank Savings Plus AccountKOHO
Monthly fee$0$0$0
Interest rate1.60%2.50%*Up to 2.00%
Free debt transactions1 ATM debit/month; free transfers to personal RBC accountUnlimited free debits, bill payments, electronic fund transfers, and ATM withdrawalsUnlimited free debits, bill payments, and electronic fund transfers
Debit transaction fees$5 each$0$0
Free Interac e-TransfersNone; $1.00 eachFree (unlimited)Free (unlimited)
CDIC InsuranceYesYesYes
Other featuresSave Matic for automatic savingsMobile cheque deposits, joint savings, GICs, cheap global money transferAccess to early payroll and credit building
Learn moreGet this rateGet this rate


What is RBC’s high interest savings account?

Its HISA account is the RBC High Interest eSavings account.

What is the interest rate on RBC’s high interest savings account?

As of June 2023, the standard interest rate on RBC’s high interest savings account is 1.60%.

Which Canadian bank has the best savings account?

The best savings account for you depends on your needs. For example, do you need an account offering free transfers, withdrawals, and bill payments? Do you prefer in-person transactions? Etc. EQ Bank offers one of the best savings rates in Canada.

What is a good interest rate for a savings account?

A great rate is the best rate available, i.e. a rate that grows your savings and prevents the loss of purchasing power.

You can learn about the savings account offered by Canada’s biggest banks below:

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, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, 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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  • Earn 5.50% interest on a 1-Year GIC!
  • Start with as little as $100.
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For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity.